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
Does any bank allow customers under 18 to open a bank account under their own name?
9 replies to this topic
Posted 15 September 2013 - 08:31 AM
Posted 15 September 2013 - 08:34 AM
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.
Posted 15 September 2013 - 08:35 AM
a minor account....or under parental guidance, not individual !
Posted 15 September 2013 - 06:20 PM
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.
Posted 15 September 2013 - 07:32 PM
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.
Posted 15 September 2013 - 10:59 PM
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.
- zerosleeping and anant.del like this
Posted 15 September 2013 - 11:16 PM
they use their moms/dad's credit card probably
Posted 15 September 2013 - 11:48 PM
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.
- zerosleeping likes this
Posted 16 September 2013 - 06:20 AM
Well i had one and i still wasted. don't regret like old ladies
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