Mo­bile Bank­ing for Chil­dren

Consumer Voice - - Bfsi Report -

RBI, in May 2014, al­lowed banks to let mi­nors above the age of 10 years open and op­er­ate bank ac­counts in­de­pen­dently. The mi­nors can open a sav­ings, fixed or re­cur­ring bank de­posit ac­count. Th­ese ac­counts also of­fer debit card and cheque­book fa­cil­ity. Some banks like State Bank of In­dia and ICICI Bank even of­fer mo­bile-bank­ing ser­vices to th­ese ac­counts.

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