Press Esc to close
Thursday 29 September 2016
News updated at 3:01 AM IST
Weather
Max: 29.3°C
Min : 20.9°C
In Bengaluru
Generally cloudy

'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
Kane Williamson selects a suit length at a Garments shop in Kolkata on Wednesday...

Kane Williamson selects a suit length at a Garments shop in Kolkata on Wednesday...

Women practice Gujarati 'Garba' as they celebrate for the upcoming 'Navratri festival'...

Women practice Gujarati 'Garba' as they celebrate for the upcoming 'Navratri festival'...

A submerged temple after opening of Bargi dam gate at Gaurighat in Jabalpur on Wednesday...

A submerged temple after opening of Bargi dam gate at Gaurighat in Jabalpur on Wednesday...

Pranab Mukherjee  during a visit to Kedarnath Temple at Kedarnath in Uttarakhand on Wednesday....

Pranab Mukherjee during a visit to Kedarnath Temple at Kedarnath in Uttarakhand on Wednesday....

Bollywood actress Kangana Ranaut attends the GQ India Men of the Year Awards 2016...

Bollywood actress Kangana Ranaut attends the GQ India Men of the Year Awards 2016...

Ranveer Singh attends the GQ India Men of the Year Awards 2016, in Mumbai...

Ranveer Singh attends the GQ India Men of the Year Awards 2016, in Mumbai...

Prabhu Deva and actress Tamanna during a promotional event for their upcoming film Devi...

Prabhu Deva and actress Tamanna during a promotional event for their upcoming film Devi...

Actor Sushant Singh Rajput, Disha Patani and Kiara Advani talking to media person....

Actor Sushant Singh Rajput, Disha Patani and Kiara Advani talking to media person....

Sourav Ganguly and Indian cricket team coach Anil Kumble during a practice session...

Sourav Ganguly and Indian cricket team coach Anil Kumble during a practice session...

Ajay Devgn with his daughter Nysa during a campaign in Mumbai...

Ajay Devgn with his daughter Nysa during a campaign in Mumbai...

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