ChequeMan Blog

Minors over 10 years can operate bank accounts: RBI

RBI has issued guidelines allowing the minors above the age of 10 years to open their bank account independently in view to promote financial inclusion and bring uniformity in opening of such bank accounts.

As per the guidelines, all minors can now open a saving/ fixed/ recurring bank deposit account through either his/ her natural guardians or legally appointed ones.

RBI has also stated that the bank can decide about the limit of the age and the amount upto which the minors would be allowed to operate the accounts independently. Further the bank can also decide on the minimum documents required to open the account.

Banks may or may not offer additional features like Internet Banking, ATM/ Debit card, cheque book facility, etc.

On attaining the majority, the minor is required  to confirm the balance in the account.

If the account was opened by the guardian then on attaining the majority fresh operating account is to be opened along with specimen signature for keeping record for operational purposes.

New banking code may keep your online transactions secure

As per revised code of commitment to customers by Banking Codes and Standards Board of India’s (BCSBI) banks will now have to take a lot more responsibility for any “unauthorized” transactions in a customer’s account due to security breach of the internet banking system. The bank will bear the loss incurred by the customer if the bank cannot prove that the customer was responsible for sensitive data leaking out that resulted in unauthorized transaction through internet banking.

Similarly banks have been told to refrain from upgrading any customer’s bank account, and levying charges for non maintenance of minimum balance, without written consent of the customer.  .

No need to worry about unauthorized transaction.

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