On Tuesday RBI allowed the minors to open the account in the banks individually. Earlier children below 18yrs were allowed to open the bank account but with the parents as the gaurntors, but now they can open account easily.
After the decision of the Apex bank all the banks have started working to roll out new products and schemes for the children, In order to lure more number of minors banks are planning to come up new facilities soon. Recently syndicate bank has also reported to launch a new product, now its country biggest lender SBI planning for special account scheme for the children.
RBI has also asked banks to provide various facilities to the children like internet banking, ATM, cheque book facility. But the accounts of the minors should always remain in credit, from the security point of view minor accounts are not allowed to be overdrawn.