Every parent is concerned about their children and works hard to secure their child’s future. Parents often open a bank account for their children before they turn 18 but they operate it themselves. After 18, the minor turned major can operate his or her bank account themselves.
Before a child turns 18, he is not illegible to sign any legal documents without the guidance of their parents. However, they can do so when they turn 18 after their signature is attested by the bank.
There are certain AMCs and bank details forms that the major needs to update when he turns 18 so that they can make transactions themselves.
The child must fulfill all the criteria to manage the bank account themselves. For this, they need to provide their birth date proof so that the bank updates the earlier documents.
For personal verification, the minor-turned-major must be personally present in the bank to sign on the necessary documents.
The account holder can continue with the present nominations or can give another name as the nominee for his/her bank account.
Changes to other records
The 18-year-old can now change his other official documents according to the alternations made in the bank details.
The major turned minor is now liable to manage their transactions. They can deposit and withdraw money with their own signature without any guidance.