The shifting of minor to major is a process in which the tax status registered as "on behalf of minor" will be updated to a "Resident Individual"
Step 1: The minor client has to update the bank account status from the minor under guardian holding to a major account
Step 2: Once the bank account status is updated, the client has to complete the KYC registration process.
Step 3: After KYC registration, the tax status needs to be updated in the folios as well, following are the documents required for updating the same in the folios:
1) Request change form in status from Minor to Major(enclosed)
2) Self-attested copy of the PAN Card of the applicant
3) KYC Acknowledgment OR KYC form of the applicant
4) Cancelled cheque with applicant’s name pre-printed OR Applicant’s Bank Statement/Passbook
5) Annexure-I – Banker's Attestation of Signature of the applicant(enclosed)
6) Nomination Form(enclosed)
The TAT for the tax status to be updated from minor to major is 7 to 10 working days.