Children between the ages of 14 and 18 can open bank accounts only with the written consent of their parents, adoptive parents or trustees, according to an information letter from the First Deputy Chairman of the Bank of Russia Sergei Shvetsov to credit institutions. The document was published on the official website of the regulator.
The press service of the Central Bank clarified that, although a person of a specified age can make transactions only with the written consent of legal representatives, they can open bank deposits on their own. At the same time, parents, adoptive parents and trustees are allowed to request information related to bank secrecy about the accounts and deposits opened by their children, as well as about the transactions performed.
The explanations of the Central Bank are given taking into account the position of the Ministry of Education, the letter says. The document was formulated in view of the receipt of requests to the regulator about the possibility of concluding bank account agreements by minors, as well as providing the legal representatives of children with information constituting bank secrecy.
In early July, the Central Bank announced that schoolchildren in grades 1-9 will begin to teach financial literacy. Later, the Ministry of Education explained that they would not introduce a separate subject for this and that the children would receive the relevant knowledge within the framework of other subjects. Specifically, elementary school students will explore the terms “family budget” and “rationality,” and the relationship between work, cravings, and economic well-being in The World Around and Mathematics. In secondary school, in “Social Science”, “Informatics”, “Geography” and other lessons, minors will receive in-depth knowledge of finance, financial instruments, protection against fraud and rational use of funds.
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