Saral Banking Sewa

FAQ

Children Savings Account

A children's savings account is a specially designed bank account intended for minors, typically those under the age of 18. It serves as a platform for parents or guardians to save money for their child's future needs or to teach the child about financial responsibility.

Yes, parents or legal guardians are typically the ones who open and manage children's savings accounts on behalf of the minor. They have control over the account until the child reaches a specified age, at which point the child may gain control or ownership.

The level of independence a child has with their savings account depends on the bank's policies. In many cases, parental or guardian supervision is required until the child reaches a certain age, at which point they may gain more control over the account.

Yes, many banks offer the option to convert a children's savings account into a standard savings account when the child reaches the age of majority. This transition allows the account holder to have full control over their finances.

FAQ Category