The answer is, yes! You can. And, you can start investing with as less as Rs. 500. There are many fund houses in India that offer such schemes. Under these investment options, the minor has to be the sole owner of the portfolio, while the one applying for the investment should either be parents or a legal-guardian appointed by the court.
What documents do you need?
In order to apply for minor investment plans, investor has to provide proof of child’s age, such as passport, birth certificate, etc. These documents also serves as proof of relationship between the minor and his/her guardian. Investor is also required to submit his/her identification and address proofs. For Parents or guardians, who wish to invest can choose SIP or Systematic Investment Plan for disciplined investing routine.
What happens when the minor turns 18?
When the minor turns 18, the folio restricted for the guardian to use or operate. AMC sends a notice to the holder asking for age proof and other documents required to change the STATUS from Minor to Major.
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