Quick Summary
Opening of and operation in deposit accounts of minors Reserve Bank of India has issued guidelines in the past to banks on opening of and operations in the deposit accounts of minors. A review of the existing guidelines has been made with a view to rationalise and harmonise the extant guidelines. 2. Based on the review, the revised instructions on opening and operation in the deposit accounts of minors are given below: Minors of any age may be allowed to open and operate savings and term
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
Minors above the age of 10 years can now open and operate savings and term deposit accounts independently.
Yes, minors can open and operate deposit accounts with their mother as guardian, as per previous RBI circulars.
Banks are permitted to offer additional facilities such as internet banking, ATM/debit cards, and cheque books to minor account holders, based on their risk management policies.
Upon reaching the age of majority, banks must obtain fresh operating instructions and specimen signatures from the account holder.
Yes, accounts of minors, whether operated independently or through a guardian, must always maintain a credit balance and cannot be overdrawn.
Banks are advised to align their policies with these new guidelines by July 01, 2025.
CAclubindia
