How to open a bank account for your child: A minor savings account guide
This guide outlines the essential steps for parents to open a minor savings account for their children. It covers factors like age eligibility, account operation methods, and the necessary documentation required by banks.
Why it matters
Financial literacy and early savings habits are crucial for long-term economic stability, and this guide simplifies the administrative barriers for parents.
If you have decided to open a bank account for your child, the process starts with choosing an arrangement that fits the child’s age and how the account will be used. You also need to check who can operate the account, prepare the required documents and complete the bank’s verification process. This guide takes you through the key stages of opening a minor bank account, including online bank account opening where available.
Start by checking whether the account will be operated by a parent or guardian or by the child, where the bank permits self-operation.
Age can be an important factor. For example, IDFC FIRST bank offers a minor savings account operated by a guardian for children below 18, while its FIRST Prodigy savings account is designed for minors aged 10 to 18 who can operate the account themselves, subject to the applicable terms.
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