Need A Financial Product Forums Bank Accounts & Deposits How savings account for major is different from minor’s account

This topic contains 1 reply, has 2 voices, and was last updated by  Lal Bangera 3 years, 3 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
  • #48218

    Lal Bangera

    I have savings account with Canara Bank. I am interested in opening savings account for my 1 year old. Is there any difference between savings account for adults and children? What are the tax implications of it?


    I know a friend of mine who opened ICICI Young Stars account but she didn’t seek any benefit out of it. In my view, return wise there is no such difference. Minor account is usually opened under the guardianship. Whatever interest you will earn from this account will be clubbed with the income of the highest earning parent and will be taxed accordingly.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.

About Us

Simplypaisa, a web initiative by Elite Wealth Advisors Ltd, has the primary objective to help readers make smart financing decisions. What is smart finance? How to make smart financing decisions to procure assets or to meet one’s personal needs? Information is critical to make smart financing decisions: be it to purchase your dream house, a car, to start a business or to enable an entrepreneur to meet his/her working capital needs.Read More...


Elite Wealth Advisors Ltd.
S-8, DDA Shopping Complex,
Near Jeevan Anmol Hospital,
Mayur Vihar Phase-1, Delhi-110091.
Phone No: 011-42445800
Email :

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.