home page 


 Home |  Books | Free Newsletter | DAILY NEWS | BACK TO DISCUSSION FORUM
                                            

banking finance jobs technology publications NRIs BPO

message


Name : Rajeev Dewal
Subject: Minor Accounts
Message : Minor does not have a contractual capacity and thus a contract enter into by a minor is generally considered invalid from the begining. Thus, such contracts generally never bind the minor, though at time they may bind other parties to such contract.

On this backdrop, a minor is generally not allowed by banks to keep an account to be opened or operated by him/ her independently and such account is allowed to be opened and operated by his/ her guardian. As corollary, a loan againt minor's deposit also is allowed to be applied for and availed of by his/ her guardian and such loan hould be for the benefit of the minor.


Post your response