NEW SAVING ACCOUNT NAMED SMALL ACCOUNT IN THE BANKS

Reserve Bank of India has started new saving account named small account in the banks. In these accounts there is a limitations of transaction amount in a month as well as in a financial year. The features of these small account are as under.

1- All credit aggregate should not exceeds Rs. 1 lakh in a financial year.

2- In a month withdrawl should not exceeds Rs. 10000.

3- The account balance in any time during the financial year should not exceeds Rs. 50000.

However opening the small account is easy with the banks as job card is a valid documents for opening the small account with the banks. Aadhar letter is also the valid document for opening the small account with the bank.

The minimum balance will be very low for the small account but there is no clear that either there will be any cheque book or debit card for the small account holder.

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