Press Esc to close
Monday 24 November 2014
News updated at 11:26 PM IST
Weather
Max: 0°C
Min : 0°C
In Bengaluru
Sunny day

'Minors over 10 yrs can operate bank accounts'

New Delhi, pti: May 6, 2014

 Minors above 10 years of age can open and operate independently savings bank account and use other facilities like ATM and cheque books.

The Reserve Bank on Tuesday issued the guidelines allowing minors to operate bank accounts independently with a view to promote financial inclusion and bring uniformity in opening of such accounts in banks.

RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.


Modifying the guidelines, the RBI said that all minors can now open a savings/fixed/recurring bank deposit account through either his/her natural guardian or legally appointed guardian. The minors who have attained 10 years of age, would be allowed to open and operate savings bank accounts independently.

“Banks may, however, 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,” the RBI said.

Further, the banks can also decide on the minimum documents which are required for opening of accounts by minors.

“Banks are free 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,” the RBI said.

On attaining majority, the minor would be required to confirm the balance in his/her account. If the account was operated by the natural/legal guardian, fresh operating instructions and specimen signature of the minor should be obtained and kept on record for all operational purposes, the RBI said.

Go to Top

Photo Gallery
Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Winners of Delhi Half Marathon 2014

Winners of Delhi Half Marathon 2014

Elderly women take part in Tug-of War during annual month long sports competition...

Elderly women take part in Tug-of War during annual month long sports competition...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Players during the 3rd day of IBSF World Snooker Championship in Bengaluru...

Players during the 3rd day of IBSF World Snooker Championship in Bengaluru...

Interim President, BCCI Shivlal Yadav felicitates Indian cricketer Rohit Sharma at the BCCI...

Interim President, BCCI Shivlal Yadav felicitates Indian cricketer Rohit Sharma at the BCCI...

Migratory birds arrive to make nest at tree at Islampur in Birbhum district of West Bengal...

Migratory birds arrive to make nest at tree at Islampur in Birbhum district of West Bengal...

Decommissioned warship, INS Vikrant being wrecked at Darukhana ship breaking yard in Mumbai...

Decommissioned warship, INS Vikrant being wrecked at Darukhana ship breaking yard in Mumbai...

Indian Air Force (IAF) helicopters make a formation during a parade for presentation...

Indian Air Force (IAF) helicopters make a formation during a parade for presentation...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523