Twelfth Edition Effective 29th August 2014
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. Page 2 of 28
Table of Contents Contents 1. Account Services... 6 1.1 Current Account... 6 1.2 Saving Account... 7 1.2 Issuance of Cashier s Cheque... 8 1.3 Transfer of Salaries/Non-Cheque Transfers/Direct Debits... 8 1.4 Outer atoll branch cheque collected through clearing... 8 1.5 Transfers/Deposits/Withdrawals from/to inter branches... 8 1.6 Local bank cheques received for collection/discounted from outstation branches... 8 1.7 Local bank transfers from/to outstation branches... 9 1.8 Outward transfers to local banks through RTGS and ACH... 9 1.9 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 Page 3 of 28
5.2 Encashment of Travelers Cheques to cash of same currency or... 16 5.3 Encashment of Travelers Cheques to... 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... 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 Page 4 of 28
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 Page 5 of 28
1. Account Services 1.1 Current Account EUR Maintenance/service charge (annually) Applicable on 'Inactive Accounts 200.00 20.00 - Minimum balance to open an account (primary) 100.00 10.00 100.00 Minimum balance to open an account (secondary) 2,000.00 500.00 - Minimum balance requirement (primary) NIL NIL NIL Minimum balance requirement (secondary) 2,000.00 500.00 - Cheques returned due to insufficient funds (per cheque) 200.00 20.00 - Issuance of cheque books 100 leaves per annum - 100 leaves per annum - - free of charge free of charge Issuance of additional cheque books Price per cheque book: Price per cheque book: - 5 Leaves 5.00 20 Leaves 20.00 50 Leaves 50.00 5 Leaves 1.00 20 Leaves 2.00 50 Leaves 5.00 Issuance of cheque books (due to lost/misplaced) 50.00 5.00 Stopped cheque (per request) 50.00 5.00 - 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) 20.00 2.00 - 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 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. Page 6 of 28
1.2 Saving Account SCHEDULE OF CHARGES & FEES EUR Maintenance/service charge (annually) Applicable on Inactive Accounts 200.00 20.00 - Minimum balance to open an account (primary) 100.00 10.00 100.00 Minimum balance to open an account (secondary) 2,000.00 500.00 - Minimum balance requirement (primary) 100.00 10.00 NIL Minimum balance requirement (secondary) 2,000.00 500.00 - Cheques returned due to insufficient funds (per cheque) 200.00 20.00 - Issuance of cheque books Price per cheque book: 5 leaves 5.00 Price per cheque book: 5 leaves 1.00-20 leaves 20.00 20 leaves 2.00 Issuance of cheque books (due to lost/misplaced) 50.00 5.00 Stopped cheques (per request) 50.00 5.00 - 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 (per page) 20.00 2.00 - E-statement service Service Discontinued with introduction of MIB Account statements - issuance of duplicate statements - per month Free of charge Free of charge - Standing Orders (per transaction) 20.00 2.00 - Payment Guarantee on cheques (per cheque) - temporarily discontinued 50.00 5.00 - Payment by Cashiers Order to accounts with other banks Details below in Cashier's Cheque Section Cashiers Order issued Details below in Cashier's Cheque Section Photocopy of paid cheque (when there is no apparent discrepancy on the cheque) per cheque 50.00 5.00 - 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 notes of $5 and below 3% Note: Interest is calculated daily on cleared funds less 2,000.00 for Rufiyaa Accounts and less 500.00 for US Dollar Accounts at the rate of 2.25% and 1.50% respectively. If balance falls to 2,000.00 or 500.00 and below NO INTEREST IS CALCULATED for that day. For amounts exceeding 100,000 and 50,000 interest is calculated daily at the rate of 2.50% and 3.00% respectively. 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. Page 7 of 28
1.2 Issuance of Cashier s Cheque Issuance commission 0.50% 0.50% Maximum commission 3,000.00 250.00 Minimum commission 25.00 2.50 1.3 Transfer of Salaries/Non-Cheque Transfers/Direct Debits Commission for transfer of salaries for government of Maldives Free of charge Free of charge Commission for transfer of salaries for others (per transaction) 5.00 Commission for non-cheque account transfers (other than salaries) 10.00 1.00 Direct Debit (each debit) 10.00 1.4 Outer atoll branch cheque collected through clearing Commission 0.50% 0.50% Minimum commission 25.00 5.00 Maximum commission 3,000.00 250.00 1.5 Transfers/Deposits/Withdrawals from/to inter branches Transfers/Deposits/Withdrawals from/to inter branches Free Free 1.6 Local bank cheques received for collection/discounted from outstation branches Commission 0.50% 0.50% Minimum commission 25.00 5.00 Maximum commission 3,000.00 250.00 cheques returned due to insufficient funds (per cheque) 200.00 20.00 Page 8 of 28
