Need A Financial Product › Forums › Bank Accounts & Deposits › How savings account for major is different from minor’s account › How-savings-account-for-major-is-different-from-minor-account_REPLY
November 2, 2014 at 8:31 pm
#48219
samkapoor77Keymaster
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.