RBI Permits Minors Aged 10 and Above to Operate Bank Accounts Independently.

Banking & Finance

In April 2025, Mumbai (Maharashtra)-based Reserve Bank of India (RBI) has issued revised directions regarding the opening and operation of deposit accounts for minors.


      - As per the RBI directions, minors aged 10 years and above are now permitted to independently open and operate their own savings and term deposit accounts, subject to terms and limits set by individual banks. These directions came into effect from April 21, 2025.

      - Banks including commercial banks, urban co-operative banks, state co-operative banks, and district central co-operative banks have been instructed by the RBI to frame new or amend existing policies to comply with the updated guidelines by July 01, 2025.

     

Main Point :-   (i) Banks are also allowed to offer additional banking facilities—such as internet banking, debit cards, and cheque book facilities—to minor accounts, depending on their risk management policies.

      (ii) RBI has permitted minors below the age of 10 to open accounts as well, only through their natural or legal guardians.

(iii) It has specifically clarified that such accounts can now also be opened with the mother as the guardian.
About RBI

Governor : Sanjay Malhotra
Headquarter : Mumbai
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