New Delhi: 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 in to promote financial inclusion and bring uniformity in opening of such accounts in banks.
As of now, banks allow minors to operate bank accounts only along with a parent or a guardian. All children and teenagers below the age of 18 are considered minors under current rules.
RBI also allowed banks to offer additional facilities like internet banking, ATM, debit card and chequebook to a minor. However, the central bank said that such facilities should be within the overall norms that banks will not allow a minor’s account to be overdrawn and that these accounts should always remain in credit.