When the units are held on behalf of the minor, the ownership of the units rests with the minor.
A guardian operates the account until the minor attains the age of majority. On attaining majority, the status should be updated by submitting the following documents:
- Minor Attaining Majority Form, duly filled and containing details like name of major, folio numbers etc
- New Bank mandate where account changed from minor to major *,
- Signature attestation of the major by a manager of a scheduled bank/ Bank Certificate / Letter *,
- KYC (CVL Standard KYC) of the major.
*This is a part of the said form.