RBI Allows Minors Aged 10 and Above to Independently Operate Bank Accounts
| Aspect | Details |
|---|---|
| Issuing Authority | Reserve Bank of India (RBI) |
| Key Highlight | Minors aged 10+ can independently open and operate savings/term deposit accounts |
| Objective | Promote early financial literacy and responsible money management |
| Age Eligibility | - Below 10: Accounts via parent/legal guardian<br>- 10+: Independent operation (if allowed by bank) |
| Guardian Specification | Parent (including mother) or legal guardian |
| Independent Operation Rules | Banks set limits based on internal risk management policies |
| Procedure After Majority | Fresh operating instructions and specimen signatures required at age 18 |
| Facilities Offered | Internet banking, ATM/debit cards, cheque books (subject to bank policies) |
| Credit Balance Requirement | Accounts must always remain in credit; no overdraft allowed |
| Customer Due Diligence | CDD at account opening and ongoing due diligence |
| Implementation Deadline | All banks must comply by July 1, 2025 |