Now, children above 10 years can operate own bank account, ATM card (2024)

Now, children above 10 years can operate own bank account, ATM card

Moneylife Digital Team07 May 2014

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Minors above 10 years can now open and operate independently savings bank account and use other facilities like ATM, cheque books and internet banking

The Reserve Bank of India (RBI) on Tuesday issued guidelines allowing minors above 10 years to operate bank accounts independently in order to promote financial inclusion and bring uniformity in opening of such accounts in banks.

Earlier the central bank had permitted minors to open fixed and savings deposit bank account with mothers as guardian.

Modifying its guidelines, the RBI said all minors can now open a savings, fixed and recurring bank deposit account through either his or her natural guardian or legally appointed guardian.

The minors who have attained 10 years of age, would be allowed to open and operate savings bank accounts independently.

"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," the RBI said.

Further, the banks can also decide on the minimum documents which are required for opening of accounts by minors.

"Banks are free to offer additional banking facilities like Internet banking, ATM/debit card and cheque book facility, subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit," the RBI said.

On attaining majority, the minor would be required to confirm the balance in his or her account.

RBI said, if the account was operated by the natural/legal guardian, fresh operating instructions and specimen signature of the minor should be obtained and kept on record for all operational purposes.

Comments

User

haraseeskaur2011

1 year ago

Can I have a Bank account,ATM card I am 11 and half year old

lalitamina03092004

2 years ago

Hey team ,
I want a debit card. But I am only 17 years old so how can I get.

trilochanas998

3 years ago

I am 17 yrs old i went to BOI bank for money withdrawal by cheque of mine money about 11o0 but the refused me to give money and said i am minor i cant withdrawal that much money and also said who give you cheque book. In pervious six months i continuesly withdrawal money by cheque that time noone said me this so why they refuse me this time they said first apply for atm card then grt your money

sucheta

Replied to trilochanas998 comment 3 years ago

Please write to Moneylife Foundation's legal helpline with clear and specific details including when you opened the account, which branch and city, was the account opened as a minor, has a cheque book been issued in your name? Also an ATM card is automatic these days and is issued even BEFORE a cheque book. So, if your facts are correct (we need to verify), there is a lot wrong with how the bank has dealt with you. Also you can yourself go to the bank website and look up the rules and check if you have complied with them during account opening. Here is a link to the Moneylife Foundation, go to the helpline tab at the top right. All this is FREE: https://www.mlfoundation.in/

trilochanas998

3 years ago

I am 17 yrs old i went to BOI bank for money withdrawal by cheque of mine money about 1100 but the refused me to give money and said i am minor i cant withdrawal that much money and also said who give you cheque book. In pervious six months i continuesly withdrawal money by cheque that time noone said me this so why they refuse me this time they said first apply for atm card then grt your money

shahnshahnawazsharifshahnawaz

3 years ago

can i open a bank account my age is 12 years

trilochanas998