General Studies · RBI Guidelines
According to the Reserve Bank of India's guidelines on operational freedom for accounts maintained by minors, what is the minimum age required for a minor to independently open and operate a savings bank account, and what key constraint is applied?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1There is no minimum age requirement, and minors can operate accounts via digital channels with unlimited transaction limits as long as KYC is completed.
- 2The minimum age is 14 years, and the minor is allowed to take small personal loans against the security of fixed deposits to encourage credit management skills.
- 3The minor must have attained the age of 10 years, and banks must ensure that the account remains in credit balance at all times as a minor cannot be held personally liable for debts.✓
- 4The minor must be at least 12 years old, and banks are strictly prohibited from granting any overdraft facility while the minor is legally incapable of entering into a contract.
Correct answer
The minor must have attained the age of 10 years, and banks must ensure that the account remains in credit balance at all times as a minor cannot be held personally liable for debts.
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