The first step to teach a child about financial literacy is to save funds in the bank account. Banks are a very important element of an individual’s finances as most of the daily transactions take place using the savings bank account.
From salary to fund settlements, the bank gets involved in the daily financial transaction system and therefore, a parent needs to provide basic banking education to a child.
To do that, you can use a minor account provided by many banks in India. You can open a minor account using which a child can use a banking tool to save funds under the supervision of the parents.
One such bank that offers a minor account is Canara Bank. In this column, we will discuss how to open a minor account in Canara Bank, Documents Required, account opening process, etc.
Table of Contents
Eligibility Criteria for Opening Minor Account in Canara Bank
The following are the eligibility criteria for opening a minor account in Canara Bank–
- This account is only offered to minors below 18 years of age and above the age of 10 years
- The parents or guardian’s permission to open the savings account is necessary
- The debit card will be issued in the name of the minor only
How to Open a Minor Account in Canara Bank?
The following are the step by step instructions on how to open a minor account in Canara bank-
- Visit the bank premises of the Canara Bank and ask the bank representative for the Minor Account opening form
- After receiving the form, fill the form with correct details like name, address, banking services required, etc.
- After filling out the form, attach all the documents mentioned below and submit them to the bank representative
- Now, submit the initial deposit amount along with the form and documents
- The bank representative will review your form and check the documents
- After the review, he/she will forward your application for the technical backend operation for opening your account
- You’ll be notified about the account opening status via SMS sent on your mobile number mentioned on your application form
- After successful account opening, you’ll receive the bank starter’s kit which contains a debit card, bank passbook, etc.
Documents Required for Opening Minor Account in Canara Bank
The following are the documents required for opening a minor account in Canara bank-
- Prescribed Application Form
- 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
In case, you’ve attained 18 years of age then your minor account validity will be voided. You’ll be notified earlier to convert the existing minor account into a normal account by depositing some documents like Aadhar card, PAN card, etc.
A minor account is a specialized account designed for a minor using which you can do some basic banking. A savings account is an account using which you can use banking with much more features like net banking, mobile banking, fund transfers, etc.
For minor accounts, The maximum monthly withdrawal limit using a debit card is Rs.5000/- in Canara Bank minor account.
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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