Providing initial initiation to a minor into the banking system really helps in understanding financial wellbeing.
Personal finance is a very important part of everyone’s life and you cannot go wrong with that. You have to educate your child on the basics of savings and spending.
The best way to do that is to open a bank account for minors and teach them how to use it to save money and improve their spending habits.
Punjab National Bank can be a great choice for a minor account opening. You can open a minor account in Punjab National by visiting the nearest bank branch and filling up the account opening form.
In this article, we will discuss how to open a minor account in PNB, Documents Required, Eligibility, etc.
Eligibility Criteria for Punjab National Bank Junior SF Account
The following are the eligibility criteria for PNB Junior SF Account-
- There is no minimum age requirement of the account opening but the Minor account is valid until the child attains the age of 18 years
- Children below the age of 10 years require a guardian or parent’s supervision to open the minor bank account in PNB
- The applicant minor is required to have a valid document as per the KYC norms
- The parents or guardian of the minor can open the account for the minor provided the legal relationship has been established among them
How to Open Junior SF Account in Punjab National Bank?
You can open a Junior SF Account in PNB by following these steps-
- Visit the nearest PNB premises and ask the bank representative for the Minor account opening form
- After getting the form, fill the form with correct details like name, address, father’s name, etc.
- Now, attach all the documents mentioned below along with the filled form and initial deposit amount and submit all of these documents to the bank representative
- The bank representative will review your application and forwards the documents to another department
- After processing of the document, you will be provided with details regarding your account
- You’ll also receive an PNB bank starter’s kit using which contains your debit card, cheque book and passbook
- After getting the starter’s kit, you’ll have to activate your debit card, internet banking, mobile banking, to get started with your bank account
Documents Required for Opening Minor Account in PNB
The following are the documents required for opening a minor account in Punjab National Bank-
Parents/Guardian Account Opening
- Identity Document of Parents/Guardian- Passport, Voter’s ID card, driver’s license, Aadhaar card, etc.
- Address Proof- Passport, Voter’s ID card, driver’s license, Aadhaar card, etc.
- Birth Certificate of the child
- For the guardian of the child, they have to provide legal adoption certificates
Minor Opening Account Independently (Above 10 years of age)
- Birth certificate of the child
- Any Identification certificate provided by the Government
FAQ on Junior SF Account
- Address Proof of the minor
Yes, you can open a minor account in the Punjab National bank only if you are above the age of 10 years. Children below the age of 10 years require a guardian or parent supervision to open a minor account.
There are a lot of benefits in opening a minor account like educating the children about financial management, savings early on to develop the nature and habit of saving. Also, there are a lot of freebies that this account offers that as a parent you can enjoy like no charges on bank transfers for fees, etc.
Yes, you can use the debit card and internet as well as mobile banking facility with the minor account but, the net banking access will only be provided to parents to monitor the spending. There is no fund transfer facility available to the parent.
