Habib Bank to close accounts inactive for five years

Habib Bank Limited (HBL) has announced that all bank accounts that have been inactive for more than five years will be closed if the account holders do not tell the bank what to do with the accounts.

Vnews reported that the bank has already given 45 days to report, and that the current 13 day period is an extension of this.

The bank states that failure to contact the bank within this period will result in the account being shut down and cheque books and standing instruction being cancelled. According to HBL, the money in such accounts will be handed over to Maldives Monetary Authority (MMA) next month as stated in Article 35 of the Banking Act.

There are currently 63 accounts without any activity over the past five years.