RBI issues fresh guidelines for minors above 10 years to operate bank accounts independently
The Reserve Bank of India (RBI) has updated guidelines for minors' deposit accounts, allowing those aged 10 and above to independently operate savings and term deposits, subject to bank policies. Banks must ensure smooth transitions upon the account holder reaching 18, with updated KYC and account management.
The Reserve Bank of India (RBI) has updated guidelines for minors' deposit accounts, allowing those aged 10 and above to independently operate savings and term deposits, subject to bank policies. Banks must ensure smooth transitions upon the account holder reaching 18, with updated KYC and account management.
