Minor Bank account doesn't allow funds transfer

General
1

Hello,

I opened my 3 year old child’s bank account with SBI. I see that I have only viewing rights and I am not able to transfer fund even via NEFT. I would have been okay with say 5k limit but even that is not available.

Are other folks also facing this issue? Is it with SBI or is it with all bank accounts? How is demat account useful if I am not allowed to add funds.

2

I also faced this… SBI has too many restriction.

I later opened new minor account with IDFC and it’s smooth, workin fine.

3

Avoid SBI, the branch managers give such illogical replies to your questions. :exploding_head: