Account Opening Terms & Conditions
Maldives Premier Bank
Deposits
1. Maldives Premier Bank Pvt Ltd accept deposits as principals.
2. All depositors must complete an application form and bank mandate and shall supply all documentation that the Bank requests to complete its account opening procedures. The minimum balances accepted to open an account are detailed in the Schedule of Charges and Fees.
3. (i) Maldivian Rufiyaa cheques drawn on a bank in the Republic of Maldives will be posted to the account on the date of clearance. (ii) US Dollar Cheques drawn abroad and all other currency cheques will normally be sent for collection, which will be credited upon receipt of proceeds from the paying bank. (iii) Cash Deposits will be posted to the account on the date of receipt. (iv) The Bank retains the right of recourse, after crediting a customer's account, for repayment of the amount in the event of the item subsequently being returned unpaid. Where funds have been converted to another currency, the Bank also retains the right to recover any difference brought about by fluctuations in exchange rates.
4. Dollar and Rufiyaa telegraphic transfers received by 2 PM will be given same day value, telegraphic transfers received after 2 PM will be treated as received the next business day unless the Bank has received prior advice by Authenticated Telegraphic Advice or Authenticated SWIFT message.
5. Funds will be applied to the account number quoted. In the absence of an account number being quoted the Bank reserves the right to apply the funds to any account held for the beneficiary in the same currency.
6. Deposits to Escrow Accounts shall be made strictly in accordance with the Escrow Agreement executed between the depositor(s), the beneficiary(ies), and the Bank. The Bank shall act solely in the capacity of an Escrow agent and stakeholder and shall hold funds in the Escrow Account as a neutral depository without beneficial interest or discretionary control over the funds, except as expressly provided in the Escrow Agreement.
7. The Bank reserves the right to refuse, reject, limit or return any deposit where required by applicable laws, regulations, sanctions requirements, internal policies, risk management considerations, or for any other legitimate business reason.
Interest
8. The minimum balances required to earn interest are listed in the Schedule of Charges and Fees.
9. Interest will accrue daily on the cleared balance of all accounts. Cheques, direct debits, or payments will be debited to the account on the business day of payment by the Bank.
10. Rufiyaa cheques credited will be normally deemed to have cleared for interest one business day after receipt by the Bank. All other currency cheques will be deemed to have cleared for interest when the collection proceeds have been received by the Bank.
11. Interest will normally be credited gross to all accounts. The Bank will pay interest at the rates published and available daily at its offices.
12. The Bank, at its sole discretion, may extend temporary overdraft facilities to account holders without requiring a formal agreement. The Bank reserves the right to charge interest and applicable fees at rates specified in the prevailing Schedule of Charges. Furthermore, the Bank may, without prior notice, recover any outstanding overdraft amounts from incoming credits or any other accounts held by the customer with the Bank. The extension of a temporary overdraft in the past does not create an obligation for the Bank to provide continued or future overdraft facilities at its discretion. The Bank retains the absolute right to revoke, modify, or deny such facilities at its discretion. Interest will be calculated daily and debited to the account periodically. The Bank also reserves the right to reject transactions if an account remains overdrawn.
13. Escrow Accounts shall be non-interest-bearing, unless specifically stated in the Escrow Agreement. Any interest, if applicable, shall accrue and be distributed in accordance with the terms of the Escrow Agreement.
14. Interest rates prevailing on all accounts will be reviewed regularly and the Bank reserves the right to amend the rates at any time. Interest rate changes will not be advised to individual depositors.
15. For Flexi Yield Business Accounts, interest will accrue daily on the cleared balance only where the minimum qualifying balance specified by the Bank is maintained.
Statement
16. Statements will be issued as requested, and additionally upon closure of an account.
17. Other statement frequency options are available.
Withdrawal
18. Withdrawals may be made by cheque, standing order, debit card or direct debit. If requested, withdrawals may be made by banker's draft or telegraphic transfer. Such transfers are made at the risk of the depositor, and the Bank is not liable for loss, damage or delay, however caused, which is not directly due to the negligence of the Bank's officers or employees.
19. Cheque books will be issued at the discretion of the Bank, initially only when satisfactory account opening formalities have been completed.
20. Cash withdrawals in currencies other than MVR at our branches or service centers shall be subjected to availability at the time of request. The Bank does not guarantee the availability of physical cash of other currencies except MVR at any given time and reserves the right to limit, defer or deny such withdrawals based on availability, security considerations, or regulatory requirements.
21. Withdrawals or disbursements from an Escrow Account shall be made strictly in accordance with the instructions, triggers, or conditions expressly stipulated in the Escrow Agreement duly executed between all relevant parties. The Bank's obligations in this regard shall be limited to verifying the receipt of the required instructions and/or supporting documentation as specified in the Escrow Agreement. The Bank shall have no duty or responsibility to ascertain or enforce the performance of any contractual obligations between the depositor(s) and beneficiary(ies).
Currency Conversion
22. Cleared funds may be converted into any other currency available in the Bank, subject to the Bank's prevailing exchange rates and applicable terms and conditions.
23. Conversions will be carried out at the prevailing exchange rate on the day for value in two business days' time.
Charges
24. Services will be charged as detailed in the Bank's Schedule of Charges and Fees leaflet, a copy of which is available from the Bank on request. All charges are subject to amendment from time to time.
