We as parents want our kids to know everything. This is probably because we are fearful that in the excessive competition not knowing enough can be a setback for them later on. Money as a concept is explained to the children in early classes itself. But as parents explaining money and its usage and importance to them is something that we all must do. One appropriate way of doing that is to help them open a bank account for themselves. So, How To Open A Bank Account For A Child – Junior Savings Account For Minors? If you are also planning to open bank accounts for minors we here are going to explain the procedure of doing so.
Documents required to open a minor bank account
- Birth certificate which will serve as a relationship proof with you.
- Aadhar card to be the ID proof of the child.
- Pan card of the parent who will be handling the account along with the child.
- Photographs of the child.
- A relationship proof in case the guardian is not the parent of the child.
Basic rules that need to be followed
If you want to know how to open a bank account for a child you ought to know the below –
- A kid’s bank account can be opened for a child less than the age of 18. However, in certain special cases, the age requirement may be extended to 21 years.
- The parent of the child must hold a separate account in the same bank.
- The account would be operated as a joint one between the parent and the child till the time the child attains the age of 10. After that, the child is given the permission to access the account on his own.
- All the regular