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OPENING ACCOUNTS OF VARIOUS TYPES OF CUSTOMERS
What is the first step a bank must complete before opening any new account?
The bank must complete the Customer Due Diligence (CDD) process, which includes verifying the identity and address of the prospective customer as per KYC norms mandated by RBI.
What is the minimum age requirement for a minor to independently operate a savings account?
Typically 10 years as per individual bank policy.
Which RBI Master Direction governs the KYC norms for opening bank accounts in India?
The RBI Master Direction on Know Your Customer (KYC) Direction, 2016 (updated periodically) governs KYC norms for opening and operating bank accounts in India.
What happens to a minor's account when they attain majority?
Account must be converted to a regular adult account.
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