US EditionRBI allows minors over 10 years to operate bank accounts independently in India
- On April 21, the Reserve Bank of India declared that minors over age 10 can manage bank accounts.
- This directive intends to promote greater financial inclusion among younger individuals within the country.
- Banks must update account records and operating instructions when minors reach the age of majority.
- According to the RBI, minors may be allowed to open savings or term deposit accounts independently.
- Banks must align policies with guidelines by July 1, 2025, ensuring minors' accounts never have overdrafts.
18 Articles
18 Articles
Minors can now operate bank accounts independently: Check age limit and other details
Minor Bank Account Rules: India's central bank, the Reserve Bank of India (RBI), has announced some changes in rules related to the opening of bank accounts for minors. The RBI has now permitted banks to allow minors above the age of 10 to open and operate savings/term deposit accounts independently. According to news agency PTI, the Central bank, in a circular addressed to commercial banks and cooperative banks, minors of any age may be allowed…
Restaurants: Young people under 18 can be very diligent employees
The Ministry of Economic Affairs' plan to review the restrictions on employing minors is seen as a positive step by restaurant owners, who say that those under 18 can be highly capable workers, but current regulations place overly strict limits on hiring them.
RBI Permits Minors to Independently Operate Bank Accounts
Children aged 10 and above have been permitted to independently operate savings and term deposit accounts. To continue reading... Sign in Password * Remember me Lost your password? Subscribe Subscribe to Regulation Asia to gain access to APAC’s leading platform for news, analysis, research and verified data on financial regulation. Select More Information below to view our subscription p…
Children Aged 10 and Above Can Now Open Their Own Bank Accounts: RBI
Nagpur, India: In a new move to teach children about money and savings, the Reserve Bank of India (RBI) has said that kids who are 10 years old or older can now open and manage their own bank accounts without needing a parent or guardian to help them. These accounts can be savings or fixed deposit accounts. Banks will still set some rules, such as how much money can be kept in the account or how much can be spent at one time, to make sure childr…
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