As responsible parents, we must teach our children the importance of money and how saving regularly is the need of the hour. To instil the saving habit in children, nothing is better than opening an account and encouraging them to save even in small amounts. Can you open an NRI account for minors? Read on, to know.
As a guardian or parent, we leave no stone unturned when it comes to our children’s future. It is our responsibility to give them wings to fly and pursue their dreams. Opening a minor account for your child is one positive step towards inculcating a habit of saving money and creating a fund for their higher studies and other future requirements. Though opening a minor account is common, can you also open an NRI account for a minor?
Can We Open an NRI Account for Minors?
Yes, it is very much possible to open an NRI account for minors these days. You may apply for an NRI minor savings account under your guardianship. While some schemes allow minors between 10-18 years of age to open and operate the account independently, others may restrict it to be operated by the guardians only.
Highlights of NRI Account for Minors:
- You can open a savings account for NRI minors right from the day they are born under your guardianship, or they can open an account independently from 10 years of age and onwards. ICICI banks offer the facility to open a minor NRI account for minors aged 1 day – 18 yrs. Under their Young Star Account
- The account is maintained in INR, and the minimum average balance is generally Rs. 10,000.
- You are provided with a debit card, net banking access, and a cheque book for ease of operation. A Guardian can also link his customer ID with the minor account for convenience.
- You can easily transfer money to Indian banks safely and securely.
Requirements for Opening a Minor NRI Account:
You can apply by filling the application form and attaching the below-required documents:
- Photocopies of the passport of the minor and the guardian (first and last 4 pages). Make sure that every information is completely visible for verification.
- Proof of NRI status of both the minor and the guardian (provide passport and visa details for the same).
- PIO( Person of Indian Origin) declaration of minor/guardian supported by documentary evidence must be submitted if the minor or guardian is born outside India.
- Address proof of the guardian along with relationship proof with the minor.
- PAN or Form 60 of the guardian and minor(if available).
- FATCA declaration, as required.
Is There a Service Charge Applicable For Minor NRI Account?
Generally, no charges apply if you maintain the required Monthly Average Balance(MAB), which is generally INR 10,000. If you fail to maintain the MAB, non-maintenance charges may apply.
First Step to a Secured Future:
Apart from saving for your child’s future and making them more responsible, a minor NRI savings account will also help them to understand the banking system and creates awareness of the financial system on the international level.
