RBI allows minors over 10 yrs to open, operate bank account independently
This story was originally published at 19:34 IST on 21 April 2025
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MUMBAI – The Reserve Bank of India Monday said that minors aged above 10 years can open and operate savings or term deposit accounts independently as per their desire, based on terms fixed by banks. Moreover, banks are free to offer facilities such as internet banking, automated teller machine or debit cards, cheque book to these minors, the central bank said in a notification.
Once the account holder attains the age of maturity, fresh operating instructions and specimen signature should be collected and kept on record, the RBI said. The balance should be confirmed if the account is operated by the guardian, the central bank said. The RBI also said banks should ensure that accounts of minors, whether operated independently or through a guardian, are not overdrawn and remain in credit balance.
According to the notification, the central bank reviewed the existing guidelines with a view to rationalise and harmonise the extant guidelines, and advised banks to make new or amend existing policies to align with these guidelines by Jul. 1. End
Reported by Ashna Mariam George
Edited by Nishant Maher
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