From minor to major status: Your child is now 18? Upgrade her accounts to operate them

financialexpress.com:

Many parents hold financial assets in their minor child’s name. What happens when the child turns 18? As a major, the young adult is now the complete owner of the asset but to undertake any transactions in it, there are certain steps that the parent and child have to fulfill first. For instance, if your child had a minor’s bank account under your guardianship, the bank will send a notice that the account has been frozen and certain formalities have to be completed within 30 days to operate it.

The first and foremost step is to apply for a PAN card in your child’s name. If she already has a PAN, you have to apply for reissue with her latest photo and ID proof. Once you get it, link it to your child’s Aadhaar card. Do ensure that the Aadhaar card is linked to a valid mobile number.

Once you have the PAN card in hand, visit the bank along with your child for in-person verification. The bank will upgrade the bank account with the new details, take specimen signatures of your child and also issue a new cheque book and debit card. Your child’s bank account can now be used to access any financial asset. The process is the same for fixed deposit and recurring deposits. Link these with the new bank account for credit of all maturity proceeds.

Mutual fund investments can be made in a minor’s name but once the child turns major, the parent or guardian has no control over them. To convert these into normal individual unitholdings, KYC norms have to be fulfilled with submission of PAN card details, photo, ID and address proof. Once the KYC is done, submit a request to change the status from minor to major along with a cancelled cheque of the new bank account.

The process to convert a minor’s PPF account to a major’s individual