Mumbai: With an aim to strengthen long-term financial security and fostering early savings habits amongst children, the Reserve Bank of India (RBI) has allowed banks to allow minors above the age of 10 years to open and operate savings/ fixed deposit accounts independently.

The RBI has released guidelines on opening and operation in the deposit accounts of above the age of 10 years. The RBI circular mentioned that the minors would be allowed to open and operate savings and term deposit accounts through a legal guardian. The central banking authority issued the circular addressed to all commercial banks and........

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