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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.


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