BML announces value ceiling for cheques

Bank of Maldives | Photo: Avas

Malé, Maldives – Bank of Maldives (BML) has announced that they will accept cheques up to MVR 50,000 from April 2023 onward.

In an announcement, BML stated that this was in part with the Maldives Monetary Authority’s strategy to promote the usage of electronic payments and enhancing payment efficiency in the Maldives, value ceilings for cheques will be introduced from 1st April 2023.

Bank of Maldives revealed that they will only process cheques up to the value of MVR 50,000 and USD 3,000 respectively and amounts above that will need to be transacted through a digital channel. This includes cheques issued by individuals, businesses and corporates.

BML also added that they encourage their customers to bank using their digital channels for everyday banking. Individuals who are not already registered for BML’s Internet Banking can now register online according to the statement.