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It is not that easy to open an account in a bank if you are a minor. First of all, every Bank has different rules regarding the opening of bank accounts by minors. Secondly, you must provide your identity and residential proof before opening an individual account. In the case of minors who are below 18 years old, they won’t be able to open a current account, but they can open either a fixed deposit or savings account depending upon their income etc.
The age of consent for opening an individual bank account differs from Bank to Bank
The age to open a bank account differs from Bank to Bank. If you’re under 18, you’ll need your parents or guardians to sign for you. You may also need their permission in order to open the account. This is a standard requirement for most banks, so prepare your documents before heading into the branch.
Every Bank has different rules regarding the opening of a bank account by a minor
Every Bank has different rules regarding the opening of a bank account by a minor. Hence, if you are planning to open an individual bank account for your child and have doubts about his eligibility, then you should get in touch with the customer care service of the Bank where he wants to open an individual bank account.
“Each state can have its own regulations regarding accounts for young savers and, depending on the state, financial institutions also may have the ability to set their own rules,” as SoFi professionals say.
In order to open a minor account, you need proper identity proof and residential proof
For a minor to open an account, you will need to get their guardian’s consent. However, in order for that guardian to give their consent, they must be present when opening the account and sign off on it.
If you don’t have someone who is able to help you with your banking needs (such as a parent), then you should not open an account at this point in your life. Instead, wait until adulthood and apply for one then!
Current accounts are not allowed in case of minors
As you are a minor, you can only open an account if your father or mother opens an account with you and signs the documents on your behalf. In this case, current accounts are not allowed in the case of minors. So what should the parents do?
The best option for parents to open an account for their child is by opening a joint account. The main advantage of this type of bank account is that it allows both parents to manage the savings and expenses of their children. Also, they can easily monitor their activities online through Internet banking or telephone banking services from any location at any time without having to visit branches regularly (or at all).
Most banks do not allow you to open a current account in case you are a minor. You can, however, open other types of accounts like savings and fixed deposits. Minors can also obtain credit cards on their own, but it depends upon the applicant’s age and how long they have been in business with the Bank.