Minor Bank Account – Complete Information. Find Complete Details for Minor Bank Account. Recently I have come across an incident by which I realized that many parents in India are not aware that their children who are of 10 years above can open a Bank account without any assistance from guardian or parents. Now you can scroll down below and check full details regarding “Minor Bank Account – Complete Details”
Minor Bank Account
Recently I have come across an incident by which I realized that many parents in India are not aware that their children who are of 10 years above can open a Bank account without any assistance from guardian or parents.
To boost financial inclusion, the Reserve Bank of India had allowed minors to open a bank account . This notification was released in last year.
As per this notification Children older than 10 years will no longer need the help of their parents or guardians to open and operate a savings bank account.
It is left to the Banks whether to offer additional banking facilities like internet banking, ATM/ debit card, cheque book facility etc., subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit
with a view to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts, banks were given permission to allow minors to open accounts on their own.
Banks were allowed to do the following :
1.Banks can , keeping in view their risk management systems, fix limits in terms of age and amount up to which minors may be allowed to operate the deposit accounts independently.
2. Banks can also decide, in their own discretion, as to what minimum documents are required for opening of accounts by minors.
On attaining majority :
On attaining majority, the minor should confirm the balance in his/her account and if the account is operated by the natural guardian / legal guardian, fresh operating instructions and specimen signature of minor should be obtained and kept on record for all operational purposes.
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