Published and draft legislation - Peru

Bank accounts for minors aged between 14 and 18

Bill 3578/2013-CR

In order to imbue Peruvians with a savings culture from an early age, the Executive has proposed that minors aged between 14 and 18, should be able to open bank accounts. Bank accounts are exclusively for depositing and withdrawing the money they receive from their parents or from third parties as pocket money or small rewards.

This system would only include savings accounts in local currency. Only male and female minors aged between 14 and 18 may be the individual holders of such accounts, and shared ownership is prohibited.

The Bill is currently being debated at Committee stage in the Congress of the Republic.