Question

What are the precautions to be observed by the banker while opening a bank account for a minor?

Answer 1

Answer:

PRECAUTIONS TO BE TAKEN BY BANKER WHILE DEALING WITH MINOR ACCOUNTS  Banker may open savings account and not a current account  In the name of minor, to be operated upon by the guardian or even a joint account can be opened with 2 or more minors  In the name of minor to be operated by him if he has attained 12 years .

Explanation:

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Answer 2

Several precaution steps have to be followed by the banker while opening a bank account for a minor.

Explanation:

• Banker may open a saving account for the minor. The current account should not be in the name of the minor and it should be operated by the guardian.
• If the minor attained 12 years of age, then the minor can get the eligibility to open current account.
• Banks should be very careful in issuing cheque books to the minors of 16 or 17 years of age.
• The accounts for illiterate minors cannot be opened in their single name.
• A minor’s account should never be allowed for overdrawn.

To know more about opening bank accounts,

1)Write a short note on  1. saving bank account opening form  2. locker requisition form  3. kyc form

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2) Opened bank account with cheque from his savings account

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