Minors above the age of 10 years may be allowed to open and operate savings bank accounts independently
Who is the natural guardian in a minor's deposit account?
- Rasik Deodhar
We guess you are asking about opening an account in the name of a minor. The father, mother or legally-appointed guardian can open a savings, fixed or recurring deposit account in the name of a minor. Minors above the age of 10 years may be allowed to open and operate savings bank accounts independently.
This article was originally published on February 15, 2016.
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