Savings bank account for children: Know the latest RBI rules
RBI's new guidelines empower minors to manage finances, allowing those above 10 to independently operate accounts with bank-set limits. Accounts can be opened by any minor through a guardian, including the mother. Banks may offer internet banking and debit cards based on risk assessment. Upon reaching adulthood, updated account details are required, ensuring a smooth transition and continued financial responsibility.
RBI's new guidelines empower minors to manage finances, allowing those above 10 to independently operate accounts with bank-set limits. Accounts can be opened by any minor through a guardian, including the mother. Banks may offer internet banking and debit cards based on risk assessment. Upon reaching adulthood, updated account details are required, ensuring a smooth transition and continued financial responsibility.
