MINORS ACCOUNT
Next time when you come to the bank, remember to bring your small children, so that you Can open a minor’s saving account for them. You don’t have to wait till your child turns 18 to let them experience using their own savings account as many banks have accounts aimed specifically at children. Our bank allowing to offer savings accounts to minors above the age of 10 that they can operate themselves, back in early 2014.
Since then we have seen many bank launch or even tweak their already existing minor accounts. For an example we have two different types of saving account for minors with different types of benefits. You can even open minor accounts for children below the age of 10 years. Most banks have two separate versions of accounts for minors - one of those below 10 years and 18 years. When you open an account in the name of a child who has not yet turned 10, it has to be operated jointly with the parent or guardian. Whereas those opened for a minor between 10 years and 18 years of age can be operated by the child.
Once the child becomes a major. When the child turns 18 years old or becomes in operative. It has to be converted into a regular savings account before it can be operated even by the child.
Thereafter, the account is treated as a normal savings account and the child has to fulfill the account opening requirements as applicable to normal saving account. Once the account is converted, the parent can no longer operate it. The minor bank accounts are refractive in nature and not all features could be available compared with a normal saving account.
