Accounts inactive for more than 5 years at Bank of Ceylon made public

The Bank of Ceylon has officially made public, the accounts at the bank that have been inactive for more than five years.

An announcement published in the gazette today, stated that the option will be available for reactivation of these bank accounts if the owners would like to do so.

As such, those wishing to reactivate the account will need to submit an official letter to the Bank of Ceylon before 20 April 2019.

As per Article 35 of the Banking Law of Maldives, measures can be taken regarding a bank account, if the account has been inactive for five consecutive years. As such, if the owner has not had any activity or submitted letters within this duration, the bank has the authority to declare the account as dormant, close the account and hand over all contents of the account to the Maldives Monetary Authority (MMA)