RRBs - Opening of Bank Accounts in the Names of Minors - ఆర్బిఐ - Reserve Bank of India
RRBs - Opening of Bank Accounts in the Names of Minors
RBI/2013-14/610 May 27, 2014 The Chairmen, Dear Sir/Madam, Opening of Bank Accounts in the Names of Minors Please refer to para 4.10 of our circular RPCD.CO.RRB.BC.No.100/03.05.33/2013-14 dated May 12, 2014 wherein Regional Rural Banks were advised to allow minors’ accounts (fixed, savings and recurring deposit accounts only) with mothers as guardians to be opened subject to safeguards in allowing operations in such accounts by ensuring that the minors’ accounts opened with guardian are not allowed to be overdrawn and that these always remain in credit. 2. With a view to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts, Regional Rural Banks are advised as under:
3. RRBs are free to offer additional banking facilities like ATM/ debit card, cheque book facility, internet banking (as and when permitted) etc., subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit. Yours faithfully, (A. Udgata) |