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Zerodha (Trade with the best stock broker)
No, a separate bank account in the minor's name is not required.
Minor needs to be one of the Bank Account holder either as Sole Holder or jointly with Guardian and or other siblings. Simply add a minor to any of your (Guardian) bank accounts. This is sufficient to open a demat / trading account.
Please do not fall into the trap of bank officers who will try hard to open a separate account in the kid's name.
Anyway, for tax purposes, minor income is added to the parent's income, it doesn't make sense to have a separate bank account.
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Apr 13, 2021 8:23:56 PM
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Jan 16, 2022 6:44:54 PM
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Can a minor open a Demat and Trading account?
Yes, both demat and Trading accounts can be opened in the name of a minor.
Does a minor need a bank account before opening a demat or trading account?
No, a separate bank account is not required before opening a demat and trading account.
Whereas, one can add the minor to the guardians bank account.
For more information visit:- https://www.indiainfoline.com/open-demat-account