schedule of charges and fees free equivalent to mvr 5 direct debit (each debit) 10 equivalent to mvr...

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Terms & Conditions apply

All charges are subject to change at the discretion of Bank of Maldives PLC.

This is not an exhaustive list of charges and there may be additional services provided by the Bank from time to time for which separate charges may be applicable.

For any clarification, please feel free to contact your Branch Manager or Relationship Manager.

Schedule of Charges and Fees

Seventh Edition: Effective from 1st March 2018

Schedule of Charges & Fees of BML Islamic: 7th Edition Effective from 1st March 2018

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Table of Contents

1.0 Account Services 3

2.0 Transfers and Payments 4

3.0 Card Services 5

4.0 Financing Rates 6

5.0 Financing Facility Charges and Fees 7


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1.0 Account Services

1.1 PERSONAL AND BUSINESS ACCOUNTS MVR USD

Personal and Expatriate1 Accounts Initial Deposit Minimum balance

200

-

50

-

Business Accounts2

Initial Deposit Minimum balance

2,000

-

200

-

Monthly Maintenance Fee

Expatriate accounts Inactive accounts3

75 50

5 3

Cheque book Issuance Fee (per leaf) 3 0.20

Cheque Return Fee (Insufficient funds and incorrectly drawn cheques)

450 30

Stopped cheque (per request) 100 10

Standing Orders (per transaction) 50 5

Photocopy of paid cheques (per cheque) 50 5

Statements of accounts Fee (per calendar month)4 Maximum Fee (Up to one year)

30 150

2 10

Account closing fee 25 3

Fee on regulatory enforced payments 300 25

Counter Withdrawals / Deposit Fees4,5 75 5

Deposit of USD notes of $5 and below - 3%

Deposit or encashment of foreign currency notes (except USD)

1% (Minimum MVR 5)

1% (Minimum equivalent to MVR 5)

All types of bank references 300 30

Balance confirmation charge 300 30

Notes

1. Expatriate Account can only be a Current Account

2. Business Account can only be a Current Account

3. Inactive Accounts are accounts which have not experienced any activity from the customer or a depositor over a period of 24

months.

4. For Senior Citizens counter withdrawal/deposit fees and statement fees are Free of Charge

5. Counter Withdrawal and Deposit fees are charged for each transaction of value less than or equal to MVR 25,000 or USD 1,600

and to all cheque deposits to personal accounts irrespective of the amount (not applicable for branches on islands where Self-

Service Banking is not available).


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2.0 Transfers and Payments

2.1 LOCAL FUND TRANSFERS THROUGH RTGS AND ACH MVR USD

BML to BML1 Free Free

Outward transfer (over the counter) 50 5

Outward transfer through BML Internet / Mobile Banking Free Free

Inward transfer 15 1

1. Please refer to section 1.0 (Counter charges may apply)

RTGS: Real Time Gross Settlement

ACH: Automatic Clearing House

2.2 SWIFT/TELEGRAPHIC TRANSFER (TT) – OVERSEAS USD

Commissions Over the counter2 BML Online Banking2 Minimum Maximum

0.70% 0.50%

7 750

SWIFT/Telex charge 15

Correspondence bank charges for USD transfers 15

Correspondence bank charges for other currency transfers except USD Actual

Cancellation (each message) 15

2. Customers must have USD balances in their accounts

2.4 ISSUANCE OF CASHIER’S CHEQUE/ BANK DRAFTS MVR USD

Commission Issuance Minimum Maximum

0.50%

25 3000

0.50%

5 200

Stop payment of Drafts - foreign bank charges - Actual

Stop payment of Drafts - SWIFT charge (each message) - 15

Foreign bank charges for issuance of Euro Drafts (in addition to issuance commission) - EUR 5

Cancellation of Drafts - 2

2.3 INWARD REMITTANCE (TELEGRAPHIC TRANSFERS FROM OVERSEAS) USD

Commission - up to USD 10,000 15

Commission - USD 10,001 to USD 100,000 30

Commission - above USD 100,001 36


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2.5 TRANSFER OF SALARIES/DIRECT DEBITS MVR USD

Commission for:

Salary transfer for Government of Maldives employees Salary transfer for others (per transaction)

Free 5

Free Equivalent to MVR 5

Direct Debit (each debit) 10 Equivalent to MVR 10

2.6 BML CHEQUES RECEIVED FOR COLLECTION FROM FOREIGN BANKS USD

Commission Minimum

1% 5

SWIFT/Telex charge 15

Courier 40

Cheques returned due to insufficient funds (per cheque) 30

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.

3.0 Card Services

3.2 ATM FEES MVR

Cash withdrawal fee – BML Cards on BML ATMs Free

Cash withdrawal fee - Non-BML Cards on BML ATMs Cash withdrawal fee - BML Cards on Non-BML ATMs

100

0.5% (Minimum MVR 25)

Balance Inquiry – BML Cards on BML ATMs Free

Balance Inquiry – BML Cards on Non-BML ATMs 10

3.3 BML ONLINE BANKING MVR

Internet banking registration fee Free

Initial token fee for new application (optional) 200

Additional token/token replacement fee (optional) 100

Note: Online Banking refers to Internet Banking and Mobile Banking

Charges apply to fund transfers (please refer to charges under Transfers and Payments)

3.1 BML ISLAMIC VISA CARD ISSUANCE AND SERVICE FEES MVR USD

Joining fee / Annual fee 50 3.33

Card replacement fee 50 3.33

PIN replacement fee 50 5

Sales slip retrieval/charge back processing fee (for each disputed transaction)

65 5


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3.4 CROSS-BORDER TRANSACTION FEE

Cross-border Card Transactions effected in currencies other than Billing Currency (MVR or USD) will be debited to your

account after conversion into your card Billing Currency at an exchange rate determined by the respective Card network. This

exchange rate is applied on the date the Card Transaction is posted to the Account and may be different from the rate in

effect on the date of the Card Transaction. All cross-border transactions processed will be subject to a fee of maximum 10%

on the transaction amount.

