Eligibility

• Maldivian citizens aged 18 years and above will be eligible to open a Smart Savings Account.

Withdrawal

Withdrawals are not allowed from the SMART SAVINGS ACCOUNT except on maturity or under exceptional circumstances stated as below, and will only be allowed to withdraw if supporting documents are submitted to the Bank detailing the reason for the withdrawal. These include circumstances such as:

• Employment termination
• Medical emergency
• To purchase an essential product (Customer can submit an invoice and the Bank will make direct payment for the purchase of the product).
• Emergency educational purpose of their children
• Emergency Travel

Features

• Customer to select any maturity value starting from MVR 10,000 to MVR. 500,000
• Customer to select a maturity period from 1-5 years
• A higher interest rate of 3% p.a. is applied in calculating the guaranteed amount.
• Customer needs to set up a standing order for the monthly amount to be automatically transferred to the Smart Savings Account on the specified date until the maturity period.
• If the Smart Savings Account balance to be withdrawn for any emergency reasons mentioned above, will be subjected to a penalty and to be recalculated at 0.5% p.a from the start of the investment plan.

Required Documents

• Duly completed Smart Savings Account application form
• Employment Letter/ last 3 months’ salary slips
• Copy of National Identity Card