In a major step towards enhancing financial services and trade facilitation, Bank of Maldives (BML) has announced the launch of Indian Rupee (INR) accounts for individuals, businesses, and expatriates, effective from 1 August 2025. This initiative marks a forward-thinking effort to expand financial cooperation with India and create more convenient banking solutions for customers engaging in cross-border transactions.
The new service will allow BML customers to open and manage INR accounts directly through BML’s Internet and Mobile Banking platforms, offering a seamless digital onboarding process. With a minimum deposit threshold starting at INR 500, customers can now enjoy more accessible and efficient account management in Indian currency without needing to visit a physical branch.
Mohamed Shareef, Chief Executive Officer and Managing Director of Bank of Maldives, emphasized the importance of this milestone in aligning with the broader economic and financial developments between the Maldives and India. “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,” Shareef said. He added that the bank is firmly committed to continuously improving service delivery and expanding financial inclusion for both retail and corporate clients.
The initiative is part of BML’s comprehensive strategy to strengthen its banking infrastructure while supporting bilateral economic exchanges. This includes the integration with India’s RuPay card network, which began in October 2024, allowing acceptance of RuPay International cards across all BML ATMs and POS terminals in the Maldives. Building on this progress, BML is currently working with the National Payments Corporation of India (NPCI) to enable support for domestic RuPay cards and begin issuing RuPay cards for INR account holders by the end of 2025.
Once fully implemented, this cross-currency banking infrastructure will allow both individuals and corporate account holders to carry out INR-denominated transactions globally, including direct inward remittances from India and outward transfers from the Maldives, further simplifying the flow of funds across borders. The initiative is particularly beneficial to Indian expatriates residing in the Maldives and Maldivian businesses engaged in trade with India, streamlining currency conversion and reducing transaction costs.
Supporting the rollout of INR accounts is BML’s extensive physical and digital infrastructure. The bank operates 40 branches across 20 atolls, 133 self-service banking centres, 188 ATMs, and a nationwide agent banking network, in addition to its advanced digital banking platforms. These resources ensure widespread access to BML services across the Maldives and enable the bank to deliver high-quality banking experiences to a broad customer base.
The launch of INR accounts reflects BML’s ongoing mission to deliver innovative financial products that respond to the changing demands of its customers and contribute to the country’s broader financial development. As the largest financial institution in the Maldives, BML continues to set industry benchmarks through its investments in technology, strategic partnerships, and customer-centric service enhancements.
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