If you also want to open a bank account for your child , then this article is very important for you, in this article we will discuss in detail what is a minor account , how to open a minor account in a bank and who to open a minor account. which document is required i.e. how to open a child’s account in any bank .
What is Minor Account?
When an account of a child below 18 years of age is opened in a bank, then that account is called a minor account. To open a minor account, the guardian’s signature is also required along with the document. If the child is below 10 years of age, the account is operated under the supervision of the guardian, and if the child is 10 years of age or more, the account can be updated by the child himself. And after attaining the age of 18 years, the minor account is converted into a normal savings account by the bank, and for this the child’s own document has to be given.
Benefits of Opening a Minor Account
- Funds can be collected for a minor.
- The habit of saving can be inculcated in the child.
- The benefit of scholarship, incentive amount and other schemes can be received in the account.
- Like other accounts, the benefit of interest is available on the money deposited in the minor account.
- Various types of banking facilities provided by the bank can also be availed.
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Documents required for opening a minor account
1 Latest photograph of minor
- Aadhaar card of the minor
- Birth certificate of the minor
- Guardian’s Aadhaar, PAN
- Signature of the guardian
how to open minor account in bank
Minor account can be opened in any bank or post office with child’s photo, Aadhaar card, parent’s documents and signature. Pehla Kadam Savings Account and Pehla Udaan Savings Account in SBI can be opened for children below and above the age of 10 years in the following ways:-
- One has to go to the nearest bank branch of SBI, where the account opening form has to be taken from the branch employee.
- After filling the correct information in the form, necessary documents have to be attached.
- The application form and the minimum deposit amount have to be submitted to the branch employee.
- The minor account will be opened after checking the attachment form by the branch staff.
What is the meaning of minor account in bank?
When an account of a child below 18 years is opened in a bank, it is called a minor account.
What are the documents required to open a minor account in the bank?
Child’s birth certificate, Aadhaar card and mother’s or father’s Aadhaar card, PAN card, signature are required to open a minor account in the bank.
Which is the best bank to open a minor account?
In this way, a minor account can be opened in any bank, but the best bank to open a minor account is State Bank of India.