https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

Minors Above 10 Can Now Open and Operate Bank Accounts Independently: RBI

Minors can alternatively choose to open accounts jointly with their mothers as guardians, the circular noted.
Indian Masterminds Stories

In a major step towards financial inclusion and early financial literacy, the Reserve Bank of India (RBI) has announced that minors above the age of 10 can now independently open and operate savings and term deposit accounts.

The new guidelines, issued by the RBI on Monday, allow banks to permit such account openings based on their individual risk management policies. Banks may also offer these minors additional services like internet banking, debit cards, and cheque books, subject to customer suitability and due diligence.

Minors can alternatively choose to open accounts jointly with their mothers as guardians, the circular noted. Upon reaching the age of majority, fresh operating instructions and updated signatures will be required.

The RBI has instructed banks to align their internal policies with the revised norms by July 1, 2025.

This move is aimed at promoting financial independence among the youth while ensuring safeguards through ongoing due diligence.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
NETRA Mk-2
India’s Ultimate Sky Spy: NETRA Mk-2 to Detect Threats 500 km Away Before They Strike
Yogi Adityanath Ayodhya visit in Diwali
Yogi Adityanath Ayodhya visit in Diwali: CM Distributes Sweets & Fruits in , Nishad Basti Re-affirms Inclusive Diwali for All
Su-30MKI RCS reduction upgrade
India’s Su-30MKI Get RCS reduction upgrade: Radar-Absorbent Paint Entering Fleet Trials
PPP model
Public Health for Sale? Ex-IAS P.V. Ramesh Questions Andhra Govt’s PPP Model for Medical Colleges
200 MW modular nuclear reactors
From Factories to Ships: India’s 200 MW Nuclear Reactors Set to Change the Game
NAPA
Senior Punjab Bureaucrats & Legislators Under Fire: North American Punjabi Association Demands for CBI Monitoring of IAS/IPS/PCS Officers and Elected Representatives
Rajasthan IAS officer recall
Rajasthan IAS officer recall: Govt Seeks Return of IAS Officers Rohit Kumar and Siddharth Mahajan from Centre Amid Staff Crunch
dig-bhullar-file-photo
Punjab IPS Officer Harcharan Singh Bhullar Faces New FIR Over Liquor Seizure at Samrala Farmhouse
ADVERTISEMENT
ADVERTISEMENT
Videos
WhatsApp Image 2025-10-19 at 12.23
UPSC Journey Should Be Enjoyable, Not Cumbersome
WhatsApp Image 2025-10-16 at 15.16
The Many Facets of Former IRS Officer and Author, Giselle Mehta | Video Interview
IDES Saquib Alam
Beyond IAS and IPS: The Inspiring Work of an IDES officer | Video Interview 
ADVERTISEMENT
UPSC Stories
Ankita Parashar RAS 2023
4 Attempts, 1 Dream, 0 Excuses: Meet RAS Topper Ankita Parashar, Who Fulfilled a Daughter’s Promise & Secured Rank 2 | Exclusive Interview
Ankita Parashar, a teacher-turned-officer from Pushkar, fulfilled her late father’s dream by securing...
Kushal Chaudhary RAS
From Lab Assistant’s Grit to Rajasthan Topper: How Kushal Chaudhary Topped RAS 2023 with Self-Study | Preparation, Strategy & Interview
Kushal Chaudhary, a farmer’s son and lab assistant from Ajmer, topped RAS 2023 through self-study, overcoming...
Ruchi Jat MPPSC
She Worked in Fields, Danced Ghoomar - Now She’ll Govern Districts: Ruchi Jat Cracks MPPSC 2024 with Rank 6, Becomes Deputy Collector
From a farmer's daughter in Pipalkhunta to securing 6th rank in MPPSC 2024, Ruchi Jat's inspiring journey...
Social Media
IFS Parveen Kaswan
Heartbreak by the River: 15-Day-Old Elephant Calf Rejected by Mother, Rescued by IFS Parveen Kaswan and His Team
Jaldapra, West Bengal: In a moving incident that tugs at the heart, a 15-day-old elephant calf was rescued...
Ashwini Bhide IAS and Anand Mahindra
Who Is IAS Ashwini Bhide, Hailed as a Role Model for Mumbai Metro Transformation by Anand Mahindra?
From heritage to high-tech: Bhide’s leadership in Metro Line 3 earns public praise and admiration
World Rhino Day India
On World Rhino Day, IFS Officer Parveen Kaswan Shares Rare Insights - India Now Hosts 80% of the World’s One-Horned Rhinos
September 22 Marks Global Call for Rhino Conservation; India Holds 80% of World’s Greater One-Horned...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
NETRA Mk-2
India’s Ultimate Sky Spy: NETRA Mk-2 to Detect Threats 500 km Away Before They Strike
Yogi Adityanath Ayodhya visit in Diwali
Yogi Adityanath Ayodhya visit in Diwali: CM Distributes Sweets & Fruits in , Nishad Basti Re-affirms Inclusive Diwali for All
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
WhatsApp Image 2025-10-19 at 12.23
WhatsApp Image 2025-10-16 at 15.16
IDES Saquib Alam
ADVERTISEMENT
ADVERTISEMENT