HSBC Maldives Branch has announced that they will be terminating all accounts that have been inactive for a long period of time.
The bank had announced the termination of accounts that have been dormant for 5 years. Such 154 accounts were revealed by HSBC.
According to the banking regulations of Maldives, accounts that have not shown any activity in the past five years and that haven’t informed the bank via writing will be deemed as unused accounts. Therefore, 60 days after the announcement to terminate accounts is made, those accounts where account holders do not come forward to collect the balance money in the accounts, the remaining money should be transferred to the central bank.
Terminating dormant accounts is often done by the banking institutions in Maldives.