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SCHEDULE OF CHARGES & FEES

Fourteenth Edition
Effective 1st June 2015

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

Dear Customer,

We are pleased to detail herewith our standard Schedule of Charges & Fees, which is applicable for
transactions carried out by Bank of Maldives Plc.
This list is not exhaustive and there may be additional services provided by the bank from time to time for
which additional charges may be applicable. If in doubt, please do not hesitate to contact your Branch
Manager.

Thank you.

Note: All charges are subject to change.

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

Table of Contents
Contents
1.

Account Services ............................................................................................................................................................. 6


1.1 Current Account ............................................................................................................................................................ 6
1.2

Saving Account ........................................................................................................................................................ 7

1.3 Counter Withdrawal / Deposit fee ................................................................................................................................ 8


1.4 Issuance of Cashiers Cheque ........................................................................................................................................ 8
1.5 Transfer of Salaries/Non-Cheque Transfers/Direct Debits ........................................................................................... 8
1.6 Outer atoll branch cheque collected through clearing ................................................................................................. 8
1.7 Transfers/Deposits/Withdrawals from/to inter branches ............................................................................................ 8
1.8 Local bank cheques received for collection/discounted from outstation branches .................................................... 8
1.9 Local bank transfers through RTGS and ACH ................................................................................................................ 9
1.10 Transfers bank reference/balance confirmation ........................................................................................................ 9
2.

Interest Rates ................................................................................................................................................................ 10


2.1 Bank of Maldives Base Rate ........................................................................................................................................ 10
2.2 Current and Saving Accounts ...................................................................................................................................... 10
2.3 Fixed Deposit Account ................................................................................................................................................ 10
2.4 Credit Limits ................................................................................................................................................................ 11
2.5 Unauthorised Overdrawing......................................................................................................................................... 11
2.6 Credit Cards ................................................................................................................................................................. 11
2.7 Trade Services Import .............................................................................................................................................. 11
2.8 Trade Services - Export................................................................................................................................................ 11
2.9 Trade Services Inland Letter of Credit (L/C) ............................................................................................................. 12

3.

Credit Limits .................................................................................................................................................................. 13


3.1 Balance Confirmation Charge ..................................................................................................................................... 13
3.2 Arrangement, Amendment, Enhancement, Renewal, Commitment & Prepayment Fee .......................................... 13

4.

Guarantees .................................................................................................................................................................... 15
4.1 Commission ................................................................................................................................................................. 15
4.2 Advising Guarantees ................................................................................................................................................... 15

5.

Foreign Related Services ............................................................................................................................................... 16


5.1 Issuance of Travelers Cheques .................................................................................................................................... 16
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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

5.2 Encashment of Travelers Cheques to cash of same currency or USD ........................................................................ 16


5.3 Encashment of Travelers Cheques to MVR ................................................................................................................. 16
5.4 Third party Travelers Cheques deposited to accounts with BML branches ............................................................... 16
5.5 Handling commission for encashment/deposit of foreign currency other than USD ................................................ 16
5.6 SWIFT/Telex Transfer Abroad ..................................................................................................................................... 17
5.7 Bank Drafts .................................................................................................................................................................. 17
5.8 International Cheque Clearing .................................................................................................................................... 17
5.9 BML Cheques received for collection from foreign banks .......................................................................................... 17
5.10 Inward Remittance (Telegraphic Transfers).............................................................................................................. 18
6. Trade Related Services Imports ..................................................................................................................................... 19
6.1 Issuance of Letter of Credit (L/C) (Foreign) ................................................................................................................. 19
6.2 Letter of Credit (L/C) Amendments (Foreign) ............................................................................................................. 19
6.3 Cancellation of Letter of Credit (L/C) .......................................................................................................................... 19
6.4 Letter of Credit (L/C) Confirmation (Foreign) ............................................................................................................. 20
6.5 Other foreign bank charges ........................................................................................................................................ 20
6.6 Shipping Guarantee Issuance ...................................................................................................................................... 20
6.7 Negotiation of Documents .......................................................................................................................................... 20
6.8 Import Documentary Collections ................................................................................................................................ 21
7. Trade Related Services Exports ...................................................................................................................................... 22
7.1 Letter of Credit (L/C) Advising ..................................................................................................................................... 22
7.2 Amendment Advising .................................................................................................................................................. 22
7.3 Letter of Credit (L/C) Cancellation Fee........................................................................................................................ 22
7.4 Letter of Credit (L/C) Negotiation ............................................................................................................................... 22
7.5 Export Documentary Collections ................................................................................................................................ 23
8. Trade Related Services Inland Letter of Credit (L/C) ...................................................................................................... 24
8.1 Issuance of Inland Letter of Credit (L/C) ..................................................................................................................... 24
8.2 Advising Charges Inland Letter of Credit (L/C) ......................................................................................................... 24
8.3 Other local bank charges ............................................................................................................................................ 24
8.4 Amendments ............................................................................................................................................................... 24
8.5 Cancellation of Inland Letter of Credit (L/C) ............................................................................................................... 25
8.6 Document Settlement Charges Inland Letter of Credit (L/C) ................................................................................... 25
8.7 Negotiation of Documents Charges on Beneficiary (if BML customer) ................................................................... 25

