Account for minors is a specialized account designed to be used by a minor child under 18. This account can be very helpful in financially educating a child early on so that he/she can make smart choices.
There are a lot of banks that provide minor students with bank accounts. One such bank is the Central Bank of India which is a public sector bank in India.
In this article, we will discuss how to open a minor account in the Central Bank of India, Documents Required, Eligibility Criteria, etc.
Eligibility for Minor Account
For opening the account, you have to fulfill the following eligibility-
- Your child must be a citizen of India with a residence status
- The age of the kid should be in between 10 years to 18 years of age
- Written consent from parents or guardians for opening the account
How to Open Minor Account in Central Bank of India?
The following are the step-by-step instructions on how to open a minor account in the Central Bank of India–
- Visit the official Central Bank of India branch and ask the bank representative for a minor account opening form
- Now, fill the form with details like the child’s name, address, education class, parents name, document IDs, Initial deposit amount details, etc.
- After filling out the form, attach the below-mentioned documents along with the initial deposit amount and submit the documents to the bank representative
- After submitting the documents, the bank representative will review your application and forwards your account opening form to the relevant department in the bank
- After successful processing of your application, your account will be opened and you can use the bank account.
- Within 5-7 working days, you’ll receive a bank starter’s kit which will have your debit card, passbook, and internet banking activation codes.
The bank starter’s kit contains debit card internet banking details that require activation to be used. You have to activate the debit card, activate the mobile banking, and activate the Net banking to use your bank account.
Documents Required for Minor Account in Central Bank of India
The following are the documents required for Opening a Minor Account in the Central Bank of India–
- Duly filled Union Bank of India application form for opening Minor Account
- Declaration / Authorization from the Parent
- 2 Passport size Photo
- Address Proof-Electricity bill, PAN Card, Aadhaar Card, etc.
- Identity Certificate-Aadhaar card, Birth certificate, Voter ID, etc.
- Copy of Student ID Card or Letter from the respective Educational Institution
FAQ
The minimum age criteria for opening a minor account in the Central Bank of India is 10 years of age and the maximum age is 18 years.
If you’ve become 18 years old then your minor account will lapse and you have two options i.e. withdraw the funds from the bank or submit the complete KYC to reopen a savings account.
Yes, you can use the debit card offered by the Central Bank of India minor account however, a minor account comes with certain limitation like payment cap, withdrawal cap, etc.
You check your Central Bank of India Minor account by using methods like net banking, mobile banking, SMS banking, etc. Apart from these methods, you can also use the Central Bank of India Missed Call Number to find your bank balance.
