How can i open an account as a student below 18
Want to open bank/ demat account | For kids, student below 18 / (Minor)
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| Account opening |
Minimum Age requirement to open a account?
The answer to the question is there is no age limit you can open an account under 18 too may be bank or demat any of the both. Your account will be opened as but you will be considered as minor. This is a legal process and facility provided by the government.
Definitely you will be opening an account under the guardian who is eligible. Under guardian comes the person who takes the responsibility of minor, they are your parents Father /mother and if not them then the person who is been appointed by the court. So there are three case you can open account under with.
In case of Demat account the guardian can operate account until the holder is minor once you reach the age of 18 your account will become inoperative so guardian cannot operate that account any more. At this stage you have to open your new account as a normal major accounts are opened and share that were in that account will automatically will be transferred to new account .
In bank account case the day you turn 18 your account will automatically will be converted into major one.
Minnor documents required for oprning demat account
1.Pan card of both minor and major
2. Kyc documents
and other formalities are as usual like signatures will be of guardian and form filling etc.
and in demat no joint account can be opened like banks. Guardian may be same for 2 different accounts .
Now any profit to account will be added to majors account and all tax will be liable. Bank account of minor is not necessary to open demat account it can be opened by linking major persons bank account details. But in come cases minors bank account is also required so you can go through with that.
There are some restrictions to minors demat account like intraday trading , future & option , commodity, derivatives cant possibly done ,only delivery based is allowed. Is its possible for you to operate account as minor?
If your account is under a broker he will only take a call from major partner. If you are trading in mobile app their you can take calls when you have account details. But even then i will recommend to take trade under your parents guidance or guardian guidance because this stuff includes your personal and bank details.
Even though kids have grown smarter now days but still you can get cheated and all the above this is related to money so try to stay away from such stuff and get help from your guardians. Hope the article was helpful do leave your comments below let us know if you have any questions. All your feed backs are welcomed as they will let us grow.You can like, share and subscribe to stay updated with this blog through email. also you can follow us on our social media accounts.
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