Educating your child financially is the most important aspect of bringing up a child. Financial education is important to educate the child about how to save, spend and manage the financials.
You can open a minor account in the Bank of India to help the child in developing the early habit of saving funds in the bank.
The banking system is a very important part of an individual financial needs and educating the child about the system early on helps the child in improving his/her financial sense.
In this article, we will discuss how to open a minor account in the Bank of India, the documents required, the account opening process, etc.
Eligibility Criteria for Opening Account
The following are the eligibility criteria for opening an account in Bank of India–
- This account is only available for individuals below the age of 18 years and more than the age of 10 years
How to Open Minor Account in Bank of India?
You can only open a bank account in the Bank of India offline. You can open a minor account in the Bank of India by following these steps-
- Visit the Bank of India Branch
Visit your nearest Bank of India branch and ask the bank representative for the Minor Account opening form
- Fill the form with correct details
Now, fill the form with correct details like name of the minor, address, services wanted like SMS banking, debit card, net banking, etc.
- Deposit the documents
After submitting the documents, the bank representative will review your account opening request and forwards the request to the other department
- Successful account opening
You’ll receive an SMS stating of successful account opening and within 7 days you’ll also receive the Account starter’s kit
- Post-account opening procedures
After receiving that, you’ll have to activate the mobile banking, Net Banking activation, and debit card activation to start using the bank account
Documents Required for Account Opening
The following are the documents required for opening an account in Bank of India-
- Proof of Identity of parents or guardian-Aadhaar card, Driving license, Voter ID card, etc.
- Proof of Address of parents or guardian -PAN Card, Utility bills, electricity bills, etc.
- Birth Certificate of the child
- Aadhaar card of the child
- 3 colour photographs of the kid and parents
- Account opening application form/ Online apply
- Initial Deposit Amount
FAQ
Yes, two minors can open the minor account jointly but, both of them should be above the age of 10 years old.
The best way to encourage children to save is by exposing them to the tools that we use for savings early on, also educating them about various financial tools available is also important.
You can also send the pocket money to the minor bank account and make them use the bank sensibly. This also helps you in keeping track of the spending of the child and improving any bad habits from developing like chocolate-eating, etc.
UPI can only be used by minors above the age of 15 years of age with a minor bank account. Children below the age of 15 years cannot use the UPI for fund transfer.
