Opening your child’s first bank account in India: what parents should know

What is a minor’s savings account?

It is a savings account in your child’s name. For younger children, a parent or guardian operates it. Many banks let older children — often from age 10 — operate the account themselves within limits the bank sets, sometimes with a debit card or limited mobile banking.

Rules, limits and features differ from bank to bank, so check the exact terms with the bank you choose.

What you usually need

Requirements vary, but banks commonly ask for:

• Your child’s proof of age, such as a birth certificate.
• KYC documents for the parent or guardian who will operate or co-sign the account.
• Recent photographs and, where required, your child’s Aadhaar or other ID.
• A small opening deposit, depending on the account type.

Questions to ask the bank

• Is there a minimum balance, and what happens if it falls below?
• What are the daily withdrawal and spending limits?
• Can I see and control the account from my own app?
• What happens to the account when my child turns 18?

Turn the account into a lesson

Open the passbook or statement together once a month. Find each deposit and withdrawal, and point out the interest the bank paid. Explain that the bank keeps your child’s money safe and pays a little extra for keeping it there.

Before they ever use a card or app, practise the safety rule: a PIN, OTP or password is never shared — not with friends, not with callers claiming to be from the bank.