Bank of Maldives (BML) is rolling out an exclusive benefit for young cardholders: students using the BML Student Debit Card now enjoy up to 10% off at participating shops, restaurants, and bookstores across the Maldives. A detailed list of merchant partners is available via BML’s offers portal at https://offers.merchants.bankofmaldives.com.mv
The Student Debit Card, offered free of charge, aims to introduce children to financial independence and prudent spending. It comes in two designs—one for ages 7–12 and another for those 13–18—and operates on a Visa debit platform, allowing usage both domestically and abroad .
To further incentivize thoughtful spending, BML provides a 0.5% annual rebate on total card expenditures processed through BML POS terminals or payment gateways; the rebate is credited to the linked savings account at year’s end .
Parents maintain full oversight of the account—loading funds, reviewing transactions, setting limits, and managing card controls (including freezing, PIN updates, and blocking) via the BML Mobile Banking app . The card includes a monthly foreign spend limit of USD 100 for students residing in the Maldives. Those studying abroad, who are eligible upon proper registration, benefit from a higher limit of USD 1,200 per month .
The launch reinforces BML’s overarching goal of strengthening youth financial education. The card not only nurtures budgeting and saving habits but also presents practical learning tied to real-world transactions. Automatic account conversion plans further extend the product’s lifecycle: upon turning 18, student accounts seamlessly transition into standard current accounts, with updated debit cards issued without further fees .
How to Apply: Parents or legal guardians can apply for the card directly via the BML Mobile Banking or Internet Banking app. Upon approval, delivery follows within five days for the Malé region and up to 15 days for outlying atolls .
