Section 13 in Guardians and Wards Act - Rules Framed by Punjab High Court
13. Opening of accounts in approved banks in the name of minors for current expenses. Investment of surplus money in Government securities.
- Where the Court deems is necessary to direct the guardian to open an account in a bank, the account shall be in the name of the minor through his guardian in the Post Office Savings Bank, or in the State Bank of India, or in any other bank approved by the High Court. If after payment of the current expenses of the estate and of the ward's maintenance, there should be any balance, such balance should be invested by the guardian in Government Promissory Notes, Post Office Cash Certificates, or in any other securities mentioned in clauses (a) (b) (c) and (d) of section 20 of the Indian Trusts Act.Note 1. - A list of banks approved by the High Court is supplied to subordinate courts and additions and alterations made therein are communicated from time to time.Note 2. - In order to enable a bank to open an account in the name of a minor through his guardian, an attested copy of the guardianship certificate should be supplied to it for registration.
