RBI Allows Children Above 10 Years To Open And Operate Bank Accounts

The Reserve Bank has allowed children above 10 years to independently operate, savings and term deposit accounts, saying it will deepen financial literacy and inclusion.

- ENS ECONOMIC BUREAU @ Mumbai

In the circular, the RBI has given banks flexibility to set rules for these accounts based on their own risk management policies. This includes setting limits on the amount of money that can be kept in such accounts and deciding on terms and conditions. Children above 10 can operate include internet banking, ATM or debit cards, and cheque books. The new rules apply to commercial and all types of cooperative banks. Banks have been asked to update policies by July 2025.