Eligibility for Minor Accounts

• Minors below 18 years of age are eligible to open savings accounts.
• Children as young as 10 years may open self-operated accounts in some banks.
• Below 10 years, the account must be jointly operated with a parent or guardian.
• The account is opened in the minor’s name with the guardian as co-holder.
• RBI guidelines support financial literacy and savings habits among children.

Types of Minor Savings Accounts

• Joint minor accounts are managed by the guardian until the child turns 18.
• Independent minor accounts allow limited self-operation under parental consent.
• Special student or children’s savings accounts are offered by many banks.
• These accounts often have no or low minimum balance requirements.
• Conversion to a regular account is done once the minor reaches adulthood.

Required Documentation for Opening

• Minor’s birth certificate or school ID card as age proof.
• Guardian’s identity and address proof documents.
• Recent passport-sized photographs of both minor and guardian.
• Signature or thumb impression of the minor (if self-operated).
• PAN or Aadhaar details as part of KYC compliance.

Features and Limitations

• Limited withdrawal and transaction facilities to promote savings.
• ATM cards, passbooks, and online access may be available with restrictions.
• No cheque book is issued for accounts below a certain age limit.
• Funds deposited can be gifts, allowances, or savings from family.
• Interest is credited as in standard savings accounts.

Benefits of Minor Accounts

• Encourages early financial awareness and responsibility.
• Helps build a savings habit from a young age.
• Provides a secure space for managing pocket money and gifts.
• Supports education-related expenses and scholarship management.
• Ensures smooth financial transition into adult banking services.