| Topic : Money management for youngsters |
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Banking & Insurance Professionals |
Equity Investments: Hot Stocks |
Indian Gems & Jewellery Professionals
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Activity:
Question posted: 05 14 2010 07:04:00 +0000,
18 answers, 556 views, last activity
07 06 2010 20:18:08 +0000
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Many people are worried about the future of their children & want to secure it. There are many ways.....it could be
* Investment
* Insurance
* Bank Deposits
These are few of the things which we all generally go for. But In my opinion if they start early then it is better for them. But the dilema is "When Should Children Open a Savings Account"??
All that depends upon the maturity of mind of a child. If he/she understands the banking and can operate his/her account, there cannot be any age restriction to open an account. Post Office Savings Banks allow even 10 years minors to open and operate a savings account in his/her name, if he/she can sign properly and is able to operate an account. I don't think commercial banks would also have any age restriction to open an account by any minor, if he/she can operate his/her account.
So, it all depends when parents of a child makes their children aware of and encourage them to make the banking operations.
Yeah, Agree with Mr Vipin.
Yes, agree with Mr. Vipin.. there is no age limit for children to open a saving a/c...
Although there is no any age limit to open an account in any bank. But there is a little bit difference between OPENING & OPERATING/RUNNING the account. Before the age of 18 years, the name of saving a/c is MINOR SAVINGS. In this a/c MINOR can't issue any cheque with his personal signatures whereas his guardian operates the same as like normal a/c. Because in India, Minors have no right to issue any negotiable instrument as well as to do legal business. as Minor can't be insolvent or declare as fraudulent.
In short, decision of minors can't be challenged in case of fraud etc.. so that minor have no right to operate a/c personally without guardian or any legal person appointed......
right age of younghsters to open bank account is i think 12 & above 12
In my views he can have a joint account with his parents in his school age and can be allowed to operate individually after attaining the age of 18 years. By the time he will learn the procedures and will have a habit of saving money.
I think the Parent should get an Joint Account opened with the child at their age around 12 / 13 yrs of age. Then the parent should take along the child to the bank to teach him the procedures. Then when the child have joined college at the age of 15-16 yrs he can handle the bank transactions. Many College students are working part time or free time & have a source of income. The banking today have become so easy that any child can learn quickly. The bankers have the Investment guys sitted in the banks, this will enable the child to develop the habit of saving at the young age.
opening a joint accout as soon as child understands but operating individually only on maturity
As and when the signs of responsibility seems to be arising in a youngster, the time for investing or opening an account shall be the time.
AS SOON HE START EARNING.
that solely depends the level of maturity with which he can manage his money and understand the value of money. One cannot generalize the age, but certainly for law purpose a fixed age needs to be decided. In that case, i would say,18 years can be a good choice keeping in mind the large population base of india with varying levels of education and economic environment.
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