On April 21, 2025, the Reserve Bank of India (RBI) announced that kids over 10 can now open and manage their own savings and term deposit accounts.
This move lets minors independently handle their finances, with banks offering extras like internet banking and debit cards based on their policies.
For those under 10, accounts can be opened via guardians.
Banks must ensure no overdrafts and conduct due diligence.
New guidelines will be in place by July 1, 2025.
Read More at Mint
