KIDS OVER 10 CAN OPERATE BANK ACCOUNT IN INDIA
KIDS OVER 10 CAN OPERATE BANK ACCOUNT IN INDIA
New Delhi: Minors above 10 years of age can open and independently operate savings bank accounts and use facilities like ATMs and cheque books, the RBI said on Tuesday.
"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.
All minors can now open a savings/fixed/recurring bank deposit account through either his/her natural guardian or legally appointed guardian. Those 10 or above can open and operate savings bank accounts independently.
RBI issued the guidelines to promote financial inclusion and bring uniformity in opening such accounts.
New Delhi: Minors above 10 years of age can open and independently operate savings bank accounts and use facilities like ATMs and cheque books, the RBI said on Tuesday.
"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.
All minors can now open a savings/fixed/recurring bank deposit account through either his/her natural guardian or legally appointed guardian. Those 10 or above can open and operate savings bank accounts independently.
RBI issued the guidelines to promote financial inclusion and bring uniformity in opening such accounts.
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