1.7 Local bank transfers from/to outstation branches Commission 0.50% 0.50% Minimum commission 25.00 5.00 Maximum commission 3,000.00 250.00 1.8 Outward transfers to local banks through RTGS and ACH Commission per transfer for Male based branches 50.00 5.00 Atoll based branch charges Commission 0.50% 0.50% Minimum commission 50.00 5.00 Maximum commission 3,000.00 250.00 1.9 Transfers bank reference/balance confirmation Letter of comfort - for specific amount 0.10% 0.10% Letter of comfort - minimum commission 300.00 30.00 All types of bank references 300.00 30.00 Balance confirmation Free of charge Free of charge Page 9 of 28
2. Interest Rates 2.1 Bank of Maldives Base Rate Base Rate 9% p.a. 2.2 Current and Saving Accounts EUR Interest paid on Current accounts Nil Nil - Interest paid on Saving accounts 2.25%-2.5% 1.50%-3% - Note: Interest is calculated daily on cleared funds less 2,000.00 for Rufiyaa Accounts and less 500.00 for US Dollar Accounts at the rate of 2.25% and 1.50% respectively. If balance falls to 2,000.00 or 500.00 and below NO INTEREST IS CALCULATED for that day. For amounts exceeding 100,000 and 50,000 interest is calculated daily at the rate of 2.50% and 3.00% respectively. 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) 6 months 12 months 24 months over 24 months 10,000 to 50,000 2.625 2.750 2.875 3.000 50,001 to 1,000,000 2.750 2.875 3.000 3.125 1,000,001 to 5,000,000 2.875 3.000 3.125 3.250 5,000,001 to 10,000,000 3.000 3.125 3.250 3.375 10,000,001 and above 3.125 3.250 3.375 3.500 6 months 12 months over 12 months 5,000 to 50,000 3.250 3.375 3.500 50,001 to 100,000 3.375 3.500 3.625 100,001 to 250,000 3.500 3.625 3.750 250,001 to 1,000,000 3.625 3.750 3.875 1,000,001 and above 3.750 3.875 4.000 Note: Early withdrawal of Fixed Term Deposits is at the Bank s discretion and NO interest will be paid. Page 10 of 28
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 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 Unauthorized overdrawing on current accounts* Normal lending rate plus 5% p.a. Normal lending 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 Classic Gold Corporate Gold (Visa) American Express 2.85% per month 2.65% per month Nil Visa /Master Card 2.85% per month 2.65% per month 2.65% 2.7 Trade Services Import Negotiation of documents (from date of payment of the bill by the bank to date of receipt of payment) Nil 13.0% Note: A charge of 5% p.a. above bank s 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) Nil 13.0% Page 11 of 28
2.9 Trade Services Inland Letter of Credit (L/C) Document settlement Charges inland Letter of Credit (from date of payment of the bill by us to date we receive payment) Discounting of Documents Charges on Beneficiary (from date of payment of the bill by us to date receive payment) 11.75% 13.0% 11.75% 13.0% Note: A charge of 5% p.a. above bank s 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 12 of 28
3. Credit Limits 3.1 Balance Confirmation Charge Balance confirmation charge Free of charge Free of charge 3.2 Arrangement, Amendment, Enhancement, Renewal, Commitment & Prepayment Fee Fee Type Description Fee percentage for all loans and advances Arrangement fee Charged on all new credit limits 1.50% of the limit (for OD/LC/BG/TRDL facilities 0.125% per month or part thereof) Enhancement fee Charged on the enhancement amount 1.50% of the enhanced amount (for OD/LC/BG/TRDL facilities 0.125% per month or part thereof) Extension fee Charged on all renewal / extension / 1.50% p.a. of the effective reschedulement of credit limits involving limit an increase in term of the credit facility (for OD/LC/BG/TRDL facilities 0.125% per month or part Amendment fee Commitment fee Prepayment 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 1,000,000 / 100,000 (payable quarterly on the undisbursed amount, based on calendar quarters) Payable on prepayment amount above 1,000,000/100,000 (prepayment fee will be charged if the prepayment is earlier than 60 days before the due date) Minimum Fee 1,000 100 1,000 100 1,000 100 thereof) 1.00% of the effective limit 1,000 100 0.50% of the undisbursed amount 1.00% of the prepaid amount 15,000 1,500 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) 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. Nil Nil Page 13 of 28
