Reserve Bank of India vide notification dated May 6, 2014 allowed minors above 10 years of age can be allowed to operate their savings bank account to operate independently. Minors can open saving/fixed/ recurring bank deposit account through his natural or legally appointed guardian. Banks are free to offer additional banking facilities like internet banking, ATM/ debit card, cheque book facility etc., subjected to certain safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit.. As per the guidelines, minors after attaining majority are required to confirm the balance in his/her account The object for the same is to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts. [RBI/2013-14/581, DBOD.No.Leg.BC.108/09.07.005/2013-14]
Refer to the link below to read the notification http://bit.ly/1jRTgPb
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