Does any bank allow customers under 18 to open a bank account under their own name?

[mhsabir]

http://www.thehindu.com/business/Industry/minors-over-10-years-can-operate-bank-accounts-rbi/article5982697.ece

Minors above 10 years of age can open and operate independently savings bank account and use other facilities like ATM and cheque books.
The Reserve Bank on Tuesday issued the guidelines allowing minors to operate bank accounts independently with a view to promote financial inclusion and bring uniformity in opening of such accounts in banks.

RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
Modifying the guidelines, the RBI said that all minors can now open a savings/fixed/recurring bank deposit account through either his/her natural guardian or legally appointed guardian.

The minors who have attained 10 years of age, would be allowed to open and operate savings bank accounts independently.
“Banks may, however, keeping in view their risk management systems, fix limits in terms of age and amount up to which minors may be allowed to operate the deposit accounts independently,” the RBI said.

 

[Sushubh]

This is great news. Kids should be taught money management when they are still 'under' control of their parents. At 18, it is usually too late.

 

[ssparikshya]

this is not new to me , i operate a bank account since when i was only of 12 in age.

 

[mhsabir]

There is a key difference. I believe earlier the account needed to be linked with an adult. This I think allows for a stand alone operation.

 

[Sushubh]

SBI to start special scheme for children's accounts - Business Today
YES! Kids today should feel the same pain as adults while dealing with the douchebags in sarkari banks!