Teaching kids about good savings habits is a parent’s responsibility and you can do that by using a minor account.
Minor Account is very important for your child to learn about saving and using the bank account. You can open a minor account in various banks in India including Public Sector banks in India.
Bank of Maharashtra is one such bank that provides you an option to open a minor savings account called Yuva Yojana account.
In this article, we will discuss how to open a bank account in the Bank of Maharashtra, Documents required, process, etc.
Table of Contents
Eligibility for Opening Minor Account in Bank of Maharashtra
The following are the eligibility criteria for Opening a Minor Account in the Bank of Maharashtra–
- The individual minor must be a citizen of India with a resident status
- The minor should be between the age of 10 and 18 to open a minor account in the Bank of Maharashtra
- Parents/Guardian are required to provide intent and validation to the account
How to Open Minor Account in Bank of Maharashtra?
The following are the step by step instructions on how to Open a Minor Account in the Bank of Maharashtra–
- Visit the Bank of Maharashtra premises and ask the bank representative for a minor account opening form
- After receiving the form, you are required to fill the form with correct details like name, address, education qualification, etc.
- After filling out the form, you are required to attach the documents mentioned below along with the initial deposit amount
- Now, submit all of this to the bank representative
- The bank representative will process your request and provide you with the account opening status
- After successfully opening the account, you will be notified about this via SMS
- Now, within 7-8 working days you’ll also receive the Bank of Maharashtra account starter’s kit
Note- To use the account starter’s kit, you are required to activate your BOB mobile banking, and debit card and activate your BOB Net banking first.
Documents Required for Opening Minor Account in Bank of Maharashtra
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 for opening Yuva Yojana by the Bank of Maharashtra is 10 years of age and the maximum age is 18 years old.
In case your Yuva account attains maturity then you are required to either continue your account thereafter by fulfilling your full KYC or you can close your account and receive the funds as a cheque.
You can find the bank balance of your Yuva Yojana Account in the Bank of Maharashtra by using various methods like Net Banking, Mobile Banking, etc. however, the best method of finding the bank balance is by using the Bank of Maharashtra Missed Call Number.
Yes, the debit card will be issued in the name of the minor child name with the parent/guardian’s permission only.
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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