The Reserve Bank of India (RBI) has rolled out new guidelines allowing children aged 10 years and above to open and operate their own savings or term deposit accounts — without needing a joint holder.

These updated rules will come into effect from April 21, 2025.

Highlights:

• Minors of any age can still open accounts through a natural or legal guardian (including mothers).
• For minors operating accounts independently, overdrafts are not allowed — accounts must always stay in credit.
• Banks must follow strict customer due diligence (KYC) when opening and managing these accounts.

A great step towards promoting financial literacy and independence from an early age!

#RBI #FinancialInclusion #BankingNews #MinorsBankAccount #DigitalBanking #FinancialLiteracy #YouthBanking #RBIUpdate #BankingIndia #RBI2025