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.