Economics · Banking Operations
A minor aged 15 years approaches a bank to open a savings account independently, providing necessary identity proofs. According to the RBI guidelines on 'Accounts of Minors', which of the following statements is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Independent operations are allowed, but digital banking channels are strictly prohibited for any minor.
- 2A minor can open an account, but operations and debit cards must be restricted strictly to the guardian.
- 3Minors above the age of 10 years are allowed to open and operate savings accounts independently.✓
- 4Minors are not allowed to open accounts independently until they reach the age of 18.
Correct answer
Minors above the age of 10 years are allowed to open and operate savings accounts independently.
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