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

8.8 Discounting of Documents Charges on Beneficiary (if BML customer) ................................................................... 25


9. Credit Cards ....................................................................................................................................................................... 26
9.1 American Express ........................................................................................................................................................ 26
9.2 Visa/MasterCard ......................................................................................................................................................... 26
9.3 Repayment of credit cards .......................................................................................................................................... 26
10. Debit Cards ...................................................................................................................................................................... 27
10.1 Visa ............................................................................................................................................................................ 27
10.2 American Express ...................................................................................................................................................... 27
11. Miscellaneous ................................................................................................................................................................. 28
11.1 Maldives Internet Banking ........................................................................................................................................ 28
11.2 Maldives Mobile Banking .......................................................................................................................................... 28

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

1. Account Services
1.1 Current Account
Minimum balance to open an account (personal)
Minimum balance to open an account (business)
Minimum balance requirement (personal)
Minimum balance requirement (business)
Maintenance/service charge (monthly)
Applicable on 'Inactive Accounts
Cheques returned due to insufficient funds (per
cheque)
Cheques returned due to other reasons (incorrectly
drawn )
Issuance of cheque books (per leaf)

MVR
200.00
2,000.00
200.00
2,000.00

USD
50.00
200.00
50.00
200.00

50.00

3.00

300.00

30.00

300.00

30.00

1.00

0.10

EUR
100.00
NIL
-

Issuance of cheque books (due to lost/misplaced)


50.00
5.00
Stopped cheque (per request)
100.00
10.00
Account statements
Free of charge
Free of charge
Account statements - to send by fax (local)
Free of charge
Free of charge
Account statements - to send by fax overseas
20.00
2.00
(per page)
E-statement service
Service discontinued with introduction of MIB
Standing Orders (per transaction)
50.00
5.00
Payment Guarantee on cheques (per cheque) 50.00
5.00
temporarily discontinued
Payment by Cashiers Order to accounts with other
Details below in Cashier's Cheque Section
banks
Cashiers Order issued
Details below in Cashier's Cheque Section
Photocopy of paid cheque (when there is no
50.00
5.00
apparent discrepancy on the cheque)
Account closing charges
25.00
3.00
Account statements - issuance of duplicate
Free of charge
Free of charge
statements
Flat fee on regulatory enforced payments
300.00
25.00
Deposit of USD notes of $5 and below
3%
Note: Inactive Accounts are accounts which has experienced no customer or depositor originated activity over a
period of 24 (twenty four) months but not exceeding 5 (five) years.

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

1.2

Saving Account

Minimum balance to open an account


Minimum balance requirement
Maintenance/service charge (monthly)
Applicable on Inactive Accounts
Cheques returned due to insufficient funds
(per cheque)
Cheques returned due to other reasons (incorrectly
drawn)
Issuance of cheque books (per leaf)

MVR
200.00
200.00

USD
50.00
50.00

EUR
100.00
NIL

50.00

3.00

300.00

30.00

300.00

30.00

1.00
0.10
50.00
5.00
100.00
10.00
Free of charge
Free of charge
Free of charge
Free of charge
20.00
2.00
Service Discontinued with introduction of MIB

Issuance of cheque books (due to lost/misplaced)


