Opening a bank account in India is very easy. You can apply for a bank account from any bank online mode and within a few hours your account will be functional. However, the provisions can be different for people below and above 18 years of age. Now there are questions, can a 16-year-old open a bank account without parents or not? Let’s find the answer.
Table of contents
Can a 16-Year-Old Open A Bank Account Without Parents?
In India, children who are above 10 years of age and below 18 years of age can open a bank account. Most banks offer savings accounts with no minimum or zero balance student accounts. However, there are certain mandatory documents that the minor shall submit to the bank to open the account. A 16-year-old student can open a bank account by providing basic documents like an Aadhaar Card, PAN card, college identity card etc.
- The account can be fully operated and controlled by the student without any parental permission
- Internet banking and ATM cards will also be provided along with the savings account
- It is recommended for a 16-year-old to have a bank account so that financial knowledge and spending or saving habits can be improved.
- Some of the best banks for student accounts are SBI, Union Bank, Bank of Baroda etc.
Also Read: Check here all about the HSBC International Student Account
Basic Features of Minor Bank Account
Savings accounts for minors may or may not require a minimum balance. Usually, the public sector banks offer a zero balance account for individuals below 18 years of age. These accounts may also have a maximum limit.
Furthermore, the child will receive an ATM/debit card with access to the account, but the spending limit will be lower compared to a regular Savings Account. This setup ensures that the minor has access to funds as needed without the risk of overspending. For example, SBI student account for minors with a maximum limit of INR 10 lakh.
This was all the important information on whether a 16-year-old can open a bank account without parents. Check some of the most common FAQs based on the same.
FAQs
Yes, a 16-year-old can open a bank account in India without parental permission. Banks allow minors aged between 10 and 18 years to open and operate their own savings accounts.
To open a bank account, you need to provide basic documents such as an Aadhaar Card, PAN card, and a college identity card. These documents are necessary to verify the identity and age of the minor.
Yes, minor bank accounts often have certain restrictions. For example, these accounts may have a maximum balance limit, and the debit/ATM card issued will have a lower spending limit compared to regular savings accounts.
Having a bank account allows a 16-year-old to gain financial knowledge and develop good spending and saving habits. It also provides them with access to banking facilities like internet banking and ATM cards.
Some of the recommended banks for opening a student account for minors in India include the State Bank of India (SBI), Union Bank, and Bank of Baroda. These banks offer zero balance accounts and other favourable terms for students.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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