June 16, 2025
- To encourage children to manage their own finances, the Reserve Bank of India (RBI) has come up with new regulations enabling them to handle their own accounts.
- As per these regulations, children aged 10 and above can create and handle term deposit and savings accounts themselves, empowering them to manage their own money. Additionally, children, irrespective of their age, can have term deposit or savings accounts with the help of their guardian.
- Banks will establish regulations about the money limit and other conditions in line with their risk guidelines.
- The account holder’s information will have to be updated when they reach the age of 18 years.
REFLECTION: Banking for Kids
If you were the experiential officer of a bank, what would you do to make banking more interesting for children?
Hint: It could be a special credit card or an educational scholarship.
