The Bank of Maldives (BML) has decided to offer returns in USD for those who invest in their "Investments" service.

The Investments portal, which allows USD exchange, was introduced by BML on 30th June.

BML stated that with this new change, the customers will receive the amount invested and its returns for customers on the day itself, and customers will receive MVR the following day from the amount invested. BML said this will be done via an agreement between the bank and those who invest.

People can invest in the Investments portal via BML Internet Banking or the BML mobile application.

Customers can receive returns up to 25 percent by investing via the Investments portal. For example, if USD 1,000 is invested, customers will see USD 1,260 be deposited into their accounts on the same day. And the next day, the invested amount will be exchanged into MVR to the bank. The customer will receive USD 260 as investment profit.

The portal was introduced to increase the amount of USD the bank receives. As the platform allows BML to receive more USD, there will be concessions for the daily USD limit that has been imposed on cards, the bank said.