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Wednesday, October 27, 2021

How to open bank account for children below 18 years? Which documents will be required

How to open bank account for kids: Children’s bank account can help parents in making funds for them. With this, they can be taught how to manage money with it. Such accounts are called minor accounts. These accounts are for those who are under 18 years of age. Keeping savings money in this account can be spent on higher education, marriage etc. of children in future.

Who can open an account?

  • A parent can open an account on behalf of a minor.
  • The parent can open a joint account with the minor.
  • A legal guardian can also open in the name of a minor.
  • A minor of 10 years or more can open in his name, which will be handled by him only.

Form

To open an account, only the account opening form has to be filled. In this, the name, home address, guardian details and signature will also have to be written.

Required documents

It is necessary to have these documents along with the form to open an account

  • Proof of date of birth of minor
  • KYC documents of the guardian
  • Minor’s aadhar card

Account handling

For a minor below 10 years, the guardian has to operate the account. However, children above the age of 10 years can operate the account themselves.

Being 18 years old

Once the minor’s age is 18 years, the account will have to be converted into a regular savings account. After this, the parent cannot operate the account on behalf of the account holder. For this, a minor person who has attained maturity. The application form has to be submitted along with its KYC details.

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Keep these things in mind

Banks limit daily transactions on these accounts. With this, parents are allowed to have additional transactions on the minor’s account, so that they can take care of their children’s transactions.

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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