Children Aged 10 and Above Can Now Operate Bank Accounts Independently

Mumbai: Children who are above the age of 10 will now be allowed to independently open and manage their savings and term deposit bank accounts, as permitted by the Reserve Bank of India. However, once these children reach the age of majority, banks have been instructed to collect their signatures and other necessary details. Banks may offer internet banking, ATM, debit card, and cheque book facilities to minor customers in accordance with their own risk management policies, as stated by the Reserve Bank. Children under 10 years of age will also be able to open bank accounts, but they will not be able to open them independently. Such children can open accounts through their parents or legal guardians at commercial and cooperative banks.