Banks could also attract entire families by offering bundled or linked products—like accounts for parents and children with shared benefits, incentives, or oversight options—thus broadening their customer base organically, he added.
“Once a minor becomes a customer, banks can later offer them additional products as they grow—such as educational loans, student credit cards, or investment options. It creates a pipeline of future clients already familiar with the bank’s ecosystem,” he explained.
Furthermore, the RBI guidelines stated, banks may offer additional facilities—such as internet banking, ATM/debit cards, and cheque books—to minor account holders, provided that these accounts are not overdrawn and always remain in credit.
Read More: RBI’s new norms on independent minor accounts to boost customer
