The Bank of Ceylon branch operating in the Maldives has decided to terminate 190 accounts that have been inactive for more than five years.
Bank of Ceylon stated the account holders have been notified that their accounts have been designated as dormant, and advised them to re-activate the accounts as soon as possible. The accounts designated as dormant will be terminated if they are not re-activated within 60 days, and the funds will be transferred to the Maldives Monetary Authority (MMA). The bank stated the accounts can be re-activated after the owner updates the information and makes a monetary transaction.
Maldives Banking Act states any bank account that has had no transactions or written communications relating to it for a period of five years shall be determined as a dormant account, and the bank shall turn over the funds in the accounts, to be held in a special account at the MMA and invested in government securities.