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Yes, if minors have a bank account like Sulkanya Yojna or Phela Kadam, then it is mandatory to apply for a PAN card for minors, as they use their PAN card for doing smooth financial transactions.
If a minor has an income or owns personal liabilities, then he or she can apply for a minor PAN card. But if they don't have any income-generating or investments from mutual funds or any other then he or she not required to get a PAN card.
If there are any final transactions and or any investments made in the name of the child, then a PAN card is required. Minors can also apply for a PAN card if they have any savings account, like Sukanya Yojna or Phela Kadam scheme, then minors are eligible to apply for a PAN card.
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Yes, if a minor is holding any investments or in the name of minors as a nominee, to if they have any financial transactions. You can easily apply for a minor PAN card through the Official NSDL website, and select New PAN Indian citizen form 49A for indian nationals and Form 49AA for foreign nationals, and select the mode of submission, enter all the minor details like parents' details, and address with contact number. Upload photos of the minor and pay the fees. After payment, you will get an acknowledgment number. Fill in all the details, and apply. And you will get your minor PAN in just 15-20 working days.