The Bank of Maldives (BML) has decided to cease its envelope depositing services effectively from Wednesday, 01st March 2023.
According to the bank, envelopes containing cash or cheques will not be accepted from the scheduled date. The bank also noted that this move was to further promote digital finance among customers.
Envelope depositing allowed customers to deposit bills that were not accepted by the machine due to poor quality. It also allowed customers to deposit lower denomination bills; such as MVR 5 or MVR 10.
Generally it takes 24 hours, excluding public holidays, for the deposits to be reflected on the respective account. It also takes two days to deposit cheques from other banks.