Children's bank accounts help parents create a corpus for their children and teach them basics of money management.
Such accounts are called "minor" accounts. A minor is a person who has not attained 18 years of age.
Such accounts are called "minor" accounts. A minor is a person who has not attained 18 years of age.
Who can open?
i. A natural guardian on behalf of the minor.
ii. A natural guardian, jointly with the minor.
iii. A legal guardian in the name of the minor.
iv) A minor of age 10 and above in his/her name to be operated by the minor.
Form
The usual account opening form can be filled up to open a minor account. Details like the minor's name, address, guardian details and signature must be furnished.
i. A natural guardian on behalf of the minor.
ii. A natural guardian, jointly with the minor.
iii. A legal guardian in the name of the minor.
iv) A minor of age 10 and above in his/her name to be operated by the minor.
Form
The usual account opening form can be filled up to open a minor account. Details like the minor's name, address, guardian details and signature must be furnished.
Documents
Following documents need to be furnished:
• Proof of minor's date of birth
• KYC documents of the guardian. Aadhaar card of the minor.
• Specimen signature of guardian. Minor's specimen signature in case he/she is 10 years old.
Operation of account
For accounts of minors below 10 years of age, the guardian must operate the account. However, minors over 10 years of age can operate the account on their own.
Following documents need to be furnished:
• Proof of minor's date of birth
• KYC documents of the guardian. Aadhaar card of the minor.
• Specimen signature of guardian. Minor's specimen signature in case he/she is 10 years old.
Operation of account
For accounts of minors below 10 years of age, the guardian must operate the account. However, minors over 10 years of age can operate the account on their own.
Upon turning 18 years
Once the minor turns 18, the account has to be designated as a regular savings account. Thereafter, the guardian cannot operate the account on the account holder's behalf. An application form along with KYC of minor turned major needs to be furnished.
Once the minor turns 18, the account has to be designated as a regular savings account. Thereafter, the guardian cannot operate the account on the account holder's behalf. An application form along with KYC of minor turned major needs to be furnished.
Banks prescribe daily transaction limits and allow parents to have additional transaction limits on accounts of minors to enable them to keep a check on the transactions of their children
SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds
For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300
OR
You can write to us at
Invest [at] SaveTaxGetRich [dot] Com
0 comments:
Post a Comment