Consider the following statements regarding Small Account:
-
The total balance in a Small Account at any point in time should not exceed ₹1,00,000.
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Small Accounts are initially valid for 12 months and can be extended for another 12 months upon submission of proof of having applied for an Officially Valid Document (OVD).
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Foreign remittances can be credited to a Small Account only after completing full KYC formalities.
Which of the above statements is/are correct?
1
1 only
2
2 only
3
1 and 2 only
4
1 and 3 only
5
2 and 3 only