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.
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