Question

What kind of facilities are provided by RBI to minor persons

Answer 1

Explanation:

Banks are free to offer additional banking facilities like internet banking, ATM/ debit card, cheque book facility etc., subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit....

Answer 2

The facilities which are provided by RBI to minor persons are as follows -

• As per the new laws,the minor citizens of having age more than 10 years can independently open own bank account without any guardianship necessities.

• The minor bank account holders can avail the basic banking features like cheque,ATM any many more.

• But the transactions through the minor accounts have some limitations and the transactions above these limitations needs guardian permissions for financial safety purposes.

And many more.