c) 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). d) 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. Page 14 of 28
4. Guarantees 4.1 Commission Guarantees up to 10,000,000/ 1,000,000 (commission will be charged per 90 day quarter, or part thereof) 0.5% per quarter (2.0% per annum) Guarantees above 10,000,000/ 1,000,000 (annually up-front recoverable in advance) 1.0% per annum Minimum commission 500.00 50.00 Administrative fee (for all Guarantee requests received less than 5 business days prior to the date the Guarantee is required) 700.00 70.00 4.2 Advising Guarantees Advising guarantees without our responsibility - 15.00 Advising guarantee amendments without our responsibility per amendment (increase in amount/extension of validity) - 10.00 Advising guarantee amendments without our responsibility per amendment (other amendments) - 10.00 Page 15 of 28
5. Foreign Related Services 5.1 Issuance of Travelers Cheques Commission - 0.50% Minimum commission - 5.00 Travelers Cheques returned 100.00 10.00 5.2 Encashment of Travelers Cheques to cash of same currency or Commission - 1% Minimum commission - 1.00 5.3 Encashment of Travelers Cheques to Commission Minimum commission Free of Charge Free of Charge 5.4 Third party Travelers Cheques deposited to accounts with BML branches Commission - deposits to accounts Free of Charge Free of Charge Commission - deposits to foreign currency accounts - 1% Minimum commission - 1.00 Maximum amount which can be deposited NIL NIL TC return commission per TC (for TCs returned unpaid) 100.00 10.00 Foreign bank charges Actual Actual 5.5 Handling commission for encashment/deposit of foreign currency other than Commission 1% 1% Minimum commission 5.00 Equivalent of 5/- at prevailing exchange rate Page 16 of 28
5.6 SWIFT/Telex Transfer Abroad Commission for customers who pay in funds - 0.50% Commission for customers who does not pay in funds - 0.75% Minimum commission - 7.00 SWIFT/Telex charge - 12.00 Cancellation (each message) - 15.00 Foreign bank charges for transfers - 15.00 Foreign bank charges other than transfers - Actual 5.7 Bank Drafts EUR Issuance commission - 0.50% - Minimum commission - 5.00 - Maximum commission - 200.00 - Cancellation of Drafts - 2.00 - Stop payment of Drafts - foreign bank charges - Actual - Stop payment of Drafts - SWIFT/TLX charge (each message) - 15.00 - Foreign bank charges for issuance of Euro Drafts (this is in addition to issuance commission) - - 5.00 5.8 International Cheque Clearing Commission (foreign bank cheques drawn on a bank in USA) - 0.50% Commission (foreign bank cheques drawn on a bank outside USA) - 1% Minimum commission - 5.00 Maximum commission - 200.00 Postage (for cheques sent on collection) - 5.00 Cheques returned due to insufficient funds 200.00 20.00 Foreign bank charges - Actual 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. Page 17 of 28
5.10 Inward Remittance (Telegraphic Transfers) Commission - up to 10,000-15.00 Commission - 10,001 to 100,000-26.00 Commission - above 100,001-36.00 Page 18 of 28
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) - 0.35% Usance L/C issuance commission per quarter (from date of issuance to date of expiry plus Usance period of L/C) - 0.35% SWIFT charge - 50.00 Minimum commission - 25.00 Postage charges for airmail L/C's - 15.00 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 - 0.35% Usance L/C amendment commission - increase in amount/quarter on the enhanced amount from date of issuance to date of expiry and from date - 0.35% 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 - 0.35% Usance L/C amendment commission - extension of validity/quarter on the outstanding amount from date of issuance to date of expiry and from - 0.35% date of expiry plus Usance period of L/C Amendment commission - others/amendment - 25.00 Minimum commission - 25.00 SWIFT charge (per amendment) - 15.00 Foreign bank charges (if on applicant) Actual Postage charges for airmail L/C's (per amendment) - 15.00 6.3 Cancellation of Letter of Credit (L/C) Cancellation fee - cancellation of L/C's expired unutilized - 15.00 Cancellation fee - cancellation of L/C's expired unutilized (foreign bank charges) - Actual Cancellation fee - cancellation of L/C's prior to expiry - 15.00 Cancellation fee - cancellation of L/C's prior to expiry (communication cost - per SWIFT message) - 15.00 Cancellation fee - cancellation of L/C's prior to expiry (foreign bank charges) - Actual Page 19 of 28
