Policy for Opening the Bank Accounts in the Name of Minors

1.         A Saving/fixed/recurring bank deposit account can be opened in the name of a minor of any age through his/her natural or legally appointed guardian.

2.         Documents for KYC : At the time of opening of the account following documents are required to be obtained from the Minors and Guardian-

For minors :

a)         Two recent passport size photographs and proof of the Date of birth (birth certificate issued by Municipal authority / District officer of the registrar of births and deaths / School authority / 10^th marksheet / AADHAAR Card) of the minor must be obtained.

b)         For proof of identity - According to KYC Policy of the Bank. Minor's credentials (Name and Photograph) certified by School authority or gazette officer may be obtained.

c)         For proof of address - Guardian's address proof must be obtained.

For Guardians :

a)         Two recent passport size photographs must be obtained.

b)         For proof of identity - Documents must be obtained as per the KYC policy of the bank.

c)         For proof of address- Documents must be obtained as per the KYC policy of the bank.

3.         Operation of the Account :

a)         Account of the Minor below the age of 10 years must be operated through the natural / legally appointed guardian only.

b)         Account of the Minor above 10 years can be operated independently or through the natural / legally appointed guardian.

c)         Account balane at the end of any day must not cross the limit of the Rs. 50000/-.

d)         Withdrawal of amount Rs. 2000/- and above must be alerted to the natural / legally appointed guardian immediately in case of minor above 10 years opting to operate his / her account independently. Phone numbers of guardians may be taken to comply with this clause.

e)         In any case the Minor account must not be overdrawn.

f)          After attaining the majority, the erstwhile minor should confirm the balance in his/ her account and if the account is operated by the natural guardian / legal guardian, fresh operating instructions and specimen signature of erstwhile minor must be obtained and kept on record for all operational purpose.