Savings Bank Account for child - 5 years old
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Kindly advise which bank should I open my child’s (5 years old) saving account. Any recommendation with benefits and comparison will be really helpful.
Thank you in advance.
(Purpose of opening the bank account is investing in FDs and investing in Mutual Funds via Zerodha)
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https://www.desidime.com/comments/permalink/10498381
I think a minor account will be open under your guardianship. and whatever you invest under your child's name will be taxable under your or your wife names (depending whose income is higher).
so thats why i see no practical benefits of investing anything under kids name.
infact i will suggest you do investment under your/wife pan and create separate folio and consider it for kid only.
so thats why i see no practical benefits of investing anything under kids name.
infact i will suggest you do investment under your/wife pan and create separate folio and consider it for kid only.
https://www.desidime.com/comments/permalink/10498675
I second this. There's no real reason to have a minor account. I closed my kid's account after understanding this.
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https://www.desidime.com/comments/permalink/10498652
topic https://desidime.com/last_comment?topic_id=1879891 and https://desidime.com/last_comment?topic_id=1879892 need to be spliced together under either one of them.
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