RBI Bank Account Rules: Now children over 10 years of age will be able to operate themselves by opening a savings or fixed deposit account. RBI has allowed banks to do so. However, banks can set conditions for this according to their risk management policy.
RBI has asked banks to formulate their policy or change the existing rules by 1 July 2025. Till now, children of any age could open savings or fixed deposits through their parents or legal parents, but they used to operate only parents.
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Banks will be able to decide the withdrawal limit (RBI Bank Account Rules)
Children aged 10 years or older will be able to operate their own account. But banks will set some limitations according to their rules, such as how much money can be deposited or withdrawn, how much money can be withdrawn at a time.
Banks can provide facilities like internet banking, ATM/debit card and checkbook to children. But it will depend on their risk.
To be 18 years old, new signatures have to be taken (RBI Bank Account Rules)
When the child turns 18, the bank will have to get new signature from him. If the account parents were running, the balance will be confirmed. Apart from this, the account holder will also be informed about the new rules.
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What are the rules now? (RBI Bank Account Rules)
The bank account or term deposit account is under the control of the parents, and the child’s name is added as a co-integrator.
When the child turns 18 years or older, a bank account or term deposit account can be completely transferred in the name of the child.
Some banks still provide the facility to open special bank account schemes like SBI first step account or HDFC Kids Advantage Account.
In these, children over 10 years of age can open a bank account and operate it themselves.
Withdrawing money from ATM from May 1 will be expensive (RBI Bank Account Rules)
Earlier, RBI had also changed the rules of withdrawing money from ATMs. From May 1, you will have to pay more fees on withdrawing money from ATM.
From May 1, customers will have to pay an additional Rs 2 on every financial transaction from ATM after the free limit is over. Due to this fee increase, on withdrawing cash from ATM, a fee of Rs 19 will have to be paid on every transaction, which was earlier Rs 17.