Bank of Maldives (MBL) has announced changes to its service application process that will also see the group move to close empty bank accounts that have not been used for significant periods of time.
According to Sun Online, the banking group has unveiled the plan as part of an overhaul of the application form used to obtain banking services such as debit and credit cards, internet banking and credit facilities.
BML has also pledged to close bank accounts that are found have been empty for more than six months. Customers with accounts that have remained unused for a period of two years and contain funds below the minimum amount required by the bank will be made to pay an annual maintenance charge of Rf200 or US$20 for Dollar accounts.
According to bank rules, the minimum amount of funds required in BML’s US Dollar and Rufiya accounts are US$10 and Rf100 respectively.
Correction: The original article this piece was sourced from incorrectly stated that BML accounts that had not been used for two years and contained funds below the bank’s minimum amount would be closed.