Bank of Maldives (BML) has introduced Indian Rupee (INR) accounts for the first time in the country, in what it describes as a move to facilitate trade, streamline remittances, and broaden investment options between the Maldives and India.
The new INR accounts, available from 1 August 2025, can be opened online through BML’s Internet and Mobile Banking platforms. According to the bank, deposits in INR denominations of 500 and above will be accepted at its branches, while inward remittances from India can be directly credited to INR accounts. Customers will also be able to use these accounts for outward remittances.
This development builds on BML’s October 2024 decision to accept RuPay International cards in the Maldives. The bank now says it is working with the National Payments Corporation of India (NPCI) to also begin accepting RuPay local cards and to issue RuPay cards to BML customers with INR accounts. The process is expected to be completed by the end of the year.
“We are delighted to announce the introduction of INR accounts at Bank of Maldives which will open new avenues for our customers in facilitating trade, managing remittances and broadening investment opportunities,” said Mohamed Shareef, CEO and Managing Director of BML.
With this launch, BML becomes the first local bank to provide dedicated INR account services to both individual and corporate clients, including expatriates. The bank operates 40 branches across all 20 atolls, 133 self-service banking centres, and 188 ATMs, and offers extensive agent and digital banking services throughout the country.
This initiative aligns with broader efforts by both the Maldives and India to strengthen bilateral trade and financial connectivity. The move also complements existing infrastructure developments aimed at easing cross-border financial transactions between the two countries.
