The law allows you to open a bank deposit even for a newborn child. However, not all financial institutions provide such services. Let's talk about how to open a deposit, from what age a child can do it independently, and when the participation of parents or legal representatives is required for this.
Can a child open a bank account?
It all depends on which category of minors, as provided for by the Civil Code of the Russian Federation, the child belongs to.
At what age can you open a deposit and under what conditions:
Under 6 years of age – only legal representatives, such as belarus mobile database parents or guardians, can conduct transactions in the interests of minors deprived of legal capacity. They also have the right to open a deposit or savings account for the child.
At the age of 6-14 years – minor citizens can conduct some financial transactions, pay for individual goods and services. But the agreement to open a deposit in their interests must be concluded by legal representatives.
At the age of 14-18 – minors have access to independently opening savings accounts and using other banking products. However, they can still carry out some operations only with the consent of legal representatives or guardianship and trusteeship authorities.
Accordingly, after reaching the age of 14, the child can open a bank deposit independently. Until that moment, only legal representatives can conclude an agreement on his behalf.
Deposit for children under 14 years old
It is usually drawn up at a bank office. The agreement is concluded by the parent, adoptive parent or guardian, who provides the relevant documents. The child's savings are insured separately from the deposits of legal representatives.
Registration procedure
Before opening a deposit, banks request documents certifying the identity of clients. Until the child reaches 14 years of age, this is a birth certificate. It must be provided to the bank if you are opening a deposit in the interests of a minor.