ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The co-signer or joint account holder doesn’t need to be a legal guardian but will be contractually obligated on the account. If you’re 18 or older, you can open a checking account online or in-branch without a co-signer.

Detailed explanation-2: -When you open an account, you need to fulfil your KYC or Know Your Customer requirements. For this, you will have to submit certain documents to the bank. While earlier, the need for a PAN card was mandatory to open a bank account, it is no longer so. So yes, you can now open a bank account without a PAN card too!

Detailed explanation-3: -But can a teenager open a bank account? Yes, but with some conditions. Those under 18 are often required to have a parent or guardian present, who may need to be an owner or co-owner of the account with the teen.

Detailed explanation-4: -The operation of a bank account varies depending on the age of the minor. For accounts of minors below 10 years of age, the guardian must operate the account. However, minors over 10 years of age can operate the account on their own.