Rigid stipulations in respect of operations on bank accounts having since been relaxed, certain banks like ICICI Bank and State Bank of India are now to permit even the kids to open and operate their bank account(s) in terms of necessary guidelines issued earlier by Reserve Bank of India. Certain conditions laid down for the purpose are:
- The account holder should be minimum 10 years of age and above.
- The maximum withdrawal limit is not to exceed 50,000 in terms of Indian rupee.
- The kid concerned should be fully conversant on signing so that the signature fully tallies when asked to repeat the signature.
- As account holder kids concerned are equally authorised to operate the ATMs also. The observation made by the authorities concerned in this connection reads as follows:
“We do not expect the child to go to the ATM unaccompanied. But instead of making it a guardian operated account we are leaving it to the parent to guide the child.”