3.5 MERCHANT DISCOUNT RATE MVR USD

BML Debit Cards and BML Pre-paid cards Up to 2.5% Up to 2.5%

Visa/ MasterCard / UnionPay /Diner and Discover 2.5% to 3.5% 2.5% to 3.5%

American Express 3.0% to 4.0% 3.0% to 4.0%

Note: Merchant Discount is a commission paid by the Merchant to the bank and not charged to the cardholder. This rate varies depending

on the merchant volume and type of business.

3.6 PAYMENT GATEWAY MVR USD

Set-up Fee (one-time) 15,000 1,000

Maintenance Fee 750 per month 50 per month Note: In addition the Merchant Discount applies for transactions through Payment Gateway. All Fees and commission are charged to the

Merchant and not to the cardholder.

3.7 POS CASH WITHDRAWAL FEE MVR

Cash withdrawal through BML agents 10

4.0 Financing Rates

Financing rates are structured as base rate plus margin, the applicable margin will be specified in the financing documents.

4.1 BML ISLAMIC BASE RATE MVR USD

Base Rate 10% p.a. 9.5% p.a.

4.2 HOUSING FINANCE LEASING RATES (MVR) Minimum Rate Maximum Rate

Home Purchase Financing Base Rate p.a. Base Rate + 1% p.a.

Home Construction Financing Base Rate + 0.5% p.a. Base Rate + 1.25 % p.a.

Real Estate Financing Base Rate + 1% p.a. Base Rate +1.75% p.a.

Note: Financing rates on Housing Finance vary based on the equity invested.


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5.0 Financing Facility Charges and Fees

Fee Type Description Fee percentages

Minimum

MVR USD

Application fee1 Charged on all Housing Finance applications.

MVR 1,000 for Home Purchase Financing and Home Construction Financing,

MVR 1,500 for Real Estate Financing.

1,000 -

Processing fee2 Maximum charges for processing all approved Housing Finance facilities.

Up to 1,000,000 : MVR 15,000

1,000,001 – 2,000,000 : MVR 30,000

2,000,001 – 3,000,000 : MVR 45,000

3,000,001 – 4,000,000 : MVR 60,000

4,000,001 – 5,000,000 : MVR 75,000

5,000,001 – 6,000,000 : MVR 90,000

6,000,001 – 7,000,000 : MVR 105,000

7,000,001 – 8,000,000 : MVR 120,000

8,000,001 – 9,000,000 : MVR 135,000

9,000,001 – 10,000,000 : MVR 150,000

5,000 -

Extension fee3 Charged for processing all approved term extensions for Housing Finance facilities.

1.50% of the outstanding amount 1,000 100

Amendment fee Charged for processing all approved facility amendments not involving term extensions.

1% of the outstanding financing amount 1,000 100

Revaluations Description Revaluation Rate

Prepayment revaluation Payable on prepayments above MVR 1 million/ USD100,000 (for prepayments earlier than 60 days before the due date)

2% of the prepaid amount for capital redemption

Overdue revaluation

From day 1 up to 89th day From 90th day onwards

Capital redemption price will be increased by an amount calculated at 10% p.m. (120% p.a.) over the sanctioned profit rate on overdue lease payments and capital redemptions. Capital redemption price will be increased by an amount calculated at 5% p.a. over the sanctioned profit rate on the entire outstanding lease payments and capital redemptions.


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Penalties Description Fee percentage for all financing and advances

Minimum Fee

MVR USD

Project delay penalty4

Charged on a quarterly basis on unutilized amount above MVR 1 million / USD 100,000 for all Housing finance facilities.

0.5% per quarter on unutilized amounts

15,000 1,500

Notes

1. Applicable only to Home Purchase Financing, Home Construction Financing and Real Estate Financing.

i) Fee to be paid to bank at the time of application.

ii) Fee will not be refunded even if application is rejected.

2. Applicable only to Home Purchase Financing, Home Construction Financing and Real Estate financing facilities, when sanctioned depending on the work done by the Bank for processing each disbursement. This fee varies depending on the size of the project.

3. Applicable on processing all approved facility amendments involving an increase in term of the financing facility: charged on the

outstanding amount of financing facility for the work done by the Bank for processing the extension, including evaluation of the credit

standing of the customer and further scrutiny of the reasons for requesting the extension, legal fee and additional site inspections. This

process will result in a new contract which will terminate and replace the previous contract.

4. The penalty will be charged only on the amount that has not been utilised in that particular quarter as per agreed project schedule or

payment schedule between the customer and the Bank, which indicates significant project delays as per the agreed disbursement

schedule between the customer and the bank.

Exceptions

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

schedule of charges and fees free equivalent to mvr 5 direct debit (each debit) 10 equivalent to mvr...

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