What is the process for closing a Minor’s Account?
Initiating the Closure Request Verification by the Bank Withdrawal of Remaining Balance Submission of Documents and Materials Special Case: Conversion
How can a guardian monitor transactions in a Minor’s Account?
Passbook and Bank Statements SMS and Email Alerts Mobile and Internet Banking Access Transaction Limits and Controls Periodic Review and
Can a minor receive scholarships or awards directly into their account?
Eligibility for Direct Credits Types of Receivable Funds Bank Requirements and Verification Operational Control and Access Tax and Reporting Considerations
Are there any non-maintenance charges for Minor’s Accounts?
Minimum Balance Requirements Fee Waivers and Relaxations Transaction-Linked Penalties Transition Charges at Majority Bank-Specific Policy Variations
Are there any special interest rates offered on Minor’s Accounts?
Standard Interest Application Bank-Specific Schemes Recurring Deposit Linked Benefits Interest Crediting and Monitoring Tax Consideration on Interest
What is the process for converting a Minor’s Account to a regular savings account upon majority?
Notification of Majority Submission of KYC Documents Account Revalidation Procedure Closure of Guardian’s Role Activation and Continued Use
Can a minor operate their account independently?
Eligibility Criteria Allowed Banking Activities Account Limitations Documentation and Declaration Transition on Attaining Majority
What documents are required to open a Minor’s Account?
Proof of Age for the Minor Photographs of the Minor KYC Documents of the Guardian Relationship Proof Between Minor and
Can a legal guardian open a Minor’s Account?
Eligibility of Legal Guardian Required Documentation Account Operation Rules Bank’s Due Diligence and Verification Nomination and Succession Planning
Can both parents be guardians for a Minor’s Account?
Single Guardian Policy Alternate Guardian Inclusion Legal and Documentation Requirements Special Cases and Exceptions Operational Considerations