Stopped cheques (per request)
Account statements
Account statements - to send by fax (local)
Account statements - to send by fax overseas (per page)
E-statement service
Account statements - issuance of duplicate statements Free of charge
Free of charge
per month
Standing Orders (per transaction)
50.00
5.00
Payment Guarantee on cheques (per cheque) 50.00
5.00
temporarily discontinued
Payment by Cashiers Order to accounts with other
Details below in Cashier's Cheque Section
banks
Cashiers Order issued
Details below in Cashier's Cheque Section
Photocopy of paid cheque (when there is no apparent
50.00
5.00
discrepancy on the cheque) per cheque
Account closing charges
25.00
3.00
Issuance of passbook
The service has been discontinued
Flat fee on regulatory enforced payments
300.00
25.00
Deposit of USD notes of $5 and below
3%
Note:
Interest is calculated daily on cleared funds less MVR 5,000.00 for Rufiyaa Accounts and less USD 1000.00 for US
Dollar Accounts at the rate of 2.00% and 1.25% respectively. If balance falls to MVR 5,000.00 or USD 1000.00 and
below NO INTEREST IS CALCULATED for that day.
For amounts exceeding USD 50,000 in US Dollar Accounts, interest is calculated daily at the rate of 1.50%.
Additionally these Savings Accounts should not have more than 5 debit transactions within that calendar month. If
number of debit transactions within a month exceeds 5 transactions, NO INTEREST IS CALCULATED for that month.
POS transactions will be excluded when counting the number of debit transactions. Interest is credited to Savings
Account at the end of December.
Inactive Accounts are accounts which has experienced no customer or depositor originated activity over a period
of 24 (twenty four) months but not exceeding 5 (five) years.

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

1.3 Counter Withdrawal / Deposit fee


For each transaction of value less than or equal to MVR 10,000.00 or USD
640.00 (applicable for Male branches only)- effective from 1 March
2015

MVR

USD

5.00

1.00

MVR

USD

0.50%
3,000.00
25.00

0.50%
250.00
2.50

1.4 Issuance of Cashiers Cheque


Issuance commission
Maximum commission
Minimum commission

1.5 Transfer of Salaries/Non-Cheque Transfers/Direct Debits


MVR
Commission for transfer of salaries for government of Maldives
Commission for transfer of salaries for others (per transaction)
Commission for non-cheque account transfers (other than salaries)
Direct Debit (each debit)

USD

Free of charge
Free of charge
MVR 5.00
10.00
1.00
MVR 10.00

1.6 Outer atoll branch cheque collected through clearing


Commission
Minimum commission
Maximum commission

MVR

USD

0.50%
25.00
3,000.00

0.50%
5.00
250.00

MVR

USD

Free

Free

1.7 Transfers/Deposits/Withdrawals from/to inter branches


Transfers/Deposits/Withdrawals from/to inter branches

1.8 Local bank cheques received for collection/discounted from outstation branches
Commission
Minimum commission
Maximum commission
Cheques returned due to insufficient funds (per cheque)

MVR

USD

0.50%
25.00
3,000.00
200.00

0.50%
5.00
250.00
20.00

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

1.9 Local bank transfers through RTGS and ACH

Outward transfer
Inward transfer

MVR

USD

50.00
15.00

5.00
1.00

MVR

USD

0.10%
300.00
300.00
300.00

0.10%
30.00
30.00
30.00

1.10 Transfers bank reference/balance confirmation


Letter of comfort - for specific amount
Letter of comfort - minimum commission
All types of bank references
Balance confirmation

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

2. Interest Rates
2.1 Bank of Maldives Base Rate
MVR
9% p.a.

Base Rate

2.2 Current and Saving Accounts


MVR

USD

EUR

Interest paid on Current accounts


Nil
Nil
Interest paid on Saving accounts
2.0%
1.25%-1.5%
Note: Interest is calculated daily on cleared funds less MVR 5,000.00 for Rufiyaa Accounts and less USD 1000.00
for US Dollar Accounts at the rate of 2.00% and 1.25% respectively. If balance falls to MVR 5,000.00 or USD
1000.00 and below NO INTEREST IS CALCULATED for that day.
For amounts exceeding USD 50,000 in US Dollar Accounts, interest is calculated daily at the rate of 1.50%.
Additionally these Savings Accounts should not have more than 5 debit transactions within that calendar month. If
number of debit transactions within a month exceeds 5 transactions, NO INTEREST IS CALCULATED for that month.
POS transactions will be excluded when counting the number of debit transactions. Interest is credited to Savings
Account at the end of December.

2.3 Fixed Deposit Account


Interest paid on Fixed Deposits (all rates are in percentage per annum)
MVR
6 months
12 months
10,000 to 50,000
50,001 to 1,000,000
1,000,001 to 5,000,000
5,000,001 to 10,000,000
10,000,001 and above

USD
5,000 to 50,000
50,001 to 100,000
100,001 to 250,000
250,001 to 1,000,000
1,000,001 and above

2.00
2.10
2.20
2.30
2.40

2.10
2.20
2.30
2.40
2.50

24 months
2.20
2.30
2.40
2.50
2.60

over 24 months
2.30
2.40
2.50
2.60
2.70

6 months

12 months

24 months

over 24 months

1.50
1.60
1.70
1.80
1.90

1.60
1.70
1.80
1.90
2.00

1.70
1.80
1.90
2.00
2.10

1.80
1.90
2.00
2.10
2.20

Note: Early withdrawal of Fixed Term Deposits is at the Banks discretion and NO interest will be paid.

