The Bank of Maldives (BML) has officially announced on July 25, 2025 that it will begin offering Indian Rupee (INR) accounts to personal, business, and expatriate customers starting August 1, 2025. These accounts can be opened online via BML’s Internet and Mobile Banking platforms
🧩 Why It Matters
Boosting Trade & Remittances
By enabling INR deposits and withdrawals, BML is facilitating easier remittance and trade settlements with India — one of Maldives’ largest trading and tourism partners
Deepening Economic Integration
The move builds on a November 2024 MoU between the Reserve Bank of India and the Maldives Monetary Authority, which allowed trade to be invoiced and settled in local currencies (INR/MVR), reducing reliance on the US dollar
Expanding Digital Payments
In October 2024, BML began accepting RuPay international cards, and now aims to support full issuance of RuPay cards for INR account holders by year-end, further integrating with India’s NPCI network
🚀 What Customers Can Expect
- Opening Accounts: From August 1, customers can open INR-denominated accounts online via BML’s digital platforms.
- Minimum Deposit: Deposits accepted at BML branches starting from INR 500; inward and outward remittances supported through INR rails
- Platform Reach: BML’s infrastructure includes 40 branches across 20 atolls, 133 self-service centres, 188 ATMs, and nationwide agent banking services, along with robust digital solutions for seamless operations Maldives Financial Review
📋 Quick Overview
| Feature | Details |
|---|---|
| Launch Date | August 1, 2025 |
| Launch Announcement | July 25, 2025 |
| Account Types | INR accounts for individuals, businesses, expats |
| Access | Internet & Mobile Banking |
| Minimum Initial Deposit | INR 500 |
| Exchange & Remittance | Inward and outward INR transfers supported |
| Supporting Network | Branches, ATMs, agent banking, digital platforms |
🔎 Geopolitical & Economic Context
- The launch aligns with broader efforts to reduce forex dependency and optimize INR-MVR currency flows under the RBI–Maldives local currency framework established in 2024
- It also complements preparations for the introduction of UPI (India’s unified payments system) in Maldives, another key step toward bilateral fintech integration
🧭 What It Means Going Forward
- For Indian Tourists & Expats: Opening INR accounts in Maldives offers smoother travel spending, lower conversion fees, and easier banking.
- For Local Businesses: Traders and service providers can invoice and settle in INR directly, simplifying currency handling and remittance flows.
- For Financial Strategy: INR banking deepens monetary ties with India, supports financial inclusion, and modernizes Maldives’ digital banking landscape.
Expect further milestones this year, including the full rollout of RuPay card issuance and potentially the rollout of UPI payments in Maldives, which could redefine cross-border retail and remittance infrastructure in the region.
