Opening of "Small Account"

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....he Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. A. Small Accounts 2. In terms of Rule 2 clause (fb) of the Notification 'small account' means a savings account in a banking company where - (i) the aggregate of all credits in a financial year does not exceed rupees one lakh; (ii) the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and (iii) the balance at any point of time does not exceed rupees fifty thousand . 3. Rule (2A) of the Notification lays down the detailed procedure for opening 'small accounts'. Banks are advised to ensure adherence to the procedure provided in the Rules for opening of small accounts. 2 B. Officially Valid Documents 4.....

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.... by sub-section (1) read with clauses (h) (i), (j) and (k) of sub-section (2) of Section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes the following amendments to the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005, namely::- 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for ....

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....ancial institution or intermediary" shall be substituted;   (iii) after clause (fa), the following clause shall be inserted, namely:- "(fb) "small account" means a savings account in a banking company where- (i) the aggregate of all credits in a financial year does not exceed rupees one lakh, (ii) the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand, and; (iii) the balance at any point of time does not exceed rupees fifty thousand". (b) In rule 9, after sub-rule (2), the following sub-rule shall be inserted, namely:- "(2A) Notwithstanding anything contained in sub-rule (2), an individual who desires to open a small account in a banking company may be allowed to open such ....