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.
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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.
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