Businesses may request for cheque books once their Business Current account is activated. A cheque gives the bank order to pay the person in whose name the cheque is drawn out, for the specified amount mentioned on the cheque.
Cheque encashments up to MVR 25,000.00 or USD 1,500.00 per day in aggregate can be enchased from the account to any persons without indemnifying the bank.
For Cheque encashments exceeding MVR 25,000.00 or USD 1,500.00, authorized signatories shall notify the Bank in writing with a list of names with identity card number/work permit or passport number of all persons authorized for the encashment by submitting a “indemnity agreement”.
Any change to such authorized persons shall be notified in writing to the Bank
The maximum cash withdrawal limit is MVR 200,000 per customer per day. Limit is inclusive of encashment from all accounts under the customer
All Cheque deposits including those of other local banks are accepted through BML ATMs.
BML cheques presented to ATMs before 2 PM will be processed for settlement on the same day. All cheques deposited after 2 PM will be processed on the following day.
Clearing cheques (other local bank cheques) presented to ATMs before 11 AM will be processed for clearing on the following day (1 working day). Clearing cheques presented after 11 AM will be processed within 2 working days