RBI Allows Kids 10+ To Run Their Own Bank Accounts – Here’s What You Need To Know

The Reserve Bank of India (RBI) announced on April 21 that minors above 10 will be open to operating independent accounts. 

RBI permits minors to hold bank accounts. Once they reach majority age, banking facilities such as debit cards will become accessible after updating their specimen signatures and getting new operating instructions.  

RBI guidelines are to be followed by the following major banks: Let's dive in! 

SBI offers savings accounts for minors with features like zero balance and personalised debit cards.  

HDFC Bank offers Kids Advantage Account features like personalised debit cards and free ATM withdrawals. 

Axis Bank will offer features like personalised debit cards and financial literacy tools through the Future Starts Saving Account. 

The bank offers savings accounts for minors with zero balance and personalised debit cards.  

Kotak Mahindra Bank offers zero balance and personalised debit cards for minors’ savings accounts.  

To open a child’s account, visit a bank branch, complete the account opening form, provide required documents, have the guardian sign the form, and deposit a minimum balance. 

In cases where a minor is under 10 years, as per the circular, they can open accounts through their natural or legal guardian with commercial and cooperative banks.