25. All applicable account setup, annual maintenance, and transaction fees related to Escrow Accounts shall be as specified in the Bank's Schedule of Charges and/or the Escrow Agreement. The Bank is authorized to deduct such charges directly from the Escrow Account upon activation and thereafter as due, without any further notification to the depositor(s) or beneficiary(ies).
General
26. Deposits and notifications of withdrawal received by the Bank after 12 noon will be treated as if received the next working day.
27. In the case of a joint, partnership, trust, executor or administrator's account, the Bank will, in the event of the death of any party to the account, accept signature(s) of the survivor(s) as authority for withdrawals, and the holders of such accounts by the acceptance of these Terms and Conditions agree that any money held in joint names should be payable to and held for and to the order of the survivor(s).
28. Any liability in the case of any joint, partnership, trust, executor or administrator's accounts shall be joint and several.
29. For Escrow Accounts, the Bank shall act solely as a custodian and stakeholder, with responsibilities strictly limited to safekeeping and disbursement of funds in accordance with the Escrow Agreement. The Bank shall not be liable for any dispute, loss, or damage arising from non-performance, breach or any other contractual matters between the depositor(s) and beneficiary(ies). The Bank's liability shall, in all circumstances, be limited exclusively to actions or omissions constituting gross negligence or willful misconduct.
30. Any amendment to the current mandate may be affected only by the signatories in respect of personal accounts and by the authorized signatories in respect of all other accounts.
31. The Bank reserves the right, at its sole discretion and without prior notification, to freeze, suspend, deactivate, close, or restrict credit to your account at any given time, in strict compliance with the applicable laws, regulations, and the Bank's internal policies and procedures. If the account in question is held by a corporate entity, the Bank further reserves the right to close the accounts belonging to its shareholders and directors. Likewise, should the account pertain to a partnership or any other legal entity, the Bank is similarly authorized to terminate the accounts of its partners and any other affiliated legal entities.
32. All references to Rufiyaa or Rf or MRf or MVR are to be constructed as references to the currency of the Republic of Maldives.
33. The Bank may at any time and without notice combine or consolidate all or any accounts in the names of a depositor(s), irrespective of the currency denomination, and/or transfer any sums standing to the credit of such accounts towards satisfaction of any liabilities to the Bank in the names of the depositor(s) or any commitments entered into by the Bank on behalf of the depositor(s).
34. Telephone and facsimile instructions will not be accepted unless the Bank hold a completed indemnity form and the agreed code word is quoted. The bank reserves the right to refuse to carry out any instruction if they are in any doubt regarding its authenticity.
35. All telephone calls may be recorded in order to ensure that the quality of service and security is maintained for depositors.
36. To stop payment of a cheque, standing order, direct debit or other item, the Bank should be advised immediately by telephone, followed by confirmation in writing. The Bank will not act upon any such advice if the item has already been debited to the account, or the Bank has given a commitment that payment will be made.
37. In accordance with normal banking practice, the Bank will not meet payment of cheques dated six months or more prior to the date of presentation.
38. Business days shall be deemed to be days of business in the appropriate country of jurisdiction where the individual currency is based. Local bank holidays may cause a corresponding delay in the clearing or processing of transactions.
39. By applying for and maintaining any account with the Bank, the depositor consents to the Bank collecting, using, processing, storing, and disclosing the depositor's information, including personal and business-related data, for the purposes of account opening, administration, regulatory compliance, risk management, and the provision of banking products and services, in accordance with applicable laws of the Republic of Maldives and the Bank's internal policies. The depositor acknowledges that such data may be shared with regulators, service providers, auditors, and other third parties where necessary for the stated purposes or as required by law.
40. These Terms and Conditions shall apply to all accounts maintained with the Bank unless expressly stated otherwise. Escrow Accounts shall be governed by these Terms and Conditions in conjunction with the specific Escrow Account Terms and Conditions and the Escrow Agreement duly executed between the relevant parties.
41. The Bank reserves the right to amend these Terms and Conditions at any time. Any material amendments will be notified. No indulgence or waiver in favor of a depositor should prejudice the Bank's right to rely on these Terms and Conditions.
42. In respect of Deposits made with Maldives Premier Bank Pvt ltd, these Terms and Conditions are governed by and in accordance with the laws of the Republic of Maldives and the depositor submits to the nonexclusive jurisdiction of the courts in the Republic of Maldives.
43. The depositor shall comply with all applicable laws and regulations. The Bank may request additional information or documentation at any time to satisfy legal, regulatory, sanctions, or other compliance requirements, and may restrict, suspend, or terminate services where such information is not provided.
Fixed Deposits
The Bank shall have no obligation to release the proceeds of any Fixed Deposit prior to its maturity date.
The proceeds of a Fixed Deposit shall not be paid until the original Fixed Deposit Receipt has been duly discharged and surrendered to the Bank.
Unless the Bank receives written instructions to the contrary at least seven (7) days prior to the maturity date, the Bank may, at its discretion, renew the Fixed Deposit for a similar term in accordance with the Customer's previous instructions.
Any renewal of a Fixed Deposit shall be subject to the interest rate applicable and prevailing at the time of renewal.
In the event of the death of a depositor, the principal amount of the deposit together with any accrued interest shall be payable to the surviving account holder(s) or otherwise dealt with in accordance with the applicable laws and regulations in force.
Version 1.0 — 30.08.2026