Minors operating bank/UPI accounts
RBI Allows Minors Aged Above 10 Years To Independently Operate Bank Accounts Now
They Can Open Savings Account, Make FDs
Banks Can Also Provide UPI and ATM Cards
What are the implications? How should it work. What is the role of parents. How should fraud be prevented ? more
They Can Open Savings Account, Make FDs
Banks Can Also Provide UPI and ATM Cards
What are the implications? How should it work. What is the role of parents. How should fraud be prevented ? more
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Kafirs Children get addicted in teenage age as they will get lot of freedom. The Ladies excess freedom is now we are experiencing. I think this Govt. Become Crook now a days taking wrong decisions. more
Apr 24
RBI and banks can formulate the instructions needed for the children to follow. They may also visit schools and impart necessary instructions and implications for the beginning. . efforts should be made to include parents in these lectures to the children. more
Apr 23
Minors of age 10 and above were always allowed to open Savings Bank account It is an important step in making a child independent. All my children opened their bank account at the age of 10 years. However a FD can be opened by the parent in the name of minor child. more
Apr 23
If for casting the vote eligibility age is 18, in my opinion it should be 18, not less than that. If as a parent look after our child by our earnings, from where the question arise to operate the Bank transaction by the child below age of 18. Absolutely it is not permissible. If Govt. or RBI funding has the money to spare from their side no problem. more
Apr 23
In my view 10 years is a little too early to allow independent self-operated accounts for minors. In the past minors had accounts with a parent as a guardian till they turned major i.e. 18 years. This was a safeguard. Also, most of the funds were usually coming in from the parents or some token by way of gifts etc. With so many ways to use money electronically, account operation has been diluted already. While early inclusion of children into the financial system is desirable, it is not only operation of accounts but other matters that are of concern. Hope they have other safeguards built in, though the urgency to allow kids to independetly operate bank accounts is not understandable. There is a decent time and age for everything. Maybe, children who attain 15 years would be more appropriate as they would have entered into their adolescent years and would have higher level of maturity. more
Apr 23
