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? up-arrow

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? up-arrow

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? up-arrow

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? up-arrow

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.