The key parameters of the Inward Investment Account are as follows:
It operates as a current account without a cheque book facility.
Inward remittances received in this account must be used for investing in permitted investments.
The remitter and the beneficiary/account holder must be the same individual or entity.
Physical cash deposits and withdrawals are not allowed.
Credit transactions in this account are limited to:
Dividends received from investments.
Sale or maturity proceeds from investments.
Share buyback proceeds.
Any other related income received from permitted investments.
Debit transactions in this account are restricted to:
Purchases of permitted investments.
International outward transfers to other accounts held by the account holder. Note that these transfers must be made in favor of the account holder only.
Transaction charges applicable to this account are subject to the bank's list of charges.
It is important to note that the currency for the investment must be the same as the currency specified for the account. (MVR or USD)