By Admin 
Children bank account: The Reserve Bank of India (RBI) on Monday allowed banks to open and use minor children over 10 years of age to open and use them independently. In this context, the central bank has issued revised instructions on opening and operating the deposit accounts of minors.
Facility to open account for minors of any age
In a circular issued to commercial banks and cooperative banks, RBI said that minors of any age can be allowed to open and use saving and fixed deposits through their natural or legal guardians. They can also be allowed to open such accounts by keeping their mother as guardians.
The circular said, “At least ten years of age, and minors above it may be allowed to open and use saving/fixed deposits independently on their will. In this, banks can decide the amount and condition keeping in mind their risk management policy. Whatever terms and conditions are set about this, the account holder will be informed about it.
Internet banking, ATM and check book facility
In addition, the new operations instructions and sample signatures of the account holder should be obtained and kept in records when they are adults. The circular said, “Banks are free to provide additional facilities to minor account holders on their risk management policy, products and customers like Internet banking, ATM/debit cards, check book facility etc..” Banks have to ensure that the accounts of the minors, whether they are independently operated or are not much withdrawn from them and there are always funds.
RBI said that apart from this, banks will conduct proper checking of the customer to open the deposit accounts of minors and will continue it even further. The central bank has asked banks to make new policies as per the revised guidelines by July 1, 2025, or amend the existing policies.
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