Most of the people want to know the right age for opening a bank account. Because talking about the present time, there are many advantages of opening an account in the bank, such as earning interest by depositing money in the account or the amount of scholarship, incentive amount, or other government schemes can be received directly in the account. If you have come to know what is the minimum age to open an account in the bank, then the answer to your question will definitely be found in this article.
Minimum Age to Open a Bank Account
The minimum age for opening a bank account varies depending on the type of account and the policies of the bank. Generally, a person who is 18 years of age or above can open a savings account in his own name in any bank. However, some banks allow opening of special accounts for minor children below the age of 18 years. That is, minor children are allowed to open accounts with the help of their parents or guardians. For example, you can understand about minor account from the following points given below.
- Two types of account opening facilities are provided by almost all banks for children below eighteen years of age. Minor account and joint account with parent or guardian.
- If the age of a minor is 10 years or more then he can open and operate the account in his own name. While the account of children below the age of 10 years can be opened jointly with the parent or guardian and is under their supervision. In both these types of accounts, along with the children, the documents of the parents or guardians are also attached.
- After the child completes eighteen years of age, the minor account is converted into a normal account by the banks. For this again only the documents of the children are demanded. After the minor account is converted into a normal account, the child account holder can fully control his account.
What are the documents required to open a bank account?
- For adult account passport size latest photographs, identity proof, residence proof are required.
- Minor account requires child’s Aadhaar, school ID, birth proof and parent or guardian’s document.
What is the minimum age required to open a bank account?
The minimum age for opening a bank account should be eighteen years. However, some banks allow children below the age of eighteen to open accounts with their parents or guardians.
Which is the best bank to open an account for children?
The best bank to open an account for children is State Bank of India. In which the first step savings account for children below the age of 10 years and the first flight savings account for children above the age of 10 years is available.