PRESIDENTIAL DECREE NO. 734

: The primary purpose is to encourage minors to cultivate the habit of thrift by authorizing them to deposit and withdraw money from banks in their own names, without the assistance of their parents or guardians.
: Minors who are at least seven years old can deposit and withdraw money from banks under PD No. 734.
: The minor must be at least seven years old, be able to read and write, have sufficient discretion, and must not be disqualified by any other incapacity.
: No, minors can make savings or time deposits and withdraw money from banks in their own right and names without assistance from parents or guardians.
: Yes, parents may still deposit for their minor children and guardians for their wards despite the minor's capacity to act on their own under the decree.
: No, under PD No. 734, the provisions of existing laws and regulations to the contrary are expressly overridden, making such transactions valid and binding.
: Sufficient discretion means the minor must have enough understanding and judgment to conduct deposit and withdrawal transactions responsibly.
: PD No. 734 took effect immediately upon its signing on June 25, 1975.
: It was signed by President Ferdinand E. Marcos, with Alejandro Melchor as Executive Secretary.
: Yes, the decree authorizes minors to transact with all banking institutions for savings and time deposits.