BML broker Accounts

bml Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

bml Account Types Explained

The Bank of Maldives (BML) offers a variety of account types tailored to meet the diverse needs of its customers. Below is an overview of the available account types:

1. Current Account

• Minimum Deposit Requirement: MVR 1,000
• Spread/Commission Structure: No commission on transactions
• Leverage Options: Not applicable
• Key Features: Unlimited withdrawals, free internet banking, and access to overdraft facilities.
• Target User Profile: Individuals and businesses looking for everyday banking solutions.
• Trading Instruments Available: Not applicable.

2. Savings Account

• Minimum Deposit Requirement: MVR 500
• Spread/Commission Structure: Interest earned on the balance.
• Leverage Options: Not applicable
• Key Features: Interest accumulation, no monthly fees, and easy access to funds.
• Target User Profile: Individuals looking to save money while earning interest.
• Trading Instruments Available: Not applicable.

3. Fixed Deposit Account

• Minimum Deposit Requirement: MVR 10,000
• Spread/Commission Structure: Fixed interest rates based on tenure.
• Leverage Options: Not applicable
• Key Features: Higher interest rates for fixed terms, flexible tenures.
• Target User Profile: Individuals and businesses wanting to earn higher interest on savings.
• Trading Instruments Available: Not applicable.

4. Expatriate Account

• Minimum Deposit Requirement: MVR 1,000
• Spread/Commission Structure: No commission on transactions
• Leverage Options: Not applicable
• Key Features: Tailored for expatriates, allows for foreign currency transactions.
• Target User Profile: Foreign nationals residing in the Maldives.
• Trading Instruments Available: Not applicable.

5. Kids' Saver Account

• Minimum Deposit Requirement: MVR 100
• Spread/Commission Structure: Interest earned on the balance.
• Leverage Options: Not applicable
• Key Features: Designed for children, encourages saving from a young age.
• Target User Profile: Parents looking to teach their children about saving.
• Trading Instruments Available: Not applicable.

6. Islamic Account

• Minimum Deposit Requirement: MVR 1,000
• Spread/Commission Structure: No interest or commission on transactions.
• Leverage Options: Not applicable
• Key Features: Compliant with Shari'ah law, no interest charged.
• Target User Profile: Customers seeking Shari'ah-compliant banking solutions.
• Trading Instruments Available: Not applicable.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Kids' Saver Account, Savings Account
• Intermediate: Current Account, Expatriate Account
• Advanced: Fixed Deposit Account, Islamic Account

Detailed bml Account Features

Feature Comparison Across Different Account Types

Advantages of Each Account Type

• Current Account:

• Unlimited withdrawals

• Free internet banking

• Overdraft facility

• Savings Account:

• Interest accumulation

• No monthly fees

• Easy access to funds

• Fixed Deposit Account:

• Higher interest rates

• Flexible tenures

• Safe investment option

• Expatriate Account:

• Foreign currency transactions

• Tailored services for expatriates

• Easy fund transfers

• Kids' Saver Account:

• Teaches saving habits

• Low minimum deposit

• Encourages financial literacy

• Islamic Account:

• Shari'ah compliant

• No interest charged

• Ethical banking practices

Disadvantages of Each Account Type

• Current Account:

• Limited interest earning

• Maintenance fees may apply

• Savings Account:

• Lower interest rates compared to fixed deposits

• Limited transaction capabilities

• Fixed Deposit Account:

• Funds are locked for the term

• Penalties for early withdrawal

• Expatriate Account:

• Limited to foreign nationals

• May have higher fees for certain transactions

• Kids' Saver Account:

• Limited features compared to adult accounts

• Requires parental oversight

• Islamic Account:

• Limited product offerings

• May have restrictions on certain transactions

bml Account Registration Requirements

Eligibility Criteria

• Age Requirements: Minimum age of 18 years.
• Geographic Restrictions: Available to residents of the Maldives and expatriates.
• Prohibited Countries: Specific countries may be restricted based on international banking regulations.
• Identity Verification Documents Needed:
• National ID or passport
• Recent passport-sized photograph
• Proof of Residence Requirements: Utility bill or bank statement showing current address.
• Additional Documentation for Professional Accounts: Business registration documents, tax identification number.

