How to Get Your Child to Manage a Bank Account

Published On: 05-Jul-2017

Opening a bank account for your child will go a long way in inculcating a savings habit at a young age.

How to Get Your Child to Manage a Bank Account

Last month, the Reserve Bank of India, or RBI, passed a directive allowing minors above the age of 10 to open and operate a savings bank account independently. While minors currently can have their own accounts, they have to mandatorily have their mothers as guardians.The question is whether or not you should go ahead and open an account for your child? First and foremost, you need to be convinced that your child should open such an account. The prime reason the central bank has introduced this move is to bring about financial inclusion and financial literacy. Take advantage of it. This is the age your child will have a comparatively easier time parting with tangible money than when s/he is a teenager.

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Do your homework first Read More
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Include your child Read More
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Explain the importance of saving Read More
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Explain how the savings will be done Read More
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Keep a tab Read More