General Studies · Accounts of Minors
According to standard commercial banking guidelines in India, which statement accurately reflects the operational instruction for a Term Deposit account opened in the name of a minor aged 15 years?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Commercial banks are prohibited from opening term deposits for minors; only standard savings accounts are allowed.
- 2The account can be opened in the name of the minor and operated by a natural or legal guardian, or independently if the bank allows self-operation for minors above 10 years with operational limits.✓
- 3The account must be opened as a mandatory joint account, and the minor cannot perform withdrawals until attaining 18 years of age.
- 4The minor can open and operate the term deposit account independently since she is above 10 years of age, without any transaction caps.
Correct answer
The account can be opened in the name of the minor and operated by a natural or legal guardian, or independently if the bank allows self-operation for minors above 10 years with operational limits.
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