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

2.4 Credit Limits


For credit facility interest rates structured as base rate plus margin, the applicable margin will be specified in the loan
documents.
Normal lending rate

MVR

USD

BML Base Rate plus


margin up to 2.75% p.a.

8.5% p.a. - 13% p.a.

Note: Penalty interest charges in case of payment default will be levied as specified in the respective loan documents.

2.5 Unauthorised Overdrawing


MVR
USD
Unauthorized overdrawing on current accounts*
Normal lending rate plus
Normal lending
5% p.a.
rate plus 5% p.a.
Note: A penalty charge of 5% p.a. above the approved interest rate will be levied on excess on overdraft accounts.

2.6 Credit Cards

American Express
Visa /Master Card

USD
Classic

USD
Gold

USD
Corporate Gold (Visa)

2.85% per month


2.85% per month

2.65% per month


2.65% per month

Nil
2.65%

2.7 Trade Services Import


MVR

USD

Negotiation of documents (from date of payment of the bill by the bank


Nil
13.0%
to date of receipt of payment)
Note: A charge of 5% p.a. above banks normal lending rate will be levied for overdue bills 10 working days after
receipt of documents for Sight bills and/or 10 days after maturity for Usance bills

2.8 Trade Services - Export

Letter of credit negotiation (from payment date to realization)

MVR

USD

Nil

13.0%

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

2.9 Trade Services Inland Letter of Credit (L/C)


MVR

USD

Document settlement Charges inland Letter of Credit (from date of payment


11.75%
13.0%
of the bill by us to date we receive payment)
Discounting of Documents Charges on Beneficiary (from date of payment of
11.75%
13.0%
the bill by us to date receive payment)
Note: A charge of 5% p.a. above banks normal lending rate will be levied for overdue bills 10 working days after
receipt of documents for Sight bills and/or 10 days after maturity for Usance bills

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

3. Credit Limits
3.1 Balance Confirmation Charge
Balance confirmation charge

MVR
300.00

USD
30.00

3.2 Arrangement, Amendment, Enhancement, Renewal, Commitment & Prepayment Fee


Fee Type

Description

Arrangement fee

Charged on all new credit limits

Enhancement fee

Charged on the enhancement amount

Extension fee

Charged on all renewal / extension /


reschedulement of credit limits involving
an increase in term of the credit facility

Amendment fee

Charged on all other amendments to


credit limits not involving an increase in
term of the credit facility
Payable on undisbursed loan amounts
above MVR1,000,000 / USD100,000
(payable quarterly on the undisbursed
amount, based on calendar quarters)
Payable on prepayment amount above
MVR1,000,000/USD100,000
(prepayment fee will be charged if the
prepayment is earlier than 60 days before
the due date)
Charged on all overdue credit limits

Commitment fee

Prepayment fee

Overdue fee

Fee percentage for all loans


and advances
1.50% of the limit
(for OD/LC/BG/TRDL facilities
0.125% per month or part
thereof)
1.50% of the enhanced
amount
(for OD/LC/BG/TRDL facilities
0.125% per month or part
thereof)
1.50% p.a. of the effective
limit
(for OD/LC/BG/TRDL facilities
0.125% per month or part
thereof)
1.00% of the effective limit

Minimum Fee
MVR
USD
1,000
100

0.50% of the undisbursed


amount

1,000

100

1,000

100

1,000

100

15,000

1,500

1.00% of the prepaid


amount

Nil

Nil

Additional 10% p.m. (120%


p.a.) over the sanctioned
rate on the overdue amount
from day 1 up to 89th day
and an additional 5% p.a.
over the sanctioned rate on
the entire outstanding from
90th day onwards

Nil

Nil

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

Note:
a) Arrangement fee
Applicable on all new credit facilities: charged on the new loan amount for loan facilities; and charged on the new
limit for the duration from sanction date to expiry for other credit limits.
b)

c)

d)

