Parents can invest in bank fixed (FD) and recurring deposits (RD) in the name of their minor child. This can be done by opening a bank account in the name of the minor child. Even if the minor does not have a PAN card. Here it is told what are the required documents for investing in bank FD or RD in the name of a minor child.
Parents can invest in bank fixed (FD) and recurring deposits (RD) in the name of their minor child. This can be done by opening a bank account in the name of the minor child. Even if the minor does not have a PAN card. Here it is told what are the documents required for investing in bank FD or RD in the name of a minor child. You will be able to open your minor child’s account only in the bank where you already have a savings account. This is because in most banks it is necessary to fulfill certain rules for opening a bank account of a minor.
The HDFC Bank website states that you must have a savings account in your name in the bank where you want to open a child’s savings account. To open a bank account of a minor, parents will also have to follow banking KYC rules.
These documents are required to open a bank account for a minor
The documents required to open a bank account for a minor vary from bank to bank. In most banks, to open a minor’s account, child’s Aadhar card, parent’s Aadhar card, PAN card and address proof are required. In most banks, children cannot open accounts without Aadhaar.
There are two types of bank accounts for minors. For minors above 10 years of age (self-operated) and for minors below 10 years of age (bank accounts operated through partners). For both categories, KYC of the minor as well as the parents is necessary.
The difference between the two types of bank accounts is who has control over the operation of the account, the parent or the minor. For example, for bank accounts opened for minors below 10 years of age, State Bank of India’s YONO mobile banking app is accessible only to minors. Bank accounts opened for minors above 10 years of age have the right to view and transact in SBI’s mobile banking app.
