How to Open a Bank Account for Minors Online

If you’re wondering how to secure your child’s future, opening a minor account online is a simple and smart choice. A minor account opening online lets you build savings for your child’s education, dreams, and unexpected needs while teaching them about money management early on.  

Many banks and financial institutions now offer convenient online processes with special benefits for minors, making it easier for parents to plan ahead. This blog explains how you can open a minor account online, its key benefits, and what you should keep in mind while choosing the right bank for your child. 

To get started, learn about its benefits and the process of opening a bank account for a minor.  

Opening a Bank Account for Minor

You can go for minor account opening online or offline, depending on your convenience. It is a simple procedure requiring nominal documentation. The process needs two sets of documents: one includes verification of the minor and the other of the parent.  

After getting all the documents ready, you can proceed to open a bank account for a minor.  

1. Online Process to Open Minor Saving Account 

Opening an account for your child digitally is both quick and convenient. Follow these steps: 

• Step 1: Visit the bank’s website and choose the appropriate savings account for a minor 

• Step 2: Complete the application process, providing the necessary details 

• Step 3: Submit the digital copies of your documents 

• Step 4: Complete the e-verification process (this may include a video call showing your documents for authentication purposes) 

• Step 5: Transfer funds to the new account 

• Step 6: You will receive a confirmation upon successful verification 

Also Read: How to Switch Bank Accounts?  

2. Offline Process to Open Minor Saving Account 

This procedure is similar to opening a minor account online. You can follow these steps and complete the procedure with ease: 

• Step 1: Visit the nearest branch of your selected bank 

• Step 2: Ask for the application and fill it out with the necessary details 

• Step 3: Attach the required documents of both the child and guardian 

• Step 4: Pay the needed amount to activate the account 

• Step 5: Upon approval, you will receive all the account details and login credentials  

You can also ask the representative for internet banking access and debit cards according to your preferences.  

Rules to Open Minor Saving Account 

The Reserve Bank of India has set certain guidelines that are referred to as minor account rules. Remember them when you are thinking about opening an account for your child.  

• A minor of any age can open a recurring bank deposit account, FD account or savings account.  

• A minor over 10 years of age can start and manage a savings account on his or her own.  

• Banks can have their own policies in terms of age limit and amounts up to which minors can operate such accounts independently.  

• Once the minor is 18, the bank needs to confirm the account balance and take fresh signatures to transfer the operation and management.  

• Banks need to ensure that minor accounts are not overdrawn by adding safety checks.  

Benefits of Opening Kid’s Saving Account 

• Teaching kids about managing finances 

• Having funds on hand for emergencies related to the child’s education or health 

• Saving for the child’s future. Educating kids on making investments 

• Purchasing electronics or a cycle/motorcycle for the child 

• Spending on a child’s travel, sports or other academic and non-academic activities 

Factors to Consider Before Opening an Account for a Minor 

The process can be empowering as it encourages you to save for your child’s future and your child can also become financially aware and disciplined. Both you and your child will be joint holders of such savings accounts. Once the child turns 18 years of age, the account may be converted from a minor’s account to a regular account.  

While this can be a rewarding experience, consider certain factors for the best experience: 

• Consider ease of access and control of the account via net and mobile banking 

• Compare interest rates and see if you can get the benefit of compound interest to enhance savings 

• Know the minimum balance required and the charges in case the balance falls below this threshold 

• Check the features and services offered to you, such as a debit card for you and your child as well as savings incentives, if any.  

Also Read: Best Saving Accounts in India. 

Opening a bank account for a minor can be a good investment, becoming a financial bedrock to support your child’s future. To make regular expenses for your child’s education, entertainment and more, you can rely on the Fibe Axis Bank Credit Card.  

As India’s first numberless credit card, it links to your UPI ID and offers 3% cashback on eligible transactions. With it, you can save more as you spend and avoid any joining and renewal fees. What’s more, you get free domestic lounge access too!  

Download the Fibe App or register on our website to get this credit card today.  

FAQs on Opening a Minor Savings Account 

Can a guardian withdraw money from a minor bank account?  

Yes, a guardian can withdraw money from a minor savings account and also set the limit.  

Is the interest on a minor savings bank account taxable?  

Yes, the interest gained on the balance of a savings bank account for a minor is generally taxable.  

Do we get an ATM card for a minor account?  

Yes, you can get an ATM card for a minor account. This also depends on the bank, so make sure you check beforehand.  

Can we transfer money to a minor account?  

Yes, you can transfer money to a minor account via cash, cheque or digitally.  

Are the interest rates the same for minor bank account holders? 

Interest rates can vary from bank to bank and account to account. Compare the interest rate before opening a minor savings account.