General Studies · Customer Accounts

Based on regulatory and legal guidelines for Minor Self-Operated Accounts in India, consider the following statements: Statement 1: A bank can legally recover an overdraft from a minor if the minor lied about their age. Statement 2: The Hindu Minority and Guardianship Act 1956 defines guardianship for Hindu minors. Statement 3: When a minor's account is operated by a guardian, the bank is not responsible for monitoring the end-use of funds. Statement 4: A self-operated minor account can be opened for a child of any age as long as they sign consistently. Statement 5: In case of a minor's death, the balance is paid to legal heirs/court designee, as a minor cannot make a valid will. Statement 6: Banks can issue credit cards to minors self-operating accounts to build a credit score. Statement 7: Upon reaching the age of 18, the minor becomes a major and must update their KYC and signature with the bank. Select the option containing ONLY the correct statements: