GUARDIANS | CAIIB NOV SHORT NOTES 2023
This article discusses the topic of who can be the Guardians of minors and the latest CAIIB Nov study material 2023.
CAIIB exam Nov 2023 is just around the corner, and all the candidates who want to appear for the CAIIB exam nov 2023 should start preparing as soon as possible.
We are here to help you prepare through our CAIIB Nov study material 2023, specially designed according to your needs. This CAIIB study material 2023 is made according to the latest CAIIB syllabus Nov 2023. We will discuss the CAIIB study material Nov 2023 later in this article, but before that, we would like to tell you about the Guardians.
GUARDIANS
A banker working at a branch encounters issues with numerous types of bank accounts on a daily basis. “Accounts of Minors” is one such subcategory. The majority of bankers are aware of the general guidelines they must follow when working with minors. Still, they lack sufficient knowledge of the legal requirements and risks associated with such accounts. I’ll try to clarify a few legal points in this post that every banker handling such accounts should be aware of.
MINOR
A minor is someone who is under the age of 18 according to section 3 of the Indian Majority Act, 1875. Whether a guardian is chosen by a court of law or is natural. A person when turns 18 and becomes a major.
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WHO CAN ACT AS A GUARDIAN?
In a secular country like India, we have a large variety of religions having different beliefs. So, according to those beliefs, the definition of guardian varies for different religions. So, the guardians of Hindu and Muslim religions have been described below
- HINDU
A Hindu minor boy or unmarried girl’s father is their natural guardian, followed by the mother, according to Section 6 of the Hindu Minority and Guardianship Act, 1956. A married Hindu girl’s husband is her natural guardian in this situation. Even though they are not the husband’s natural guardians, the mother-in-law and father-in-law will take over if the wife is a minor or a minor girl becomes widowed.
The Hindu Minority & Guardianship Function, 1956’s Section 9 grants a Hindu father the right to act as the child’s legal natural guardian. He has the option to name a guardian in his will for the property or person of a minor. A guardian like this is known as a testamentary guardian.
However, such a guardian won’t be necessary until both the mother and the father have passed away. The same applies to mothers who may name a testamentary guardian for their minor children. When a Hindu father or mother fails to name a testamentary guardian for their child, the court may name a guardian for the child’s person or property.
- MUSLIM
A father is a child’s natural guardian according to Islamic personal law. A Muslim father may designate a testamentary guardian, and a Muslim child’s mother may also serve in this capacity. If the father passes away without leaving a will, the paternal grandfather, or the father’s father, becomes the guardian. The testamentary guardian named in the father’s will, however, shall take precedence over the paternal grandfather. The person called the paternal grandfather will serve as a guardian upon his death. The court may appoint a guardian if the father’s father passes away without a will.
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VARIOUS BANK ACCOUNTS OF A MINOR
- Both self-operated and guardianship accounts are permissible for minors.
- Self-Operated Accounts: A minor who has reached the age of ten and is literate may open a self-operated deposit account. (As mentioned above, a minor is not permitted to name a nominee for this account. A person legally qualified to act on his behalf will make the nomination on his behalf). A minor and his guardian may open a joint account. If both youngsters are under 10, are literate, come from the same household, and operate the account jointly, a joint account may also be opened in their names.
- Accounts Under Supervision and Joint Accounts With the Guardian: As previously mentioned, a minor’s account may fall under the natural guardian’s guardianship, in which case the Guardian will manage it. The scenario of a shared account with the guardian is intriguing. The account is then managed by the natural guardian in two capacities—one as a joint account holder and the other as a joint account holder who is also a natural guardian of a child. Such accounts should be given special instructions like “either or survivor” or “jointly or survivor,” which are inactive during the minor’s minor years and active once the minor turns major.
- Date of Birth of Minor: In cases where guardianship is in place, the bank must enter the minor’s date of birth as provided by the minor or the guardian. A birth certificate is not required, and the guardian’s declaration of the child’s date of birth is adequate and convincing evidence. Even though the checks may have been written before the child reached majority, the guardian will manage the account while the child is still a minor, and once the minor turns 18, the account can only be debited with the approval of the minor who has turned 18. If the guardian passes away while the child is still a minor, the next guardian will manage the account.
- Mother as Guardian in Bank Accounts: Despite the fact that, according to Section 6 of the Hindu Minority and Guardianship Act, 1956, the father is the natural guardian, the RBI has granted the mother permission to open and manage all sorts of bank accounts while the father is still alive. According to this ruling, both the mother and the father will serve as the child’s natural guardians simultaneously.
Now that we are done discussing all the aspects of Guardians, we would like to move on to the CAIIB Nov study material 2023.
CAIIB NOV STUDY MATERIAL 2023
Our experts have compiled CAIIB Nov study material 2023 according to the latest CAIIB syllabus Nov 2023. Our CAIIB study material Nov 2023 includes the following:
- Live and recorded video lectures which will clear all your concepts.
- Recorded video lectures can also be downloaded and watched offline at your convenience.
- All the subject lectures are a mixture of Hindi and English except for ABM and BFM, in which case videos are only in the English language.
- CAIIB mock tests 2023 are available for you to practice on, including memory-based questions from previous CAIIB exams.
- Case studies are also included in our CAIIB study material in Nov 2023.
- We also provide short and easy notes in the form of epdfs complementary to our video lectures on our apps.
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