Need A Financial Product Forums Bank Accounts & Deposits Is it possible to open SB account on minor’s name

This topic contains 1 reply, has 2 voices, and was last updated by  Trupti Ben 2 years, 4 months ago.

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  • #46723

    Trupti Ben
    Member

    I want to open SB account with SBI for my 5 years old son. But bank official refused saying that account on minor’s name cannot be opened. I actually thought of transferring all cash benefits to his account that can accumulate money for his future. Is it really not possible?

    #46724

    Shery Chadha
    Member

    You or your spouse can open a joint account with your son as his age is less than 10 years. Moreover, take a note that whatever interest will be earned through this account will be clubbed in the income of the guardian with whom the joint account has been opened.

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