Saving Account For Minor - Open Savings Account for Minor Online | SBI (2024)

FAQs

Can I open an online savings account for a minor? ›

Minor children by law can't open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18.

Opening a bank account for a child

For children under 16, the bank account will need to be opened by their parent, guardian or grandparent either in a branch or online.

Typically, minors can use their birth certificate or social security card for their primary ID. Financial institutions usually require a parent or guardian to serve as a shared account holder, which will require the typical documentation required for opening a bank account.

If your child's interest, dividends, and other unearned income total more than $2,500, it may be subject to a specific tax on the unearned income of certain children. See the Instructions for Form 8615, Tax for Certain Children Who Have Unearned Income for more information.

Documents of Parent/Guardian

Identity proof. Proof of communication address. Self cheque (if the applicant is not visiting the branch for account opening). Proof of date of birth of the minor.

The father is the natural guardian, and in his absence, the mother becomes the legal guardian as per minor joint account RBI guidelines. As per the RBI guidelines, you can save a maximum of ₹1 Lakh in the bank. Also, it is mandatory to have a minimum balance of ₹10,000.

Generally, a child must be at least 18 years of age to open a bank account on their own, with some variability by state. However, there are several options that allow children and teens to access the banking experience before 18 with an adult cosigner or custodian.

Opening a children's savings account can be a wonderful way to introduce your child to the world of banking and personal finance. While banks generally don't pay high yields on kids' savings accounts, these accounts can still be meaningful tools to start your kid on a responsible financial path from an early age.

Should I open a savings account or CD for my child? ›

Since CDs typically earn higher annual percentage yields (APYs) than standard saving accounts, opening a CD can help your child's savings grow faster. You might also purchase a CD to give to your child or provide a head start on paying for a first car, wedding or other big goal.

With IDFC FIRST Bank, there is no minimum balance required to be maintained in your Minor Savings Account.

Kids' savings accounts typically require a parent or guardian to have joint ownership or control. That means you can manage the finances until your child is ready to manage them. Because of that setup, your child probably won't have to meet a minimum age requirement to open an account.

That depends. Debit cards typically come with checking accounts. Many financial institutions offer teen checking accounts for teens around 13 or 15 years old, which come with their own set of unique features and perks. Some institutions may even offer checking accounts for children as young as six years old.

While a person typically has to be 18 to open their own account, a child can generally open a bank account at any age — as long as a parent or a guardian serves as a joint account holder. You can open a bank account for a child at any age, as long as a parent or guardian serves as a joint account holder.

Since CDs typically earn higher annual percentage yields (APYs) than standard saving accounts, opening a CD can help your child's savings grow faster. You might also purchase a CD to give to your child or provide a head start on paying for a first car, wedding or other big goal.

If you're a parent or guardian and you already have a bank account with us, you could open a bank account for your 11-17 year old online quickly and easily.

Generally, a child must be at least 18 years of age to open a bank account on their own, with some variability by state. However, there are several options that allow children and teens to access the banking experience before 18 with an adult cosigner or custodian.