SBI to terminate more than 400 dormant accounts

Source: Avas

The Malé branch of the State Bank of India (SBI) is preparing to terminate dormant accounts which have not been used for 5 years or more.

As such, the bank has released a list of said accounts along with relevant details to the public.

SBI stated that this was done in compliance with the banking laws of the Maldives, which denote any accounts which have not been used in 5 years or more to be dormant accounts.

The bank has urged members of the public to consult the list and contact them if their details are included on the list.

The public has until 20 June to contact the bank regarding these accounts, after which the account will be closed and their contents will be handed over to the Maldives Monetary Authority.

SBI has released details regarding 431 dormant accounts.