SBI to shut down 922 dormant accounts

State Bank of India (SBI) has made the decision to shut down 922 bank accounts that lie dormant.

According to Banking Act 2010/24 Section 35, bank accounts that are inactive for over five years will be considered dormant accounts.

And as such, SBI has identified 922 accounts that they say are dormant accounts according to their records.

SBI said that any person with a dormant account in SBI Male’ Branch needs to inform the bank.

The bank has announced that they will be shutting down accounts among the 922 bank accounts, that still lie dormant until May 31. Any money in bank accounts that are shut down will be sent to Maldives Monetary Authority (MMA) as is prescribed in law.

SBI has requested that anyone with a dormant account go to their bank with National Identity Card and instruct the bank on what they want done.