6.4 Letter of Credit (L/C) Confirmation (Foreign) L/C confirmation charges - foreign bank charges (if on applicant) - Actual L/C confirmation charges - arrangement fees (cost of communication/swift message) - 15.00 6.5 Other foreign bank charges Foreign bank charges - advising, negotiating, reimbursing bank charges (if on applicant) - Actual 6.6 Shipping Guarantee Issuance Issuance commission - 25.00 6.7 Negotiation of Documents Retirement commission - 1% Minimum commission - 25.00 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 - 5% for Usance bills) SWIFT charge (per SWIFT message) - 15.00 Foreign bank payment processing fee - 15.00 Foreign bank charges (if on applicant) - Actual Note: A charge of 5% p.a. above bank s 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
6.8 Import Documentary Collections Charges on receipt of document Handling commission - 20.00 SWIFT charge per message to acknowledge receipts of documents to remitting bank - 15.00 Acceptance/Non-Acceptance of D/A document SWIFT charge (per message) to advice acceptance/non- acceptance of document to remitting bank - 15.00 Amendment Handling commission - 20.00 SWIFT charge per message to advice acceptance/non- acceptance of amendment to remitting bank - 15.00 Payment tracers SWIFT charge per message to reply for payment tracers received from remitting bank - 15.00 Payment Retirement commission - 1% Minimum commission - 25.00 SWIFT charge per message - 15.00 Foreign bank charges - Actual Return of unpaid documents Charges on returned documents (per document) - 25.00 SWIFT charge per message to advice return of documents to remitting Bank - 15.00 Courier charges (per document) - 40.00 Postage by registered post (per document) - 15.00 Page 21 of 28
7. Trade Related Services Exports 7.1 Letter of Credit (L/C) Advising L/C advising commission (without adding confirmation) - 25.00 L/C advising commission (with confirmation) - 1% 7.2 Amendment Advising Amendment advising commission - per amendment (increase in amount) without adding bank's confirmation - 15.00 Amendment advising commission - per amendment (increase in amount) with bank's confirmation - 1% Amendment advising commission - per amendment (extension of validity) without adding bank's confirmation - 15.00 Amendment advising commission - per amendment (extension of validity) with bank's confirmation- per quarter - 0.35% Amendment other (per amendment) - 15.00 7.3 Letter of Credit (L/C) Cancellation Fee Cancellation fee - 25.00 Cancellation of L/C's - communication cost (per SWIFT message) - 15.00 7.4 Letter of Credit (L/C) Negotiation Negotiation/purchase of documents - 1% Minimum commission - 25.00 Foreign bank charges - Actual SWIFT charges (per document) - 30.00 Courier charges (per document) - 40.00 Postage charges (per document) - by registered post - 15.00 Page 22 of 28
7.5 Export Documentary Collections Charges to send the documents on collection and advise collecting bank Handling commission - 20.00 SWIFT charge per message - 15.00 Courier charges per document - 40.00 Postage by registered post (per document) - 15.00 Acceptance/payment tracers SWIFT charge per message to inquire status of acceptance/payment from collecting bank - 15.00 Amendment Handling commission - 20.00 SWIFT charge per message to advise collecting bank of amendments - 15.00 Courier charges per document - 40.00 Postage by registered post (per document) - 15.00 Payment Retirement commission Negotiation commission - 1% Minimum commission - 25.00 SWIFT charge per message - 15.00 Courier charges per document - 40.00 Postage by registered post (per document) - 15.00 Foreign bank charges - Actual Page 23 of 28
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 0.35% 0.35% 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 0.35% 0.35% expiry plus Usance period of the L/C Minimum commission 200.00 15.00 Maximum commission 2,500.00 250 Processing charges for inland L/C's (if not sent by SWIFT) 200.00 15.00 SWIFT charge (if sent via SWIFT) 500.00 40.00 L/C advising, negotiating, reimbursing bank charges (if on applicant) Actual Actual 8.2 Advising Charges Inland Letter of Credit (L/C) L/C advising commission (if beneficiary is BML customer) 200.00 20.00 Amendment advising commission (if beneficiary is BML customer) 100.00 10.00 8.3 Other local bank charges Local bank charges - advising, negotiating, reimbursing bank charges (if on applicant) Actual Actual 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 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Page 24 of 28
