Direct Credits of salary and other payments to employee or beneficiary accounts.
The Bank provides direct credit service for depositing of salary and related payments, pensions, share dividends etc to beneficiary accounts directly. This saves employers and other customers availing this service from handling large number of payments by cash or cheque. At the same time, it saves employees and other beneficiaries from having to queue at the Bank to deposit these funds to their accounts.
Beneficiary accounts are required to be maintained with Bank of Maldives. They may be current or savings accounts, in Maldivian Rufiyaa or United States Dollars and may be maintained with any of our Branches. For deposits to US Dollar accounts, the funds will have to be provided in US Dollars, and will be deposited to the beneficiary account at the prevailing buying rate.
The Bank credits the proceeds to the respective beneficiary account as per the particulars provided by the paying customer. The beneficiaries may verify their accounts for confirmation of the salary proceeds, through the bank ATMs or through their Maldives Internet Banking service.
Interested employers and other entities are invited to contact Bank of Maldives Card Centre to express your interest to avail the Direct Credit service. A Memorandum of Understanding will require to be executed between the Bank and the paying Customer, outlining the terms and conditions and fees, procedure for submission of list of beneficiary and payment details, and method for provision of the required covering funds for the direct credits and fees.
For more information on this service please contact the bank of Maldives Card Centre Accounts Department on 3330267, or send an email to firstname.lastname@example.org.