RBI issues fresh guidelines for minors above 10 years to operate bank accounts independently

Quick Summary:

The Reserve Bank of India (RBI) has updated guidelines for minors' deposit accounts, allowing those aged 10 and above to independently operate savings and term deposits, subject to bank policies.

Banks must ensure smooth transitions upon the account holder reaching 18, with updated KYC and account management.

Significantly, minors aged 10 years and above are now permitted to independently open and manage their savings or term deposit accounts.

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Article Details

Author / Journalist: TOI Business Desk

Category: EconomyBusiness

Markets: IndiaOman

Topics: RBI guidelines for minor accounts Opening deposit accounts for minors Savings accounts for children Reserve Bank of India Financial literacy for youth Internet banking for minors Banking services for minors KYC regulations for minors

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-22 @ 13:24:54 (6 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 745 words

Reading Time: 5 minutes read

Sentences: 29 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 28135049

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