Bank Accounts for Minors � State Bank of India Initiates!
Posted on: 10/May/2014 11:23:26 AM
According to Reserve Bank�s order, minor children above the age of 10 can have their own bank savings account, stated by Arundhati Bhattacharya, chief of State Bank of India (SBI).
A new special plan for this announcement will be initiated soon within three months time.
There should not be any money deposit limitations, for this minor�s bank account, he added.
Even before, minor children can have either savings account or fixed deposits on their name. But with a condition that their needs to be the guardian of their accounts. And now, this restriction will not sustain any more.
