RBI Issues Revised Guidelines on Opening and Operation of Deposit Accounts of Minors
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- By Chetan Kulasri
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- Last Updated on 23 April, 2025
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Circular No. RBI/2025-26/26 DOR.MCS.REC.17/01.01.003/2025-26, Dated 21.04.2025
The Reserve Bank of India has revised its guidelines on opening and operation in the deposit accounts of minors. Now, Minors of any age may be allowed to open and operate savings and term deposit accounts through his/ her natural or legal guardian. Further, Minors aged 10 years and above may independently open and operate savings/term deposit accounts, subject to limits and terms set by banks based on their risk management policies, which must be duly communicated to the account holder.
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