KYC/AML Compliance Procedures

• Customers must complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks during the account opening process.

Verification Time Frames

• Account verification typically takes 1-3 business days, depending on the completeness of the submitted documentation.

Step-by-Step bml Account Opening Guide

Detailed Step-by-Step Registration Process

1. Visit Website and Click Registration: Navigate to the official BML website.
2. Personal Information Entry: Fill in personal details such as name, address, and contact information.
3. Choose Account Type: Select the desired account type from the available options.
4. Set Trading Preferences: Indicate any specific preferences related to account features.
5. Document Upload: Upload required documents for identity verification.
6. Account Verification: Wait for the bank to verify the submitted information.
7. Fund Your Account: Once verified, deposit the minimum required amount to activate the account.
8. Start Trading: Access your account and begin using the banking services.

Desktop vs Mobile Registration Differences

• The registration process is similar on both desktop and mobile platforms, with mobile registration potentially offering a more streamlined experience through the banking app.

Common Registration Issues and Solutions

• Issue: Document upload failure.

• Solution: Ensure documents are in the correct format and within size limits.

• Issue: Verification delays.

• Solution: Contact customer support for assistance.

Average Account Approval Time

• The average time for account approval is 1-3 business days, depending on the completeness of the application.

How to Upgrade/Downgrade Account Types

• Customers can request an upgrade or downgrade by contacting customer support or through the online banking portal.

bml Demo Account Guide

Demo Account Features and Benefits

• Features: Allows users to practice trading without financial risk using virtual funds.
• Benefits: Ideal for beginners to learn trading strategies and familiarize themselves with the trading platform.

How to Open a Demo Account

• Visit the BML website or app, navigate to the demo account section, and complete the registration form.

Demo Account Limitations

• Demo accounts may have limited features compared to live accounts, such as restricted access to certain trading instruments.

Virtual Balance Amount

• Typically, demo accounts are funded with a virtual balance of MVR 100,000 or equivalent.

Demo vs Live Account Differences

• Demo accounts use virtual funds, while live accounts involve real money transactions.

Duration/Expiry of Demo Accounts

• Demo accounts usually remain active for a limited period, often 30 days, after which users may need to reapply.

bml Islamic Account Details

Swap-Free/Islamic Account Availability

• BML offers Islamic accounts that comply with Shari'ah law, ensuring no interest is charged on transactions.

Eligibility Requirements

• Customers must declare their preference for an Islamic account during the registration process.

Differences from Standard Accounts

• Islamic accounts do not incur interest charges and may have different fee structures.

How to Apply for Islamic Account

• Customers can apply for an Islamic account during the standard account registration process by selecting the Islamic account option.

Restrictions or Special Conditions

• Islamic accounts may have specific trading restrictions based on Shari'ah compliance.

FAQs – bml Account Types & Opening

1. What account types does bml offer？

• BML offers Current Accounts, Savings Accounts, Fixed Deposit Accounts, Expatriate Accounts, Kids' Saver Accounts, and Islamic Accounts.

1. What is the minimum deposit for each account type？

• Current Account: MVR 1,000; Savings Account: MVR 500; Fixed Deposit Account: MVR 10,000; Expatriate Account: MVR 1,000; Kids' Saver Account: MVR 100; Islamic Account: MVR 1,000.

1. How long does bml account verification take？

• Account verification typically takes 1-3 business days.

1. Does bml offer demo accounts？

• Yes, BML offers demo accounts for practice trading.

1. Can I have multiple account types with bml？

• Yes, customers can hold multiple account types.

1. Does bml offer Islamic/swap-free accounts？

• Yes, BML offers Islamic accounts that are compliant with Shari'ah law.

1. What documents do I need to open a bml account？

• Required documents include a national ID or passport, a recent passport-sized photograph, and proof of residence.

1. Can I change my account type after registration？

• Yes, customers can request to upgrade or downgrade their account types through customer support.