RBI Issues Revised Guidelines On Deposit Accounts Of Minors

The RBI, by way of its Circular dated April 21, 2025, has issued revised guidelines on the opening and operation of deposit accounts for minors (‘Guidelines') by inter alia  all commercial banks and co-operative banks (collectively, ‘Banks'). Banks are required to put in place policies/ revise existing policies aligned with the Guidelines before July 1, 2025.

Key features of the revised Guidelines include the following:

1. Opening of Accounts by Minors: Minors of any age may open and operate savings and term deposit accounts through their natural or legal guardian. Additionally, minors above the age of 10 years, subject to terms fixed by Banks, may open and operate such accounts independently;