What are the Features and Benefits of Minor Bank Account?

Features of Child Bank Account

Benefits of Minor Bank Account

Pros and Cons of Minor Bank Account

FAQs About Minor Bank Accounts

Is a minor eligible for an ATM card?

Yes, minors of 10 years or above are eligible for ATM or debit card subject to consent from parent and guardian.  Also, they should maintain the prescribed minimum balance in their account.

Can a minor open a bank account without a PAN card?

Though earlier PAN card was a mandatory document for opening a bank account, it’s no longer a mandate. So, a minor can even open a bank account without a PAN card. However, there are some essential documents that they need to submit while opening a bank account.

Is Form 60 required for a minor bank account?

While opening a minor bank account that is not taxable in India, the application form, along with the PAN card document of the guardian, is needed. But if a PAN card is not present, form 60 is essentially required to be submitted.