Is It Permissible to Open a Bank Transaction Account for a 10-Year-Old Child?

According to Clause 6 Article 1 of Circular 02/2019/TT-NHNN stipulating the subjects eligible to open payment accounts include:

- Individuals opening payment accounts at banks, foreign bank branches include:

+ Persons aged 18 years and older with full civil act capacity as prescribed by Vietnamese law;

+ Persons aged from 15 years to under 18 years without losing or having restricted civil act capacity;

+ Persons under 15 years old, persons with restricted civil act capacity, persons who have lost civil act capacity as prescribed by Vietnamese law opening payment accounts through their legal representative;

+ Persons with difficulties in perception and control of behavior as prescribed by Vietnamese law opening payment accounts through their guardian.

- Organizations established and operating legally as prescribed by Vietnamese law include: legal entities, private enterprises, business households, and other organizations are eligible to open payment accounts at banks, foreign bank branches as prescribed by law.

According to Clause 1 Article 136 of the Civil Code 2015, parents are the legal representatives for their minor children.

Thus, your 10-year-old child can open a payment account through the legal representative (the parent).

Regarding which bank to open an account with for more benefits, you can contact the banks directly for more information and consultation.

Respectfully!