Eligibility Criteria

• A minor can operate their account independently only if they are 10 years or older.
• The bank must assess the minor’s ability to understand financial transactions.
• Independent operation is subject to the bank’s internal policies.
• Written request and declaration may be required from the guardian.
• Not all banks offer full independence even after age 10.

Allowed Banking Activities

• Basic transactions like deposits, withdrawals, and balance checks may be permitted.
• ATM/debit card may be issued with restricted limits.
• Online and mobile banking access is limited and monitored.
• Cheque book issuance is allowed only under specific conditions.
• Complex services like loans and overdrafts are not allowed.

Account Limitations

• Daily withdrawal and transaction limits are imposed by the bank.
• Auto-debit, standing instructions, and other advanced features may be restricted.
• Overdraft facilities and credit-linked services are not permitted.
• Certain features require guardian consent even after minor turns 10.
• The account remains under compliance checks until majority.

Documentation and Declaration

• Minor must provide signature specimen if permitted to sign.
• KYC documents of the guardian remain mandatory.
• Guardian may need to file a written declaration of consent.
• The bank records the mode of operation during account setup.
• Regular review of account activity may be conducted.

Transition on Attaining Majority

• At age 18, the account is converted into a regular individual account.
• Fresh KYC documents and a new signature are required.
• Guardian’s rights and access are withdrawn automatically.
• All restrictions are lifted subject to updated compliance.
• Bank notifies the account holder for formal conversion process.