Enhancement fee
Applicable on all increases in previously sanctioned credit facility limits: charged on the enhanced amount for loan
facilities; and charged on the enhanced amount for the duration from date of enhancement sanction to expiry for
other credit limits. For all enhancements, enhancement fee plus extension or amendment fee as applicable will be
charged.
Extension fee
Applicable on all amendments involving an increase in term of the credit facility: charged on the outstanding
amount for loans; and charged on the existing limit for other credit facilities (if limit is reduced, charged on the
reduced limit).
Amendment fee
Applicable on all amendments not involving an increase in term of the credit facility: charged on the outstanding
amount for loans; and charged on the existing limit for other credit facilities

e)

Commitment fee
For the purpose of charging commitment fee, calendar quarters ending March, June, September and December will
be used. Commitment fee on loans will not be charged during the quarter within which date of sanction letter falls.

f)

Exceptions
The above charges and fees may be exempt or vary for loans approved under special schemes.

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

4. Guarantees
4.1 Commission
MVR
Guarantees up to MVR 10,000,000/USD 1,000,000 (commission will be
charged per 90 day quarter, or part thereof)
Guarantees above MVR 10,000,000/USD 1,000,000 (annually up-front
recoverable in advance)
Minimum commission
Administrative fee (for all Guarantee requests received less than 5
business days prior to the date the Guarantee is required)

USD

0.5% per quarter (2.0% per annum)


1.0% per annum
500.00

50.00

700.00

70.00

MVR

USD

15.00

10.00

10.00

4.2 Advising Guarantees


Advising guarantees without our responsibility
Advising guarantee amendments without our responsibility per
amendment (increase in amount/extension of validity)
Advising guarantee amendments without our responsibility per
amendment (other amendments)

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

5. Foreign Related Services


5.1 Issuance of Travelers Cheques
Commission
Minimum commission
Travelers Cheques returned

MVR
100.00

USD
0.50%
5.00
10.00

5.2 Encashment of Travelers Cheques to cash of same currency or USD


Commission
Minimum commission

MVR

USD

1%
1.00

MVR

USD

5.3 Encashment of Travelers Cheques to MVR


Commission
Minimum commission

Free of Charge
Free of Charge

5.4 Third party Travelers Cheques deposited to accounts with BML branches
Commission - deposits to MVR accounts
Commission - deposits to foreign currency accounts
Minimum commission
Maximum amount which can be deposited
TC return commission per TC (for TCs returned unpaid)
Foreign bank charges

MVR

USD

Free of Charge
NIL
100.00
Actual

Free of Charge
1%
1.00
NIL
10.00
Actual

5.5 Handling commission for encashment/deposit of foreign currency other than USD
Commission
Minimum commission

MVR

USD

1%

1%
Equivalent of MVR
5/- at prevailing
exchange rate

5.00

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

5.6 SWIFT/Telex Transfer Abroad


MVR

USD

0.70%
0.75%
750.00
7.00
14.00
15.00
15.00
Actual

MVR

USD

EUR

0.50%
5.00
200.00
2.00
Actual
15.00

5.00

MVR

USD

200.00
-

0.50%
1%
5.00
200.00
5.00
20.00
Actual

MVR

USD

Commission for customers who pay in USD funds


Commission for customers who does not pay in USD funds
Maximum commission
Minimum commission
SWIFT/Telex charge
Cancellation (each message)
Foreign bank charges for USD transfers
Foreign bank charges other than USD transfers

5.7 Bank Drafts


Issuance commission
Minimum commission
Maximum commission
Cancellation of Drafts
Stop payment of Drafts - foreign bank charges
Stop payment of Drafts - SWIFT/TLX charge (each message)
Foreign bank charges for issuance of Euro Drafts
(this is in addition to issuance commission)

5.8 International Cheque Clearing


Commission (foreign bank cheques drawn on a bank in USA)
Commission (foreign bank cheques drawn on a bank outside USA)
Minimum commission
Maximum commission
Postage (for cheques sent on collection)
Cheques returned due to insufficient funds
Foreign bank charges

5.9 BML Cheques received for collection from foreign banks


Commission
1%
Minimum commission
5.00
SWIFT/Telex charge
15.00
Postage
5.00
Cheques returned due to insufficient funds (per cheque)
200.00
20.00
Note: Payment against cheques drawn on BML branches received on collection from foreign banks will be paid either
by issuing a Draft or via SWIFT transfer depending on the payment instructions received from the remitting bank and
charges will apply accordingly.

