SBI to close over 400 dormant accounts

A State Bank of India ATM in Male' City. (File Photo/Sun/Mohamed Afrah)

State Bank of India in Male’ City has released details of the accounts which have been dormant for more than 5 years.

SBI referred to Banking Act which classifies bank accounts which show no financial activity for five years as dormant accounts. 

SBI states that they have issued written notice to the owners of the dormant accounts, and that funds in the accounts will be transferred out to the central bank of Maldives, Maldives Monitory Authority (MMA) if the owners of the dormant accounts fail to respond by June 20.

SBI has released details of 431 dormant accounts and urges the owners to inform the bank if they believe they have a dormant account in the bank.