Banking · RBI Regulations
A minor, aged 15, wants to open a savings bank account in his own name. He provides a officially valid document (OVD). He informs the bank that both his parents are alive but he wants to operate the account independently without their intervention. According to current RBI guidelines on the operation of bank accounts by minors, what is allowed for this minor?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The minor can operate the account independently but the bank must issue a credit card and cheque book only with the joint signature of the father.
- 2Independent operation is allowed only for minors who are at least 14 years old and have passed the 10th-grade examination.
- 3A minor can never operate an account independently until reaching the age of 18; the account must always be operated by a natural or legal guardian.
- 4Minors above the age of 10 are allowed to open and operate savings bank accounts independently, but banks can fix age-appropriate limits on total balance and transaction amounts.✓
Correct answer
Minors above the age of 10 are allowed to open and operate savings bank accounts independently, but banks can fix age-appropriate limits on total balance and transaction amounts.
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