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

5.10 Inward Remittance (Telegraphic Transfers)


Commission - up to USD 10,000
Commission - USD 10,001 to USD 100,000
Commission - above USD 100,001

MVR

USD

15.00
30.00
36.00

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SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

6. Trade Related Services Imports


6.1 Issuance of Letter of Credit (L/C) (Foreign)
Sight L/C issuance commission per quarter (from date of issuance to date
of expiry)
Usance L/C issuance commission per quarter (from date of issuance to
date of expiry plus Usance period of L/C)
SWIFT charge
Minimum commission
Postage charges for airmail L/C's

MVR

USD

0.35%

0.35%

50.00
25.00
15.00

MVR

USD

0.35%

0.35%

0.35%

0.35%

25.00
25.00
15.00
Actual
15.00

MVR

USD

15.00

Actual

15.00

15.00

Actual

6.2 Letter of Credit (L/C) Amendments (Foreign)


Sight L/C amendment commission - increase in amount/quarter on the
enhanced amount from date of issuance to date of expiry
Usance L/C amendment commission - increase in amount/quarter on the
enhanced amount from date of issuance to date of expiry and from date
of expiry plus Usance period of L/C
Sight L/C amendment commission - extension of validity/quarter on the
outstanding amount from date of issuance to date of expiry
Usance L/C amendment commission - extension of validity/quarter on
the outstanding amount from date of issuance to date of expiry and from
date of expiry plus Usance period of L/C
Amendment commission - others/amendment
Minimum commission
SWIFT charge (per amendment)
Foreign bank charges (if on applicant)
Postage charges for airmail L/C's (per amendment)

6.3 Cancellation of Letter of Credit (L/C)


Cancellation fee - cancellation of L/C's expired unutilized
Cancellation fee - cancellation of L/C's expired unutilized
(foreign bank charges)
Cancellation fee - cancellation of L/C's prior to expiry
Cancellation fee - cancellation of L/C's prior to expiry
(communication cost - per SWIFT message)
Cancellation fee - cancellation of L/C's prior to expiry
(foreign bank charges)

Page 19 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

6.4 Letter of Credit (L/C) Confirmation (Foreign)


L/C confirmation charges - foreign bank charges (if on applicant)
L/C confirmation charges - arrangement fees (cost of
communication/SWIFT message)

MVR

USD

Actual

15.00

MVR

USD

Actual

MVR

USD

25.00

MVR

USD

1%
25.00

5%

15.00
15.00
Actual

6.5 Other foreign bank charges


Foreign bank charges - advising, negotiating, reimbursing bank charges (if
on applicant)

6.6 Shipping Guarantee Issuance


Issuance commission

6.7 Negotiation of Documents


Retirement commission
Minimum commission
Penal interest (interest will be charged for overdue bills 10 working days
after receipt of documents for Sight bills and/or 10 days after maturity
for Usance bills)
SWIFT charge (per SWIFT message)
Foreign bank payment processing fee
Foreign bank charges (if on applicant)

Note: A charge of 5% p.a. above banks normal lending rate will be levied for overdue bills 10 working days after
receipt of documents for Sight bills and/or 10 days after maturity for Usance

Page 20 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

6.8 Import Documentary Collections


Charges on receipt of document
Handling commission
SWIFT charge per message to acknowledge receipts of documents to
remitting bank
Acceptance/Non-Acceptance of D/A document
SWIFT charge (per message) to advice acceptance/non- acceptance of
document to remitting bank
Amendment
Handling commission
SWIFT charge per message to advice acceptance/non- acceptance of
amendment to remitting bank
Payment tracers
SWIFT charge per message to reply for payment tracers received from
remitting bank
Payment
Retirement commission
Minimum commission
SWIFT charge per message
Foreign bank charges
Return of unpaid documents
Charges on returned documents (per document)
SWIFT charge per message to advice return of documents to remitting
Bank
Courier charges (per document)
Postage by registered post (per document)

MVR

USD

20.00

15.00

15.00

20.00

15.00

15.00

1%
25.00
15.00
Actual

25.00

15.00

40.00
15.00

Page 21 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

7. Trade Related Services Exports


7.1 Letter of Credit (L/C) Advising
L/C advising commission (without adding confirmation)
L/C advising commission (with confirmation)

MVR

USD

25.00
1%

MVR

USD

15.00

1%

15.00

0.35%

15.00

MVR

USD

25.00
15.00

MVR

USD

1%
25.00
Actual
30.00
40.00
15.00

7.2 Amendment Advising


Amendment advising commission - per amendment (increase in
amount) without adding bank's confirmation
Amendment advising commission - per amendment (increase in
amount) with bank's confirmation
Amendment advising commission - per amendment (extension of
validity) without adding bank's confirmation
Amendment advising commission - per amendment (extension of
validity) with bank's confirmation- per quarter
Amendment other (per amendment)

