Bank Accounts for Minors

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Bank accounts for minors The Reserve Bank of India allows children aged 10 years and above to open and operate savings bank accounts independently. The objective is to promote financial inclusion and inculcate the banking habit among children. These accounts offer the facilities of Internet banking, debit card and cheque issuance, and are regularised when the child attains 18 years of age. Account opening The guardian has to fill the account opening form and submit it along with the photograph, proof of address and signature of the minor who will operate the account. Documents One also has to provide the minor's proof of age, address and identity proof. The PAN is not mandatory, while the date of birth is recorded in the account. Guardians The KYC and PAN details of the guardian are mandatory for all minor accounts. The documentation proving the relationship to the guardian is required. The guardian is not a joint holder or does not operate the inde pendent minor accounts. Limits The minors who operate their accounts can issue cheques, conduct Internet banking transactions, and use debit cards. Banks can prescribe daily and annual limits on the maximum amount that can be transacted. Credit Loans cannot be offered to minors. The minor's bank account should always remain in credit and cannot be overdrawn. An account can be frozen if the limits are breached. Points to note Most banks have set an annual limit of `2 lakh for transactions in an independently operated minor account. Banks may also require additional documentation or ask the guardian of the minor child to open an account with the bank.

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