BML to stop envelope depositing services

Bank of Maldives (BML) has decided to end its envelope depositing services from Wednesday, March 1 onwards. 

According to the bank, envelopes containing cash or cheques will not be accepted from the given date onwards. 

They noted that this move was to further promote digital finance among the people. 

With envelope depositing, people were able to deposit bills that the were not accepted by the machine due to poor quality, as well as lower bills such as MVR 5 and 10. 

However, it takes about 24 hours, excluding public holidays, for the deposits to appear in accounts. It would also take two days to deposit cheques from other banks. 

BML has been extremely vocal in encourage customers to use their digital channels for everyday banking.