Minors can operate bank accounts: RBI
RBI has allowed banks to offer additional facilities as internet banking ,ATM,debit card and cheque book to a minor account holder.
Banks should not allow a minors account to be overdrawn and that these accounts should always remain in credit.
RBI has given the leeway to banks to fix the minimum age at which they will allow minors to operate saving bank accounts independently .
In a separate notification the RBI said banks cannot slap charges on customers for not maintaining the minimum balance in inoperative saving and current accounts in which no transaction have been made for two years .The central bank had announced this change in its april 1 monetary policy and was made effective .
.jpg)
This comment has been removed by the author.
ReplyDelete