RBI permits minors above 10 to operate bank account

                     The Reserve Bank of India (RBI) on Monday permitted banks to allow minors above the age of 10 years to open and operate savings/term deposit accounts independently. Minors of any age may be allowed to open and operate savings and term deposit accounts through his/her natural or legal guardian, RBI said in a circular addressed to commercial banks and cooperative banks. They may also be allowed to open such accounts with their mother as guardian.

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