Minor Savings Account - Meaning, How to Open & Benefits

What Is a Child Savings Account?

How to Open a Savings Account for Kids?

What are the Documents Needed to Open a Child Savings Account?

What Are Minor Bank Account Rules?

What are the Benefits Of Child Saving Account?

FAQs about Minor Savings Account

Can I open a bank account for my 11-year-old kid?

Yes, any minor below the age of 18 years can have a minor bank account. If a child is below ten years old will have a savings account with their parent or guardian as the joint account holder.

Can a guardian withdraw money from a minor bank account?

Yes, a parent/guardian can withdraw money from a minor bank account. However, when a child turns ten, they can opt to operate a savings bank account independently.

Can a child use UPI?

Children above fifteen with a single bank account are eligible for all UPI transactions. Those below fifteen years old and the joint holder cannot use UPI.

Is the interest on a minor savings bank account taxable?

Yes, interest acquired clubbed with the parent's or guardian's income is taxable under Section 64 (1A) of the Income Tax Act of 1961.