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07
May
Now, Minor over 10 yr can open & operate savings account
07.05.2014 15:36

With the aim to promote objective of financial inclusion the Reserve Bank of India (RBI), through a notification to banks, said that minors above the age of 10 may be allowed to open and operate saving bank account independently. But it is up to the Banks to fix limits in terms of age and amounts up to which minors may be allowed to operate the deposit accounts independently keeping in view their risk management systems. The banks can also decide, at their own discretion, as to what minimum documents are required for opening of accounts by minors.

Besides, banks are free to offer additional banking facilities, such as 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.

 

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