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Does minor need a bank account before opening a demat or trading account?

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No, a separate bank account on minor's name is not required.

Simply add minor to any of your (Guardian) bank account. This is sufficient to open demat / trading account.

Please do not fall in the trap of bank officers who will try hard to open a separate account on kid's name and later charge maintenance fees.

Anyway, for tax purpose, minor income is added to the parent's income, it doesn't make sense to have a separate bank account.


1 Comments

1. Rakesh Sonawane  Apr 5, 2021 14:23 I Like It. | Report Abuse Reply
I have contacted share khan and up stocks, they are asking minor bank account. Minor having adhar and pan, can anyone advice broker accept guardian bank account for minor
1.1. Rishu Gupta  Apr 13, 2021 20:23 I Like It. | Report Abuse
Dear Sir, I am also ready with PAN card and Adhaar card. Please can you help if an IPO is alloted, how will I get the money? Assuming Zerodha is my minor account holder but condition of trading in minor does nto allwo me. So how will i get back the money if IPO alloted? Or How can I sell, if IPO alloted.
Please guide.