Eligibility of a Minor

• A minor (typically below 18 years of age) can be included as a joint account holder.
• The account must be opened jointly with a parent or legal guardian.
• The minor cannot independently operate the account.
• The adult holder manages transactions until the minor attains majority.
• The account shifts to a regular individual account after the minor turns 18.

Account Operation Rules

• Only the guardian can perform financial operations on behalf of the minor.
• Banks may restrict certain services like cheque books or overdrafts.
• Operation mode excludes the minor until legal adulthood.
• Upon maturity, the minor must update KYC and signature.
• The bank converts the account once full documentation is submitted.

Documentation Requirements

• Birth certificate or school ID required to confirm the minor’s age.
• PAN card or Form 60/61 may be needed based on bank policy.
• Guardian’s full KYC documents are mandatory.
• Joint application must clearly state the guardian’s authority.
• Nomination facility is available with consent of the guardian.

Types of Accounts Allowed

• Savings accounts are the most common for minors.
• Some banks offer specially designed minor accounts with limited features.
• Fixed or recurring deposit accounts can also be opened jointly.
• Business or current accounts are not allowed in the minor’s name.
• Online banking access is typically restricted or monitored.

Legal and Compliance Considerations

• The account must comply with RBI and bank-specific guidelines.
• The guardian is fully liable for the account’s operations.
• Upon majority, account revalidation is required with the minor’s signature.
• Banks monitor for misuse or unauthorized transactions.
• Proper succession or account transfer must be documented if necessary.