Account operations by a minor jointly with an adult [father/others]
C.V.S.Jetty
(Querist) 22 May 2012
This query is : Resolved
A minor can open and operate SAvings Bank Account in a Bank. A minor can be a joint account holder in a term deposit with his father/mother as the guardian [m/g/f] and joint account holder.
Is is alright to open a running account [say Savings Bank account] where surplus funds over and above certain monetary limits, would be swept to form term deposits and as and when there is a requirement of funds, these term deposits would be prematurely closed and funds made available in the running account, where the minor and an adult or joint account holders ?
Is there is any legal hitch ? This is because there shall be issue of cheques, closure of deposits prematurely, account could be operated by a minor, etc.
Kindly clarify.
V R SHROFF
(Expert) 22 May 2012
withdrawal will be very difficult. Better talk with Bank Officials, before doing so.
V R SHROFF
(Expert) 22 May 2012
withdrawal will be very difficult. Better talk with Bank Officials, before doing so.
V R SHROFF
(Expert) 22 May 2012
withdrawal will be very difficult. Better talk with Bank Officials, before doing so.
adv. rajeev ( rajoo )
(Expert) 22 May 2012
If it is minor's a/c then you will have to take the permission from the court.
J K Agrawal
(Expert) 23 May 2012
No hitch at all.
When I was in class 8th the SBI Bank came to my school and opened an account of me and of whole class which I maintained about 10 years.
mukesh Gupta
(Expert) 23 May 2012
I hope there will be no hitch. The joint account ofminor with father can be opened. The account will be operated by father. Father will signe the cheques. The interets accrued in the account will be taxable in the hands of father.
Surendra Gupta
(Expert) 24 May 2012
The joint account of a major and minor cannot be opened under the rules.Natural guardian (father/mother)can open the account in the name of minor and operate the same till the minor becomes major. Alternately a minor above the age of 14 years can open a SF a/c in his/her own name and operate subject to certain restrictions.
Guest
(Expert) 24 May 2012
@Surendra Gupta,
Can you please refer the relevant rules, as pointed out by you, according to which the joint account of minor and major cannot be opened? Also, please intimate to which bank do you belong and refer the rules of such bank? I don't think the position stated by you is correct.
