Question

What precautions should a banker take in opening an account of a minor?

Answer 1

Precautions to be taken by banker to open minor's account

Explanation:

1. if the age of minor is less than 10 years then the account should b jointly opened with some guardian but if the age of minor is in between 10 and 18 years then it can be operated by the minor.
2. when the minor becomes major (18 years) then the account should be converted into regular saving account.
3. the bank should know and inform the minor about the daily and monthly spending limits, which is different in different bank.
4. the banker must inform all the rules applicable to the account to the guardian of the minor.
5. all the RBI guidelines must be followed by the banker.

Learn more:

Opening of minor's account

https://brainly.in/question/10544012

Answer 2

Precautions should a banker take in opening an account of a minor:

• Banker should open a savings account not a current account.

• The guardian can operate the account in the name of the minor.

• The minor can operate the account if he attains the age of 12.

• Suppose the father of the minor dies then the mother becomes the guardian.

• If the minor dies then the balance amount is given to the guardian.

• Overdrawing facility is not allowed in the minors account.

To know more:

Who is a minor ? can the banker open an account in the name of a minor? What precaution a banker should take ?

https://brainly.in/question/12801593