The Bank of Maldives (BML) announced a drop in the interest rate on overdue loans from 10% to a significant 2%.
The bank in a message addressed to its customers with ongoing loan repayments, said that the new interest rate is now effective as of Tuesday, April 4. BML also urged its customers to make regular loan repayments on time to avoid overdue interest charges.
BML continues to work on improving its services to the expanding customer base, while recently it made efforts to enhance security features on online services. The bank has begun making notable changes to its internet and mobile banking features with additional security layers, stronger authorization protocols, and dropping options of signing in that are easy to compromise.