How to Open a Savings Account for Your Child?

What Are the Documents Needed for Opening Savings Accounts for Children?

What Is the Eligibility for Opening a Minor Savings Bank Account?

What Are the Features of a Savings Bank Account for Minors?

FAQs About How to Open a Savings Account for Your Child?

Can a minor withdraw money from a savings bank account? up-arrow

A minor will be the owner of a minor savings bank account; however, the child will be only able to withdraw once until he/she reach 18 years of age.

Can I open a bank account for my 2-year-old child? up-arrow

A guardian or parent must apply for a custodial or joint account to open a bank account for a 2-year-old child.

What is the youngest age one can open a bank account for minors? up-arrow

Parents can apply for a custodial or joint account for a minor of any age.

What is the minimum balance required to maintain a savings bank account for minors? up-arrow

In most cases, the minimum balance required for a minor savings bank account is nil.