Can you spot any difference between ‘small Accounts’ and Other Accounts?
Yes. There are certain limitations associated with ‘Small Accounts’ such as:
At any point of time, the balance should not exceed Rs.50,000, in such accounts
in a year the total credits should not exceed Rs.1,00,000. Also, the total withdrawal and transfers in a month should not exceed Rs.10,000
while the biggest disadvantage over this type of account is that the foreign remittances cannot be credited to such accounts.
Initially for a period of twelve months and thereafter such accounts remain operational, for a further period of twelve months if within twelve months of the opening of such account the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents.