How to create y pay account | Teenagers Account | UPI Under 18 age | Minor Google pay account 2025
What is a minor Account Transaction ?
Any financial activity that occurs within a minor account is referred to as a minor account transaction.
This could involve the following:
Depositing Money: Minor accounts may be deposited by parents or legal guardians. They preserve this money for their child's future needs, including schooling, marriage, and other long-term objectives.
Making Withdrawals: A parent or legal guardian may make withdrawals from a minor's account, but only if doing so will benefit and serve the minor's best interests.
Transferring Funds: Parents have the ability to move funds from the minor's account to other bank accounts, such as a joint account that is owned by the minor and a parent or legal guardian. Additionally, they can decide to switch to another third-party account.
Can a Minor Account Be Used to Conduct Online Transactions?
Typically, a parent or legal guardian assists with internet transactions. To authorize and supervise the transactions, they need to be present. This is essential to guarantee that all transactions are safe and secure and that youngsters are not used by scammers and fraudsters. The parent or legal guardian must also supply the information required to finish the transaction. Therefore, as long as a guardian gives their approval, minors can use their accounts to conduct online transactions.
UPI ID and Transaction Limits for a Minor Account
A UPI ID can only be obtained by minors who are at least 15 years old and who are the sole holders of a bank account. Eligible children are those who have a joint bank account with their parents. ₹1 Lakh is the daily maximum for UPI transactions made through small accounts.
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