What Are the Rules for Opening a Minor Savings Account?

Rules for Opening Minor Savings Account

Things to Consider Before Opening a Minor Savings Account

Importance of Opening a Minor Savings Account

FAQs About Minor Bank Account Rules

Can my son use the UPI method to make transactions from his savings account?

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Using the UPI method requires card details. Abiding by that, anyone can have a UPI account. It might be possible that the financial institution has an app facility which also covers the UPI payment method.

Moreover, online payment mediators like GPay, PayPal, Paytm etc. might have additional age or other criteria which shouldn't be ignored. It depends on terms and conditions of the bank and these online payment platforms.

Does showing my 7-year-old child’s Aadhaar card fall under the rules for opening a minor account?

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It is not mandatory to show Aadhaar card details of your child. Financial institutions generally require a birth certificate for age proof.

However, it is necessary to show these, including PAN card details and other necessary documents of the guardian or parent.

Can I open a bank account for my kid without a birth certificate?

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Financial institutions will ask for a valid document of your child while opening a savings account. Hence it is necessary to keep the birth certificate for age proof. They might also ask for other documents if necessary, but the birth certificate is the primary document required to meet the eligibility criteria.

Can my kid use the minor account in future?

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In most cases, financial institutions allow kids to continue using their minor accounts . When they turn 18 years old and submit their KYC documents it converts into a normal account. Discussing with the concerned financial representative will prove to be beneficial in this case.

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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