RBI allows kids aged 10+ to open bank accounts independently
The revised framework, which will take effect from July 1, 2025, gives banks the flexibility to define account limits and operating conditions for minors, in line with their internal risk assessment policies.
The Reserve Bank of India (RBI) has allowed minors aged 10 years and above to independently open and operate savings and term deposit accounts, subject to conditions set by individual banks.
"Minors above such an age limit not less than 10 years and up to such amount and such terms as may be fixed by the banks keeping in view their risk management policy, may be allowed to open and operate savings/ term deposit accounts independently, if they so desire, and such terms shall be duly conveyed to the account holder," the RBI said in a notification issued on Monday.
The revised framework, which will take effect from July 1, 2025, gives banks the flexibility to define account limits and operating conditions for minors, in line with their internal risk assessment policies. The notification applies to all commercial banks, primary (urban) co-operative banks, and state and district central co-operative banks.
Banks have also been granted discretion to offer additional facilities like internet banking, debit cards, ATM access, and cheque books to minor account holders, based on product suitability and customer appropriateness.
Additionally, the RBI reiterated that minors of any age may continue to open accounts through their natural or legal guardians, including mothers. The central bank clarified that mothers can be recognised as guardians regardless of the father's legal status under personal law.
Edited by Kanishk Singh