Can I open a bank account for my child?

Yes, you can open a bank account for your child. According to RBI guidelines, minors of any age can open a savings or term deposit account through a natural or legal guardian, including the mother. Children aged 10 and above are permitted to operate their accounts independently, subject to limits set by the bank. Banks may also offer facilities like ATM cards, cheque books, and internet banking for these accounts. However, minor accounts must always maintain a credit balance and cannot be overdrawn.