BML to close unused accounts without money

Bank of Maldives (BML) has decided to close all accounts which have not had money in them for a long period, due the changes made to application forms for their services.

BML said today that changes have been made to the application forms to follow central bank Maldives Monetary Authority (MMA)’s ‘Maldives Financial Transaction Reporting Regulation’. This requires the submission of an additional information form along with the application form.

The bank said that companies applying for the bank services will have to fill in a different form.

The new form is for opening a new account, starting to use an unused account, debit and credit card services, POS machine services, internet banking, credit facility services, making changes to credit facilities and increasing credit limits.

In addition, the bank will close all accounts which have not had money in them for six months, and also accounts which have failed to hold the minimum required amount for a period of two years.

The minimum amount required in a BML account is Rf 100 for a Rufiya account, and $10 for a dollar account.

There will also be a charge of Rf 200 for Rufiya accounts, and $20 for dollar accounts on those accounts for which no transactions have taken place for a period of two years.