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Wednesday, May 7, 2014

10-year-Olds can Open and Operate Bank Account alone: RBI

Children older than 10 years will no longer need the help of their parents or guardians to open and operate a savings bank account. To boost financial inclusion, the Reserve Bank of India (RBI) on Tuesday said that banks were at liberty to allow minors above 10 years to independently open and operate savings bank accounts. As of now, banks allow minors to operate bank accounts only along with a parent or a guardian. All children and teenagers below the age of 18 are considered minors under current rules.                                                                                                                                                                                     Continue Reading Story To read full story, please visit