Who is a minor ? can the banker open an account in the name of a minor? What preecaution a banker should take
Answers
Answer:
minor
Explanation:
minor is one who is below age (18 years) in India .
yes a minor can open bank account but there are several rules for it.
including that one person who is major is the joint holder of account
Procedure for opening the account:
Understanding how to open a HDFC Bank Savings Account for a minor is very easy, and the procedure is straight-forward:
You need to have a Savings Account in your name at the bank you intend to open the child’s Savings Account in.
You need to fill out the form for opening the account, with the minor as the first account holder, and you as the joint holder. You also need to submit your photographs along with this form. Some banks ask for the minor’s photograph as well.
You need to submit the child’s birth certificate as age proof. The child must be below 18 years of age. As well as age proof, this is also required to establish your relationship with the minor.
You need to submit your details, particularly PAN card information, as well.
As the parent/guardian in this case, you may be asked to fill out a separate form with your information as well.
The bank will also require that you submit address proof for the minor.
Finally, the bank will ask for your signature for future transactions.
Once all this is done and verified, the account is created, and the bank will hand over the documents regarding the bank account. You will also be given a cheque-book.
The first and most important step in encouraging your child to develop good savings habit always begins with finding how to open a Savings Account for a child. And that, is a good start indeed.