How to Change A Minor Bank Account to a Major Account?

How to Convert a Minor Bank Account to a Major Bank Account?

What is the Importance of Changing Bank Account Status from Minor to Major?

How to Change the Status from Minor to Major Bank Account?

How Much Time Does it Take to Convert a Minor into Major Account?

What is the Importance of Minor to Major Bank Account Letter?

Sample Letter Format for Changing Minor Account to Major

FAQs about Converting Minor Account to Major Account

How many days does it take to convert a minor account to a major account?

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After you submit all the documents and complete other related procedures, the bank will immediately start the process of converting your minor account to a major. However, the exact number of days may vary across different banks. Many financial institutions will do it on the same day, whereas some may take between 1-3 weeks.

What will happen to my ATM card after changing from a minor bank account to major?

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Many banks issue ATM and debit cards only to regular accounts. However, if your bank has a debit and ATM card facility for minor accounts, you will receive new ones after conversion.

Which documents are required to complete KYC for changing the status of a minor account to major?

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Following is a list of documents that are needed to change the status of the minor account to a normal account-

  • KYC application form
  • Account opening form
  • Copy of PAN (self-attested)
  • Address proof (self-attested)
  • Updated proof of bank account details
  • Latest photograph (stamp/passport size)

Apart from these standard documents, banks may ask to submit additional proofs such as birth certificate, Aadhaar card, etc., as per their policies and requirements. 

How to open a kid’s bank account?

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You can open a kid’s bank account as the joint holder. Submit the child’s account opening form and documents like birth certificate, address proof, passport-size photographs, your PAN card, etc. Once completed, the bank will hand over the passbook and chequebook for the kid’s account.

What are the benefits of a kid’s savings account?

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Opening a kid’s savings account teaches children how to operate a bank account, manage their finances, start goal-based saving habits, learn the power of compounding, and respect the value of money.

What is the minimum age for opening a bank account?

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As per RBI, the minimum age to open a savings account is 10 years. They can open a minor savings account with their parents or legal guardian, which can be converted to a major one when they turn 18.

Can I open a bank account under 18 without a parent?

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If you are under 18, you must open a bank account with either your parents or a legal guardian acting as a joint holder.

Can I open a minor account with a zero balance?

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Yes, several banks offer minor accounts that have no minimum balance requirements.

Can I open a minor account online without a PAN card?

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To open a minor account online, the child’s parents or legal guardian need to provide their PAN details.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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