The RBI, in a bold move, has allowed minors above 10 years to open and operate savings bank accounts independently, if they so want to. The banks may consider their risk management systems, fix age limits and monetary limits to be allowed to them.
The banks can also decide independently regarding the documents for opening the minors’ accounts and can offer additional facilities like internet banking, ATM/ debit card, cheque book etc. subject to the conditions that the accounts are not overdrawn and always remain in credit.
The RBI move aims at promoting financial inclusion among children.