Opening a Minor Account is very important for your child to be exposed to financial education. There is a lot of banks that provide minor account opening facility.
Schools and colleges do not teach about the financial systems, processes, or anything related to managing your finance, therefore, as a responsible parent, you have to introduce these things into your child’s life.
This not only helps your children in getting ahead in life but also induces a habit of saving and managing personal finance.
You can open a minor account in various banks in India. One such bank is the Central Bank of India which is one of the 12 Government Banks in India which provides minor account opening status.
In this article, we will discuss how to open a minor account in the Central Bank of India, the Documents Required, Eligibility, etc.
Table of Contents
Eligibility for Minor Account in Central Bank of India
The following are the eligibility criteria for the Minor Account opening in the Central Bank of India-
- The applicant must be a citizen of India
- The applicant must be at least 10 years of age and the maximum age for opening the account is 18 years of age
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 Central Bank of India premises and ask the bank representative for the account opening form
- Now, fill out the application form with details like name, address, education qualification, etc.
- After filling out the application form, attach all the details mentioned below and submit it to the bank representative
- Also, deposit the initial deposit amount and attach the application form and documents
- Now, the bank representative will review your application and provide you with details about the account opening
- After opening the account, you’ll receive the SMS confirming your account opening status
- After receiving the SMS, your account will be successfully opened and you’ll receive the Bank starter’s kit containing a debit card, passbook, etc.
Documents Required for Minor Account in Central Bank of India
The following are the documents required for Opening a Minor Account in the Bank of Maharashtra-
- 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 is 10 years of age and the maximum age should be 18 years.
Yes, the Central Bank of India minor account comes with a debit card however, there are limitations to using the debit card like withdrawal cap, payments cap, etc.
If you have attained maturity i.e. 18 years of age then you have an option to continue your account by completing a full KYC in the bank or you can withdraw your funds fully and close the account forever.
You can find the bank balance of your account balance by various means like SMS Banking, Mobile Banking, Central Bank of India Missed Call Number, etc. You can do that within the comfort of your home using your mobile phone or laptop device.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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