Individuals
Deposit Accounts, opened by individuals, account for a major share of the deposit accounts in Personal segment of most banks. An individual, who is above 1 8 years of age (major), being of sound mind, can open a deposit account.Savings or fixed deposit accounts for the benefit of minor child can also be opened and operated by the father/mother/guardian in one of the following modes (child will operate the account only on attaining the majority)
(i) In the single name of the child operated by the father/mother/guardian, or
(ii) In the joint names of the father/mother/guardian and the child (payable to either or survivor)
Further, in orderto inculcate saving habit among children, many banks also allow minor children, above specified age, to open savings account in their single name and operate the account, with certain limitations on withdrawing of money. Such accounts are known as ‘kid’s accounts’
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