Get ready for a youth banking revolution! From July 1, 2025, the Reserve Bank of India is shaking up the financial world by letting kids as young as 10 independently open and operate their own savings and term deposit accounts-a move set to empower the next generation of money masters.

Under the new guidelines, banks across India can now offer young account holders the chance to manage their own finances, subject to each bank's risk policy. While children under 10 can still open accounts through a parent or legal guardian, those aged 10 and above can finally take the reins themselves. This means they can deposit, withdraw, and even access modern banking tools like debit cards and internet banking, if the bank allows it. However, there's a safety net: minors can't overdraw their accounts or access digital banking until they turn 18, when they'll gain full control.

The RBI's move isn't just about banking-it's about building financial independence and literacy from a young age. Banks must perform thorough due diligence and ensure all minor accounts remain in credit, with no overdraft facility allowed. When a young account holder turns 18, banks will update signatures and operating instructions to transition the account smoothly.

This bold step is set to transform how India's youth learn about, interact with, and master money-ushering in a new era of financial confidence and responsibility