Step-by-Step Guide to Opening a Minor Bank Account
Personal FinanceRead Time: 5 min
Opening a bank account for a minor (someone under 18 years of age) is a great way to teach them financial responsibility early on. Most major banks in India offer specialized accounts for kids.
Types of Minor Accounts
- Below 10 Years: Operated jointly by the natural guardian (parent) on behalf of the minor.
- Above 10 Years: Can be operated independently by the minor. Banks often issue a special debit card with spending limits.
Documents Required
Since the minor doesn't have an independent financial footprint, the guardian's documents are crucial:
- Birth Certificate of the minor.
- Aadhaar Card of the minor (if available).
- PAN Card and Aadhaar Card of the parent/guardian.
- Passport-size photographs of both minor and guardian.
When the minor turns 18, the account must be converted to a regular savings account by submitting fresh KYC documents.