Banking Rules for Minor Account: Can children aged 10 years take advantage of banking services? What rules have been made regarding this? In this episode, let us know what are the rules of RBI regarding opening the account of children aged 10 years?
In today’s era of rising inflation, it is important to explain to children the importance of money and savings. Along with this, it is also necessary to introduce them to banking. After developing an understanding, the sooner the children learn all these things, the better it will be for them. In this episode, many parents often have a question whether a bank account can be opened for 10-year-old children? Can children aged 10 years take advantage of banking services? What rules have been made regarding this? In this episode, let us know what are the RBI rules regarding opening an account for children aged 10 years?
What are the rules for opening an account for children aged 10 years?
According to the rules of the Reserve Bank of India, children aged 10 years or above can open their savings or fixed deposit account in the bank.
However, to open this bank account they will have to take the help of their parents.
Opening a bank account for children at an early age helps them develop their financial understanding.
However, after opening the account, the amount of money the child can keep in it and the amount of money he can transact will be decided by the bank.
It has also been said in the RBI rules that what facilities will be provided to the children will also be decided by the bank.
The bank will decide whether to provide facilities like ATM card, cheque book, internet banking etc. to children or not.
According to the rules, after the child turns 18 years old, he will have to update his bank account.
In this, he will have to give his necessary documents and signature to the bank again. It is important for you to know about this rule of the bank.