Amendment commission (other) - per amendment 100.00 10.00 Minimum commission 100.00 15.00 Maximum commission 2,500.00 250.00 Processing charges for Inland L/C's (if not sent by SWIFT) 100.00 10.00 SWIFT charge (if sent via SWIFT) 200.00 15.00 8.5 Cancellation of Inland Letter of Credit (L/C) Cancellation fee - cancellation of L/C's expired unutilized 150.00 12.00 Cancellation fee - cancellation of L/C's expired unutilized (foreign bank charges) Actual Actual Cancellation fee - cancellation of L/C's prior to expiry 150.00 12.00 Cancellation fee - cancellation of L/C's prior to expiry (communication cost - per SWIFT message) 150.00 12.00 Cancelation fee - cancellation of L/C's prior to expiry - (foreign bank charges) Actual Actual 8.6 Document Settlement Charges Inland Letter of Credit (L/C) Retirement commission 0.35% 0.35% 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 for Usance bills) 5% 5% 8.7 Negotiation of Documents Charges on Beneficiary (if BML customer) Negotiation of documents 0.50% 0.50% Minimum commission 200.00 15.00 Maximum commission 2,500.00 250.00 SWIFT charge (if applicable) - per SWIFT message 200.00 15.00 8.8 Discounting of Documents Charges on Beneficiary (if BML customer) 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 bank s 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
9. Credit Cards 9.1 American Express Classic Gold Joining fee 200.00 500.00 Additional card joining fee Free Free Annual fee 450.00 800.00 Additional card annual fee 200.00 400.00 Over limit fee 65.00 65.00 Cash advance fee 3% (minimum 25.00) 3% (minimum 25.00) Past due fee 65.00 65.00 Card replacement fee 125.00 125.00 Sales slip retrieval/charge back processing fee 65.00 65.00 Copies of statement 25.00 25.00 Cheque/slip return fee 125.00 125.00 9.2 Visa/MasterCard Classic Gold Corporate Gold (Visa) Joining fee 15.00 30.00 50.00 Additional card joining fee Free Free Free Annual fee 35.00 55.00 100.00 Additional card annual fee 15.00 30.00 50.00 Over limit fee 5.00 5.00 5.00 Cash advance fee 3% (minimum 2.00) 3% (minimum 2.00) 3% (minimum 2.00) Past due fee 5.00 5.00 5.00 Card replacement fee 10.00 10.00 10.00 Sales slip retrieval/charge back processing fee 5.00 5.00 5.00 Copies of statement 2.00 2.00 2.00 Cheque/slip return fee 10.00 10.00 10.00 9.3 Repayment of credit cards From a BML account By cash Free of charge irrespective of amount Free of charge irrespective of amount Page 26 of 28
10. Debit Cards 10.1 Visa Joining fee 50.00 Annual fee 50.00 Card replacement fee 50.00 BML ATMs cash withdrawal/transaction Free BML POS cash withdrawal service 10.00 Other ATMs cash withdrawal/transaction 0.5% (Minimum 25.00) BML ATMs balance enquiry Free Other ATMs balance enquiry 10.00 PIN replacement fee 50.00 Sales slip retrieval on each disputed transaction 65.00 Daily limits - BML ATMs 10,000.00 10.2 American Express Classic Gold Joining fee 50.00 200.00 Annual fee 50.00 200.00 Card replacement fee 50.00 50.00 BML ATMs cash withdrawal/transaction Free Free BML POS cash withdrawal service 10.00 10.00 BML ATMs balance enquiry Free Free Other ATMs balance enquiry/transaction 10.00 10.00 PIN replacement fee 50.00 50.00 Sales slip retrieval on each disputed transaction 65.00 65.00 Daily limits - BML ATMs 10,000.00 15,000.00 Page 27 of 28
11. Miscellaneous 11.1 Maldives Internet Banking Standard Premium Internet banking access fee - annual fee Free of charge Free of charge Initial token fee for new application - 200.00 Additional token/token replacement fee - 100.00 Transfer to an account at any local bank - 5.00 Local bank transfer returned fee (for lack of funds/incorrect credit account information) - 10.00 International payments (applicable for only premium package) Commission for customers who pay in funds - 0.50% Minimum commission - 7.00 SWIFT/Telex charge - 12.00 Cancellation (each message) - 15.00 Foreign bank charges for transfers - 15.00 Standing Order fee from any BML account to any BML account, other than a loan account or credit card account (applicable for only premium Free of charge Free of charge package) Stop cheque fee 50.00 5.00 Duplicate statement fee Free of charge Free of charge 11.2 Maldives Mobile Banking Maldives Mobile Banking Free of charge Page 28 of 28