RBI’s (Reserve Bank of India) new guidelines allow minors to operate bank accounts independently. RBI is seeking to promote financial inclusion and bring uniformity in opening of such accounts in banks.
“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, 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.
On attaining majority, the minor would be required to confirm the balance in his/her account. If the account were operated by the natural/legal guardian, fresh operating instructions and specimen signature of the minor should be obtained.