RBI Permits Minors Above 10 to Operate Bank Accounts Independently
Reserve Bank of India (RBI) issued revised directions allowing minors aged 10 years and above to independently open and operate savings and term deposit accounts. This move, aimed at promoting early financial literacy, will empower minors to manage money responsibly, within a safe and supervised banking environment. However, the RBI has set clear operational limits and conditions based on the bank’s risk management policy, and banks are required to ensure that minor accounts do not go into overdraft and maintain a credit balance at all times.
| Summary/Static | Details |
| Why in the news? | RBI Permits Minors Above 10 to Operate Bank Accounts Independently |
| Issuing Authority | Reserve Bank of India (RBI) |
| Eligible | Minor Age (for independent operation) 10 years and above |
| Guardian Specification | Either parent (including mother) or legal guardian |
| Services Allowed (Discretionary) | Internet banking, ATM/debit card, cheque books |
| Risk Management | Banks must decide limits per internal policies |
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