With a
view to promote the objective of financial inclusion and also to bring
uniformity among banks in opening and operating minors’ accounts, Reserve Bank
of India (RBI) issued guidelines dated May 6, 2014 to all Scheduled Commercial
Banks on Opening of Bank Accounts in the Names of Minors which, prescribes that
Minors above the age of 10 years may be allowed to open and operate savings
bank accounts independently, if they so desire. 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.
Banks can also decide, in their own discretion, as to what minimum documents
are required for opening of accounts by minors. On attaining majority, the
erstwhile minor should confirm the balance in his/her account and if the
account is operated by the natural guardian/legal guardian, fresh operating
instructions and specimen signature of erstwhile minor should be obtained and
kept on record for all operational purposes.
This
information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman
in written reply to a question in Lok Sabha today.
Source : PIB Release, 1st August, 2014
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