The State Bank of India (SBI) has issued a public notice in the Gazette addressing the status of dormant accounts, as mandated by the Maldives Banking Act of 2010. Under the law, accounts are classified as dormant after five years of inactivity, meaning no customer-initiated transactions or communication with the bank.
SBI urges customers who believe they may hold a dormant account to contact their local branch immediately. The bank has proactively attempted to reach affected customers via their last known address or contact information, providing details of their dormant accounts.
Failure to claim dormant accounts by May 15th, 2024 will result in the transfer of account balances to the Maldives Monetary Authority, in accordance with the Banking Act.
Customers can reactivate their accounts by emailing SBI Maldives:
- Savings Accounts: cro.sbimale@statebank.com
- Current Accounts: operations.sbimale@statebank.com
SBI expresses gratitude for the cooperation and patronage of its customers and emphasizes its commitment to serving the banking needs of the Maldivian community.
Important Note for SBI Customers:
If you suspect your SBI Maldives account may be classified as dormant, it’s crucial to contact your branch or use the provided emails before the May 15th deadline to avoid having your funds transferred to the Maldives Monetary Authority.
