Can people under 18 years old deposit money in the bank?

In Clause 2, Article 3 of Circular 48, the State Bank stipulates on depositors as follows:

- Vietnamese citizens from 18 years of age and above have full civil act capacity according to the provisions of law.

- Vietnamese citizens from 15 years old to under 18 years old who are not limited in civil capacity or have not lost civil capacity according to the provisions of law.

- Vietnamese citizens with limited civil act capacity or without civil act capacity according to the provisions of law or under 15 years of age conduct savings deposit transactions through legal representatives; Vietnamese citizens with difficulty in cognition and behavior control according to the provisions of law conduct savings deposit transactions through guardians.

According to regulations, Vietnamese citizens from 15 years old to under 18 years old who are not limited in civil capacity or have not lost civil capacity according to the provisions of law are allowed to deposit savings at banks.

Savings 79481.jpg
People under 18 years old can still save money in banks. Illustration: Nam Khanh

In addition, Vietnamese citizens with limited civil act capacity or who have lost civil act capacity according to the provisions of law or are under 15 years old may conduct savings transactions through a legal representative;

Vietnamese citizens with difficulty in cognition and behavior control as prescribed by law conduct savings deposit transactions through guardians.

Thus, individual customers under 18 years of age can make savings transactions through legal representatives or guardians.

Individual customers aged from 15 to under 18 years old but have private assets sufficient to ensure the performance of civil obligations as prescribed by the Civil Code are allowed to carry out transactions related to savings deposits.

Savings opening procedure for people under 18 years old

To open a savings account, depositors need to go to the nearest bank branch or transaction office and present some documents such as a citizen identification card or passport.

For depositors who are guardians or legal representatives, in addition to presenting a valid identity card or passport, they must also present documents proving their status as guardians or legal representatives of minors.

For individuals aged 15 to under 18 who have their own property, in addition to presenting a valid identity card or passport, they must present the following documents to prove that the money deposited in the bank is their own property (such as inheritance documents, documents on the donation/gift of property; or other documents proving that the money deposited in the bank is their own property).

Then, the depositor will fill in the information on the "savings deposit/valuable paper" (provided by the bank) and other procedures according to the instructions of the bank staff.

After completing the procedures in the above steps, the bank will receive the savings deposit and deliver the savings card to the depositor.

(Synthesized from Eximbank's website)

Risks when saving online, need to know to avoid Saving online is a convenient and safe choice. But if not careful, customers can lose money due to unnecessary mistakes.