RBI permits minors above 10 years to operate bank accounts independently
MUMBAI, Apr 21 (PTI): The Reserve Bank on Monday permitted banks to allow minors above the age of 10 years to open and operate savings/ term deposit accounts independently.
The Reserve Bank of India has issued revised instructions on opening and operation in the deposit accounts of minors.
Minors of any age may be allowed to open and operate savings and term deposit accounts through his/ her natural or legal guardian, the RBI said in a circular addressed to commercial banks and cooperative banks.
