Can a banker open an account in the name of minor?
Answers
Answer:
These days you don't have to wait till your child turns 18 to let them experience using their own savings account as many banks have accounts aimed specifically at children.
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.
Since then we have seen many banks launch or even tweak their already existing minor accounts. For instance, ICICI Bank has its Young Stars Account, State Bank of India has PehlaKadam and PehliUdaan, HDFC Bank has Kids Advantage Account, and Union Bank of India has its Youth Banking Accounts. You can even open minor accounts for children below the age of 10 years.
Answer:
yes he can open an account in the name of minor