7.3 Letter of Credit (L/C) Cancellation Fee


Cancellation fee
Cancellation of L/C's - communication cost (per SWIFT message)

7.4 Letter of Credit (L/C) Negotiation


Negotiation/purchase of documents
Minimum commission
Foreign bank charges
SWIFT charges (per document)
Courier charges (per document)
Postage charges (per document) - by registered post

Page 22 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

7.5 Export Documentary Collections


Charges to send the documents on collection and advise collecting bank
Handling commission
SWIFT charge per message
Courier charges per document
Postage by registered post (per document)
Acceptance/payment tracers
SWIFT charge per message to inquire status of acceptance/payment
from collecting bank
Amendment
Handling commission
SWIFT charge per message to advise collecting bank of amendments
Courier charges per document
Postage by registered post (per document)
Payment
Retirement commission
Negotiation commission
Minimum commission
SWIFT charge per message
Courier charges per document
Postage by registered post (per document)
Foreign bank charges

MVR

USD

20.00
15.00
40.00
15.00

15.00

20.00
15.00
40.00
15.00

1%
25.00
15.00
40.00
15.00
Actual

Page 23 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

8. Trade Related Services Inland Letter of Credit (L/C)


8.1 Issuance of Inland Letter of Credit (L/C)
Sight L/C's:
L/C issuance commission (per quarter) - from date of issuance to date
of expiry
Usance L/C's:
L/C issuance commission (per quarter) - from date of issuance to date
of expiry and L/C issuance commission (per quarter) - from date of
expiry plus Usance period of the L/C
Minimum commission
Maximum commission
Processing charges for inland L/C's (if not sent by SWIFT)
SWIFT charge (if sent via SWIFT)
L/C advising, negotiating, reimbursing bank charges (if on applicant)

MVR

USD

0.35%

0.35%

0.35%

0.35%

200.00
2,500.00
200.00
500.00
Actual

15.00
250
15.00
40.00
Actual

MVR

USD

200.00
100.00

20.00
10.00

MVR

USD

Actual

Actual

MVR

USD

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

0.35%

8.2 Advising Charges Inland Letter of Credit (L/C)


L/C advising commission (if beneficiary is BML customer)
Amendment advising commission (if beneficiary is BML customer)

8.3 Other local bank charges


Local bank charges - advising, negotiating, reimbursing bank charges
(if on applicant)

8.4 Amendments
Sight L/C's:
Amendment commission - increase in amount (per quarter) on the
enhanced amount - from date of issuance to date of expiry
Usance L/C's:
Amendment commission - increase in amount (per quarter) on the
enhanced amount - from date of issuance to date of expiry and from
date of expiry plus Usance period of the L/C
Sight L/C's:
Amendment commission - extension of validity (per quarter) on the
outstanding amount from date of issuance to date of expiry
Usance L/C's:
Amendment commission - extension of validity (per quarter) on the
outstanding amount - from date of issuance to date of expiry and from
date of expiry plus Usance period of the L/C

Page 24 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

Amendment commission (other) - per amendment


Minimum commission
Maximum commission
Processing charges for Inland L/C's (if not sent by SWIFT)
SWIFT charge (if sent via SWIFT)

100.00
100.00
2,500.00
100.00
200.00

10.00
15.00
250.00
10.00
15.00

MVR

USD

150.00

12.00

Actual

Actual

150.00

12.00

150.00

12.00

Actual

Actual

MVR

USD

0.35%
200.00
2,500.00

0.35%
15.00
250.00

5%

5%

8.5 Cancellation of Inland Letter of Credit (L/C)


Cancellation fee - cancellation of L/C's expired unutilized
Cancellation fee - cancellation of L/C's expired unutilized (foreign bank
charges)
Cancellation fee - cancellation of L/C's prior to expiry
Cancellation fee - cancellation of L/C's prior to expiry (communication
cost - per SWIFT message)
Cancelation fee - cancellation of L/C's prior to expiry - (foreign bank
charges)

8.6 Document Settlement Charges Inland Letter of Credit (L/C)


Retirement commission
Minimum commission
Maximum commission
Penal Interest (penal interest will be charged for overdue bills 10 days
after receipt of documents for Sight bills and/or 10 days after maturity
for Usance bills)

