09-May-2025
Banking
 
RBI allows minors above 10 years to open bank accounts independently
22-Apr-2025

The Reserve Bank of India (RBI) has issued comprehensive norms for opening of and operations in the deposit accounts of minors applicable to regulated banking entities, including commercial and cooperative banks. The central bank conducted a review to rationalise and harmonise the extant guidelines. Minors of any age can open and operate savings and term deposit accounts through his/her natural or legal guardian.

News Source:- https://www.business-standard.com/finance/news/reserve-bank-of-india-issues-revised-norms-for-bank-accounts-of-minors-125042101152_1.html
 
 
 

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