How can a teenager open a bank account in India?

You need to fill out the form for opening the account, with the minor as the first account holder, and you as the joint holder. You also need to submit your photographs along with this form. Some banks ask for the minor’s photograph as well. You need to submit the child’s birth certificate as age proof.

Can you open a bank account at 16 in India?

This is all thanks to the Reserve Bank of India (RBI) allowing banks to offer savings accounts to minors above the age of 10 that they can operate themselves, back in early 2014. You can even open minor accounts for children below the age of 10 years.

Can I open a bank account for my teenager?

At most banks, you can open a teen checking account when your child is 13. One parent is usually required to be a joint owner until your child turns 18. As a joint owner, you’ll have the ability to monitor and access this account if you wish.

Can a 17 year old open a bank account in India?

RBI also stated that a minor of any age can open a savings, fixed or recurring bank deposit account through her natural or legally appointed guardian.

Can minors have ATM card?

Now, children above 10 years can operate own bank account, ATM card. The Reserve Bank of India (RBI) on Tuesday issued guidelines allowing minors above 10 years to operate bank accounts independently in order to promote financial inclusion and bring uniformity in opening of such accounts in banks.

Can a 13 year old have a bank account in India?

This can be opened by any minor of any age. If the minor is below 10 years of age, it is important to have a parent/guardian to operate the account. Children between 10 to 18 years of age can open and operate their savings bank account independently.

Can I open a bank account online if I’m 17?

Since minors generally can’t open bank accounts by themselves, you’ll typically need to be a joint owner of the account, which may actually be a good thing. For instance, there are joint teen checking accounts that allow you to receive alerts every time your child makes a transaction.

Can a 10-year-old open a bank account in India?

AA MUMBAI: Children older than 10 years will no longer need the help of their parents or guardians to open and operate a savings bank account. To boost financial inclusion, the Reserve Bank of India (RBI) on Tuesday said that banks were at liberty to allow minors above 10 years to independently open and operate savings bank accounts.

What are the best banks for students in India?

HDFC DigiSave account makes it to the list of best banks for students in India. The age requirement to open a bank account under this scheme is 18-25 years. The minimum deposit required to open up a savings account is INR 5000 for metro and urban cities and is INR 2500 for semi-urban and rural places.

How can I open a Citibank junior account for my child?

Teach your child the basics of banking at an early age. The Citibank Junior Account can be opened for children below 18 years of age. All Citibank Junior Accounts must have a minimum of 2 holders (1st holder being the minor and 2nd holder being the guardian). The guardian should have an existing account with Citibank in order to avail this option.

How to open an SBI student account?

To open an SBI students account, students need basic KYC documents like an aadhaar card, a photograph, etc. A free debit card is issued to the account holder. SBI allows four cash withdrawals from other banks’ ATMs.