After RBI's move to allow minors to open bank account, parents need to keep an eye on their fund usage says Sachin Karpe. Letting your minor daughter operate her savings bank account may be a great way to teach her about money matters, say financial experts. A day after the Reserve Bank of India (RBI) allowed children over 10 years to open and operate their bank accounts independently, experts feel that it could also make life easy for many parents, especially in big cities, where children get a tidy sum as monthly allowance and spend it both online and offline says Sachin Karpe. However, parents must monitor the transactions regularly to ensure every penny is spent wisely.
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