TaxTMI 
TaxTMI 
RBI Issues Guidelines for Opening of Bank Accounts of Children
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....BI Issues Guidelines for Opening of Bank Accounts of Children <br>News and Press Release<br>Dated:- 1-8-2014<br><BR>With a view to promote the objective of financial inclusion and also to bring unifor....
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....mity among banks in opening and operating minors' accounts, Reserve Bank of India (RBI) issued guidelines dated May 6, 2014 to all Scheduled Commercial Banks on Opening of Bank Accounts in the Names o....
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....f Minors which, prescribes that Minors above the age of 10 years may be allowed to open and operate savings bank accounts independently, if they so desire. Banks may, however, keeping in view their ri....
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....sk management systems, fix limits in terms of age and amount up to which minors may be allowed to operate the deposit accounts independently. Banks can also decide, in their own discretion, as to what....
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.... minimum documents are required for opening of accounts by minors. On attaining majority, the erstwhile minor should confirm the balance in his/her account and if the account is operated by the natura....
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....l guardian/legal guardian, fresh operating instructions and specimen signature of erstwhile minor should be obtained and kept on record for all operational purposes. This information was given by the....
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.... Minister of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok Sabha today.<BR> News - Press release - PIB....