Multiple choice

Which of the following is not correct with regard to a minor?

  1. A minor is a person of less than 21 years of age where the guardian is appointed by a court.

  2. A minor can open a bank account under provisions of Indian Contract Act with the provision that no transaction should result in debit balance in his account.

  3. A minor can open a self operated bank account because he can draw a cheque and has been permitted to open the account by RBI.

  4. Loan given to minor for necessities is recoverable from him personally.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A savings/fixed/recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian. Thus, option 3 is false.

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