Standard Age Requirement

• The typical minimum age to independently open a regular bank account is 18 years.
• At this age, individuals are considered legally capable of managing financial transactions.
• They can operate savings, current, and fixed deposit accounts without guardianship.
• Banks may require full KYC compliance for adult account holders.
• Applicants must provide valid identity and address proof.

Accounts for Minors

• Children below 18 can open minor accounts with a parent or guardian.
• These accounts are jointly operated under adult supervision.
• Some banks offer accounts for minors as young as 10 years with limited access.
• Features include deposit, withdrawal limits, and no overdraft facility.
• Guardians manage financial decisions until the minor turns 18.

Age-Based Account Features

• Minors may receive passbooks and debit cards with restrictions.
• Internet and mobile banking access is usually limited or supervised.
• Interest is credited as in regular savings accounts.
• On turning 18, minor accounts can be converted to standard accounts.
• Banks notify the account holder for KYC and ownership updates.

Documentation and Verification

• For minors, birth certificate or school ID serves as age proof.
• Guardian’s documents and consent are mandatory.
• PAN or Aadhaar is required for adult applicants.
• Photographs and signatures or thumb impressions are collected.
• Verification ensures responsible account usage and compliance.

Regulatory and Institutional Policies

• Reserve Bank of India allows banks to set minor account policies.
• Terms may vary across private and public sector banks.
• Institutions promote financial literacy through student-friendly accounts.
• Government schemes often include bank access for young beneficiaries.
• Early banking experience supports long-term financial discipline.