RBI News – In April 2025, the RBI, led by Governor Sanjay Malhotra, allowed minors above 10 years to independently open and operate savings and term deposit accounts, while minors of any age could do so through guardians.
Highlights
- RBI permitted minors above 10 to independently open savings accounts,
- Promoting financial literacy,
- Accounts for younger minors can be opened via guardians
The policy aimed to promote financial inclusion and literacy among youth. Banks were required to implement robust KYC safeguards to protect young account holders.
The move was expected to foster savings habits and familiarize minors with banking systems. Industry leaders welcomed the decision, noting its potential to expand banking access.
RBI Governor Sanjay Malhotra emphasized balancing accessibility with security. This initiative under his leadership marked a significant step toward empowering India’s youth, aligning with the RBI’s broader financial inclusion agenda.
