Special Capacity Granted to Minors
- Minors who meet specific criteria (at least seven years old, able to read and write, possess sufficient discretion, and have no other legal incapacity) are granted the special legal capacity to open and operate savings or time deposit accounts independently.
- Such minors may deposit, withdraw, and receive interest from banking institutions in their own name without needing parental or guardian assistance.
- This special capacity supersedes any existing laws or regulations that would otherwise restrict minors’ dealings with banks.
Parental and Guardian Rights
- While minors can independently transact deposits and withdrawals, the law acknowledges and preserves the right of parents to deposit for their minor children and guardians for their wards.
Effectivity
- The decree takes effect immediately upon its signing by the President.