8.7 Negotiation of Documents Charges on Beneficiary (if BML customer)


Negotiation of documents
Minimum commission
Maximum commission
SWIFT charge (if applicable) - per SWIFT message

MVR

USD

0.50%
200.00
2,500.00
200.00

0.50%
15.00
250.00
15.00

8.8 Discounting of Documents Charges on Beneficiary (if BML customer)


MVR

USD

Discounting of documents
1%
1%
Minimum commission
200.00
15.00
Maximum commission
2,500.00
250.00
Penal Interest (penal interest will be charged for overdue bills 10 days
after receipt of documents for Sight bills and/or 10 days after maturity
5%
5%
for Usance bills)
Note: A charge of 5% p.a. above banks normal lending rate will be levied for overdue bills 10 working days after
receipt of documents for Sight bills and/or 10 days after maturity for Usance bills.

Page 25 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

9. Credit Cards
9.1 American Express
MVR
Classic
200.00
Free
450.00
200.00
65.00
3% (minimum 25.00)
65.00
125.00
65.00
25.00
125.00

Joining fee
Additional card joining fee
Annual fee
Additional card annual fee
Over limit fee
Cash advance fee
Past due fee
Card replacement fee
Sales slip retrieval/charge back processing fee
Copies of statement
Cheque/slip return fee

MVR
Gold
500.00
Free
800.00
400.00
65.00
3% (minimum 25.00)
65.00
125.00
65.00
25.00
125.00

9.2 Visa/MasterCard

Joining fee
Additional card joining fee
Annual fee
Additional card annual fee
Over limit fee
Cash advance fee
Past due fee
Card replacement fee
Sales slip retrieval/charge back
processing fee
Copies of statement
Cheque/slip return fee

USD
Classic

USD
Gold

USD
Corporate Gold (Visa)

15.00
Free
35.00
15.00
5.00
3% (minimum USD 2.00)
5.00
10.00

30.00
Free
55.00
30.00
5.00
3% (minimum USD 2.00)
5.00
10.00

50.00
Free
100.00
50.00
5.00
3% (minimum USD 2.00)
5.00
10.00

5.00

5.00

5.00

2.00
10.00

2.00
10.00

2.00
10.00

9.3 Repayment of credit cards


From a BML account
By cash

MVR
USD
Free of charge irrespective of amount
Free of charge irrespective of amount

Page 26 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

10. Debit Cards


10.1 Visa
MVR
Joining fee
Annual fee
Card replacement fee
BML ATMs cash withdrawal/transaction
BML POS cash withdrawal service
Other ATMs cash withdrawal/transaction
BML ATMs balance enquiry
Other ATMs balance enquiry
PIN replacement fee
Sales slip retrieval on each disputed transaction
Daily limits - BML ATMs

50.00
50.00
50.00
Free
10.00
0.5% (Minimum 25.00)
Free
10.00
50.00
65.00
10,000.00

10.2 American Express

Joining fee
Annual fee
Card replacement fee
BML ATMs cash withdrawal/transaction
BML POS cash withdrawal service
BML ATMs balance enquiry
Other ATMs balance enquiry/transaction
PIN replacement fee
Sales slip retrieval on each disputed transaction
Daily limits - BML ATMs

MVR
Classic

MVR
Gold

50.00
50.00
50.00
Free
10.00
Free
10.00
50.00
65.00
10,000.00

200.00
200.00
50.00
Free
10.00
Free
10.00
50.00
65.00
15,000.00

Page 27 of 28

SCHEDULE OF CHARGES & FEES


EFFECTIVE FROM 1st JUNE 2015

11. Miscellaneous
11.1 Maldives Internet Banking

Internet banking access fee - annual fee


Initial token fee for new application
Additional token/token replacement fee
Transfer to an account at any local bank
Local bank transfer returned fee (for lack of funds/incorrect credit
account information)

International payments (applicable for only premium package)


Commission for customers who pay in USD funds
Minimum commission
SWIFT/Telex charge
Cancellation (each message)
Foreign bank charges for USD transfers
Standing Order fee from any BML account to any BML account, other
than a loan account or credit card account (applicable for only premium
package)
Stop cheque fee
Duplicate statement fee

MVR
Standard
Free of charge
-

MVR
Premium
Free of charge
200.00
100.00
5.00

10.00

MVR

USD

0.50%
7.00
12.00
15.00
15.00

Free of charge

Free of charge

50.00
Free of charge

5.00
Free of charge

11.2 Maldives Mobile Banking


Maldives Mobile Banking

Free of charge

Page 28 of 28