Minors Authorized to Deposit and Withdraw in Banks

The decree declares it is the policy of the State to encourage thrift and to mobilize savings in banks as an instrument of capital formation for economic growth.
The decree states that the national virtue of thrift is best attained by inculcating in the youth the proper habit of savings.
The decree recognizes that, under existing laws, minors are restricted in capacity to do acts with legal effect, and frames the aim to enable binding deposit and withdrawal transactions in the context of youth savings and participation in economic development.

Section 1 vests minors who are at least seven years of age with special capacity and power to make savings or time deposits.
Section 1 requires qualifying minors to be able to read and write.
Section 1 requires qualifying minors to have sufficient discretion.
Section 1 limits eligibility by requiring that minors are not otherwise disqualified by any other incapacity.
Section 1 authorizes qualifying minors to make deposits in their own right and in their own names.
Section 1 allows qualifying minors to withdraw the deposits and receive interests thereon from banking institutions.
Section 1 expressly permits these acts without the assistance of their parents or guardians, notwithstanding provisions of existing laws and regulations to the contrary.

Section 1 preserves the authority of parents to deposit for their minor children.
Section 1 preserves the authority of guardians to deposit for their wards.

Section 1 applies notwithstanding provisions of existing laws and regulations to the contrary by granting the special capacity and power for qualifying minors to deposit, withdraw, and receive interest directly.

The decree authorizes savings or time deposits with banking institutions.
The decree authorizes minors to withdraw their deposits.
The decree authorizes minors to receive interests on their deposits.
The decree centers on transactions made by minors in their own names and for their own accounts.