RBI permits minors above 10 yrs to operate bank accounts independently

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The story "RBI permits minors above 10 yrs to operate bank accounts independently" was covered 7 hours ago by Business Standard, a news publisher based in India.

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RBI permits minors above 10 yrs to operate bank accounts independently - Business Standard

Quick Summary:

"Minors above such an age limit not less than 10 years and up to such amount and such terms as may be fixed by the banks keeping in view their risk management policy, may be allowed to open and operate savings/ term deposit accounts independently, if they so desire, and such terms shall be duly conveyed to the account holder," the circular said.

Minors of any age may be allowed to open and operate savings and term deposit accounts through his/ her natural or legal guardian, the RBI said in a circular addressed to commercial banks and cooperative banks.

The Reserve Bank on Monday permitted banks to allow minors above the age of 10 years to open and operate savings/ term deposit accounts independently.