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Savings accounts for minors to promote financial inclusion

Minors

On Tuesday, the Reserve Bank of India (RBI) allowed minors aged more than 10 years to open and operate savings bank accounts independently. Taking into account their risk management systems, banks, however, can fix limits in terms of the minimum age and the amount up to which minors may be allowed to operate the deposit accounts. They can also decide the documents required to open such accounts. The central bank's directive also allows banks to offer additional banking facilities to minors. These include internet banking, automated teller machines/debit cards and cheque book ...