Eligibility Based on Age

• A minor can have a bank account from birth, but it must be operated by a parent or guardian.
• Banks allow minor accounts to be opened as early as infancy for savings or deposits.
• There is no minimum statutory age for account ownership under guardianship.
• The account is in the minor’s name but fully controlled by the guardian.
• Used for managing gifts, allowances, or educational funds.

Independent Operation from Age 10

• Minors aged 10 years and above may be allowed to operate the account independently.
• Eligibility for self-operation depends on the minor’s ability to sign and understand banking.
• Banks may permit ATM cards, cheque books, and online access under supervision.
• Parental monitoring features are often included.
• Limits are placed on withdrawals, balance, and services.

Account Transition at 18 Years

• Upon turning 18 years, the minor account is converted into a regular individual account.
• Full operational rights are transferred to the account holder.
• KYC re-verification is required with updated documents.
• Nomination and mandate must be reviewed and updated.
• Banks notify the account holder for completing this transition.

Bank-Specific Policy Variations

• Different banks may set varied conditions for opening and managing minor accounts.
• Some may restrict online transactions or debit card usage under a certain age.
• Special schemes are available for students or child savers.
• Interest rates and minimum balances vary by account type and bank.
• Always check with the bank for specific terms and limitations.

Documentation and Guardian Role

• Birth certificate or school ID is needed to verify the minor’s age.
• Guardian’s Aadhaar, PAN, and address proof are mandatory.
• Relationship declaration between the guardian and minor must be submitted.
• Guardian is liable for transactions until the minor takes control.
• Regular reviews help ensure compliance with the bank’s minor account policies.