Section 3B of The Government Savings Promotion Act, 1873
Deposit by minor.
1[3B. Deposit by minor.--(1) A minor who has attained the age of ten years may open and operate an account in the Government Savings Bank, if so permitted under a Savings Scheme.
- (2)Subject to the provisions of sub-section (1), the guardian of a minor may open and operate an account on behalf of the minor, till he becomes a major.]
Summary
- A minor who is at least ten years old can open and operate their own account, if the specific scheme allows it.
- For minors under ten, or if the minor does not want to operate it, a guardian can open and run the account for them.
- The guardian manages the account until the minor becomes a legal adult (a major).
Practical examples
FAQ
1. At what age can a minor operate their own account?
A minor can open and operate an account if they have attained the age of ten years, provided the scheme permits it.
2. What if the minor is only five years old?
The guardian of the minor may open and operate the account on their behalf.
3. How long can the guardian operate the minor's account?
The guardian can operate the account until the minor becomes a major.
Test yourself
Q1.Under Section 3B of The Government Savings Promotion Act, 1873, what is the minimum age for a minor to open and operate an account themselves?
Q2.Under Section 3B of The Government Savings Promotion Act, 1873, is a 10-year-old minor guaranteed the right to operate an account in all situations?
Q3.According to Section 3B of The Government Savings Promotion Act, 1873, who can open an account on behalf of a minor who is not operating it themselves?
Q4.Under Section 3B of The Government Savings Promotion Act, 1873, until when can a guardian operate an account on behalf of a minor?
Q5.How do Section 3 and Section 3B of The Government Savings Promotion Act, 1873 work together regarding when a minor takes over an account from a guardian?