Banks in Maldives

The Maldives Monetary Authority (MMA) is the central bank and supervises licensing, capital, liquidity, governance, anti-money-laundering controls, risk management and cybersecurity. Banks need a licence before starting banking business. The main legal framework includes the Maldives Banking Act 24/2010, the Maldives Monetary Authority Act and the National Payment System Act 8/2021. The MMA’s 2025 and April 2026 banking snapshots listed State Bank of India, Bank of Maldives, Bank of Ceylon, Habib Bank Limited, The Mauritius Commercial Bank (Maldives) Private Limited, Maldives Islamic Bank and Commercial Bank of Maldives Private Limited. HSBC left the market in May 2025. Maldives Premier Bank Private Limited received a licence and operating approval on 18 May 2026. Published totals differ between snapshots and later reports, so the current MMA bank register should be checked when the exact number or current licence status matters. Banks offer current accounts, savings accounts, fixed deposits, joint accounts, business accounts and accounts for expatriates. Common currencies are Maldivian rufiyaa (MVR) and US dollars. A fixed deposit may run for six or twelve months in a Bank of Maldives example, but early withdrawal rules, interest or profit treatment and minimum balances depend on the bank and product. Maldives Islamic Bank provides Shariah-compliant banking, and Bank of Maldives also offers Islamic alternatives. Deposit insurance covers current, time and savings deposits, including equivalent Islamic deposits, up to MVR 30,000 or the foreign-currency equivalent per depositor at each member bank. Member institutions, the government, related persons and deposits held as collateral are excluded from that protection. A Maldivian resident generally uses a National ID or eFaas for identity verification. eFaas is the state digital identity system for Maldivians and eligible residents or work-permit holders; it is not itself a bank account. A foreign resident normally provides a passport, valid visa or work permit and the documents required by the bank’s customer checks. A business usually needs local registration, board or resolution documents and beneficial-owner and customer-identification evidence. Accounts may be opened through a branch, an agent or an eligible digital process, depending on the bank and customer profile. Bank access is distributed unevenly across the islands. The 2025 Financial Access Survey recorded 52 branches excluding head offices across 20 inhabited atolls and seven covered banks. Bank of Maldives reported 38 branches across 20 atolls, 85 self-service banking centres, 141 ATMs and more than 200 agents. Maldives Islamic Bank operates branches and electronic cash recycling machines in several northern and southern atolls. Availability on a particular island depends on the bank, so ATM access, cash services, agent limits and connectivity should be checked before choosing an account. Payments include cash, cards, point-of-sale transactions, online payments, local and interbank transfers, SWIFT or telegraphic transfers and remittances. MRTGS handles high-value or urgent interbank transfers from MVR 100,000 or USD 5,000, while ACH handles lower-value batch clearing, including direct credits and cheque imaging. Visa, Mastercard and American Express cards may be debit, credit or prepaid cards. Favara supports transfers, payment requests, recalls and identification; its 2024 limits included MVR 200,000 for transfers and MVR 10,000 for requests. PayMV QR uses a national EMVCo QR standard, while participation and bank coverage can change. Internet and mobile banking can provide balances, statements, local and overseas transfers, bill payments, top-ups, two-factor authentication, push alerts, card freezing and account controls. Bank of Maldives and Maldives Islamic Bank offer different digital services, including Favara-linked transfers and card management. Digital access reduces travel between islands but still depends on connectivity, a working device and secure credentials. Never share a PIN, password, one-time password or card security code, and do not use links in unexpected messages. Banks should provide current rates, foreign-exchange rates, charges, banking hours, key product facts, risk information and agent details. Fees, exchange-rate spreads, minimum balances, card charges, ATM charges and transfer costs are set by the bank’s current schedule of charges. Branch hours also vary; Bank of Maldives branches commonly operate Sunday to Thursday from 08:30 to 14:00, with possible special hours. Customers should review statements, keep contact details and identification information current, follow account terms and report suspected fraud without delay. A complaint normally starts with the bank’s own complaint channel. If the bank does not resolve a financial complaint, it can be submitted in writing to the MMA using its complaint form, 1444@mma.gov.mv or hotline 1444 during business hours. The MMA can investigate, mediate or use its dispute process.