Does any bank allow customers under 18 to open a bank account under their own name?

[dejan]

I know many banks have services for customers under 18, but those accounts are opened only on parent's permission, and their accounts are linked to their parent's account, and is not an individual account. My friend is under 18 and wants to open an Individual account. HDFC banks and other banks have limitations for Under 18 accounts like maximum withdrawal limit i.e 2500 Rs per day, and no net banking. Please let me know if there is any bank which allows under 18 people to open an individual bank account

 

[mhsabir]

I dont think its possible to open without parent/guardian. May be it can be under their name, but a guardian will need to be associated to "maintain" an account.

 

[Deleted member 13033]

a minor account....or under parental guidance, not individual !

 

[igloo]

Well i was 15year old when i first opened an account in indian bank a national bank. But an existing account introduced by signing in my form.Visit any national bank and ask.

 

[ghpk]

I don't think any bank would allow you to operate a account on Own, if you are a minor,
however bank may let you operate it partially once they are provided in writing by your parents.

 

[Sushubh]

I don't get it really. Kids should be allowed to manage their own bank accounts under parental supervision. Better to get them to learn money management from early stages.

 

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[Deleted member 13033]

they use their moms/dad's credit card probably :tongue:

 

[Sushubh]

If I had a bank account growing up, I would not have made the mistakes I made during the first few years of money making. I wasted so much money back then it's a freaking shame really.

 

[igloo]

Well i had one and i still wasted. don't regret like old ladies 😉

 

[Sushubh]

I knew it.My Junior Account - The Savings Account for Kids

 

[mhsabir]

http://www.thehindu.com/business/Industry/minors-over-10-years-can-operate-bank-accounts-rbi/article5982697.ece

Minors above 10 years of age can open and operate independently savings bank account and use other facilities like ATM and cheque books.
The Reserve Bank on Tuesday issued the guidelines allowing minors to operate bank accounts independently with a view to promote financial inclusion and bring uniformity in opening of such accounts in banks.

RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
Modifying the guidelines, the RBI said that all minors can now open a savings/fixed/recurring bank deposit account through either his/her natural guardian or legally appointed guardian.

The minors who have attained 10 years of age, would be allowed to open and operate savings bank accounts independently.
“Banks may, however, keeping in view their risk management systems, fix limits in terms of age and amount up to which minors may be allowed to operate the deposit accounts independently,” the RBI said.

 

[Sushubh]

This is great news. Kids should be taught money management when they are still 'under' control of their parents. At 18, it is usually too late.

 

[ssparikshya]

this is not new to me , i operate a bank account since when i was only of 12 in age.

 

[mhsabir]

There is a key difference. I believe earlier the account needed to be linked with an adult. This I think allows for a stand alone operation.

 

[Sushubh]

SBI to start special scheme for children's accounts - Business Today
YES! Kids today should feel the same pain as adults while dealing with the douchebags in sarkari banks!