Nominee

Ranjan Ashok (Querist) 01 April 2010 This query is : Resolved

To open a bank account / other can a father nominate his children under 18yrs has nominee??
or
to Open a bank account in name of the children below 18yr and being a nominee??

Which of the above would be correct or safer??

Pls advise.

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Parthasarathi Loganathan (Expert) 01 April 2010
Yes, SB or Deposit account can be nominated in favour of a minor provided a guardian is appointed and signs the Annnexure appended for Nomination form to the account opening form.

Banks also provides SB account facility for minor Self operated for children below 18 years. Restrictions of cash turnover is imposed. For safety, a father can operate a account nominating his minor. But I would prefer younger generation to get into the groove of banking habits at an early age for Savings purpose only.

Suryanarayana Tangirala (Expert) 01 April 2010
I don't think bank will accept for a minor nominee,More so in case of eventuality a minor cannot become custodian of u r money isn't it?U can open an SB/Account(joint) along with minor this is the best thing in my view

Parveen Kr. Aggarwal (Expert) 02 April 2010
Nomination can be made in the name of minor and no legal provision prohibits it. However, the better course is to open a joint account.

Raj Kumar Makkad (Expert) 02 April 2010
I do agree with Partha. Mr. Suryanarayana! Partha is a Senior Bank Officer and his opinion qua banks is entirely correct and accurate.

Ashok Yadav (Expert) 02 April 2010
Yes a bank account can be opened in the name of a minor, or a minor may be nominee of bank account, through his/her guardian, according to my view first option will be better for u, because u will have full access to that account, it will be proper to make your money safe.