sandip kumar samanta 11 September 2017

Minor account

an father opened a guardian operated minorsavings a/c in a bank for his eight year old son.on attainment of 10 years of age of his minor son he approaches the bank to convert the same a/c to a minor a/c self operated a/c.is it possible. can any amount balance(high amt say 5 lakhs) be depositet and such balance be maintained in such a/c.

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3 Replies

Kumar Doab (FIN) 11 September 2017

Carefully go thru:

RBI; Opening of Bank Accounts in the Names of Minors

https://www.rbi.org.in/scriptts/NotificationUser.aspx?Id=8866&Mode=0

Kumar Doab (FIN) 11 September 2017

bank rules framed in accrodance with RBI guidelines that should be available in bank and also on website e.g;

2. Account of Minors:

a. A Savings Bank account of a minor may be opened to be operated upon by the natural guardian of the minor or by the guardian appointed by the Court.

b. A Savings Bank Account may also be opened in

i. the single name of a minor aged 10 years or more to be operated upon by the minor.

https://www.bankofindia.co.in/english/SCRules.aspx