....RBI spokesperson, Alpana Killawala counters this very belief when she says: “We think a 10-year-old will have a lot of pride in operating his/her account. The child might make mistakes initially, but that’s the way to learn about financial planning and the value of money.” This view is echoed by Deepak Bagla, an investment banker, who is also the father of two minor boys. “An independent account is a transition from the piggy bank at home. I think it’s a great way of inculcating the habit of saving among children. If there are checks and balances, like a cap on the amount that a child can withdraw every week, or in every transaction, parents will feel comfortable enough to go in for it.” It’s ironic though, that Bagla’s own children have never operated their bank accounts......
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