Minor’s bank account: regulatory stance

Legal representatives of a child have the right to receive information about his/her accounts, deposits and transactions. This is explained in the Bank of Russia's information letter, developed in concurrence with the Ministry of Education in response to queries addressed to the Bank of Russia.

As a general rule, young people aged 14–18 may perform transactions with the written consent of their legal representatives. They are however entitled to open a deposit independently. According to the Civil Code, concluding a bank account agreement is a transaction that a minor has the right to perform only with the consent of his/her parents, adoptive parents or guardians.