Opening a minor savings bank account: A guide for parents

As your child grows, financial literacy becomes increasingly important. Opening a savings bank account is one of the first steps to build this vital awareness. 

But how do the rules work when it comes to minors? Can you open a bank account online for a minor in India, and if so, how? This guide will answer your questions and help you navigate the process smoothly.

Can a bank account be opened for a minor in India?

Absolutely! While minors cannot independently open a bank account they can do so with the help of a parent or legal guardian. 

Types of minor savings accounts

Joint account: 

This is the most common option. As the parent or legal guardian, you will be the primary account holder, and your child’s name will be included as a joint holder. Both you and your child will have access to the account, but you will have control over transactions until they reach legal adulthood (18 years old).

Custodial account: 

This account is solely in your child’s name, but you act as the custodian, managing the funds until they reach 18. You still have control over deposits and withdrawals, but some banks may offer the child limited withdrawal privileges as they age.

How to open a bank account for a minor?

The process is pretty easy, but there are a few key things to keep in mind:

1. Choose the right bank and account type:

Compare different banks: 

Research interest rates, minimum balance requirements, and special features offered for minor accounts. Some banks even have dedicated junior savings accounts with attractive benefits. For instance, IndusInd Bank has a kid’s savings account called Indus Young Saver Account. This customisable savings account makes it easy to share the journey of saving and cultivating wise money management practices with your kids.

Consider your child’s age and needs: 

A joint account might be more practical if your child is young. For older teenagers, a custodial account with limited access for them to learn money management can be beneficial.

2. Gather the required documents:

Proof of identity for the minor: 

Birth certificate, Aadhaar card, or passport.

Proof of identity for the parent/guardian: 

PAN card, Aadhaar card, or voter ID card.

Proof of address for both: 

Aadhaar card, utility bills, or bank statement.

3. Visit the bank branch or go online:


Most banks require you to visit a branch with the minor and all documents.


Some banks offer online account opening for minor accounts with specific requirements like parents already having an account with the bank.

4. Collect your account details:

You will receive an account number, passbook, and debit card (if applicable). Keep these details safe and secure.

Some additional tips to keep in mind before opening a bank account for a minor:

  • Compare different banks and their minor savings account offerings. Look for zero minimum balance, attractive interest rates, and educational benefits.
  • Explain the concept of saving money to your child and involve them in choosing the account and making deposits.
  • Encourage regular deposits and teach them about responsible spending habits.
  • As your child matures, let them gradually take on more responsibility for managing their account.

Bottom line

Opening a savings bank account for your child is a small step with a big impact. It lays the foundation for a financially secure future and equips them with valuable financial skills they can carry into adulthood. With this guide and a little preparation, you can easily open an account for your child and start them on the path to financial independence.