If your child is above the age of 10, she can open and operate a savings bank account independently. She can withdraw, transfer and deposit money without the consent of a guardian. Not all banks offer this product. If your child is below the age of 10, she will need her guardian’s consent and the account will be opened jointly with the parent’s account, and can be operated jointly by the guardian and the child, or only by the parent. Let us take a look at how a savings account that can be opened independently works.
WHAT IS IT?
Only children above the age of 10 can open and operate these savings bank account independently. The child should also be able to sign uniformly. She will be the sole operator of the account. To open this account, your child will have to provide know-your-customer (KYC) documents, submit a proof of date of birth, two photographs and also KYC of a parent. Some banks accept a written introduction by the principal on the school’s letterhead. This letter should also mention the child’s residential address.
