The Reserve Bank of India (RBI) has recently revised guidelines pertaining to minors’ deposit accounts, permitting individuals aged 10 and above to autonomously manage savings and term deposits, in accordance with respective bank regulations. It is imperative for banks to facilitate a seamless transition when the account holder attains the age of 18, by updating Know Your Customer (KYC) details and account administration.
RBI allows minors aged 10+ to operate bank accounts independently, updates guidelines for smooth transition at 18.
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