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Frequently Asked Questions following closure of Habib Bank Limited

        Central Bank Seychelles approves closure of the Seychelles branch of Habib Bank Limited

3. DEPOSITS

- Is my deposit safe with the bank?

Habib Bank has more than enough funds to repay all clients having deposits with the bank.


- Should I withdraw my funds now?

You have until December 28, 2018 to transfer your funds out of Habib Bank. Whilst there is no risk of you not receiving your funds, it is advisable not to wait until the last minute.

How can I move my funds to another bank or Seychelles Credit Union?

If you already have an account with another banking institution you can transfer your funds via electronic means to your other account. You may also withdraw up to SCR50,000 in cash over the counter. Anything above that will have to be transferred via a banker’s cheque, the Seychelles Electronic Funds Transfer or SWIFT. No charge shall be incurred for such transfers. Please ensure you receive proof of transfer or withdrawal for all transfers and cash withdrawals. When your account is closed, it is advisable that you request a statement of account for at least six (6) months for your record keeping and reconciliation purposes.

If you do not have an account with another bank or Seychelles Credit Union, you will be required to open an account with another banking institution to be able to transfer your funds from Habib Bank to the new account using either a banker’s cheque, the Seychelles Electronic Funds Transfer or SWIFT. Similar to the above, you may also withdraw up to SCR50,000 in cash over the counter, anything above that will have to be transferred via electronic means to the other account. No charge shall be incurred for such transfers. Please ensure you receive proof of transfer or withdrawal for all transfers and cash withdrawals. When your account is closed, it is advisable that you request a statement of account for at least six (6) months for your record keeping and reconciliation purposes.

Is there a deadline for moving funds to another bank?

All funds should have been transferred prior to December 28, 2018. It is recommended that you do not wait until the last minute to transfer funds.

What is the procedure for opening a bank account at another bank or Seychelles Credit Union?

Whilst banks may have different procedures, you will need to provide proof of identification, address and a copy of your latest payslip at a minimum to open an account with another bank. For further details, kindly contact your bank of choice and request information on what is required to open a bank account.

Will I receive all the money in my account with Habib Bank?

Yes, Habib Bank is fully solvent and has sufficient liquidity. This means that the bank is in a position to honour its obligation towards all depositors.

Can I withdraw all my funds in cash?

Funds can be withdrawn in cash up to SCR50,000. Any accounts with balances above SCR50,000 will have to be transferred in whole to another bank or SCU account. For any transactions, ensure that you obtain documentary evidence from Habib Bank. When your account is closed, it is advisable that you request a statement of account for at least six (6) months.

Can I continue to deposit funds into my Habib Bank account?

If you already have an account with another bank or Seychelles Credit Union, it is recommended that you use this other account. However, deposits (including cheques) can still be accepted into Habib Bank accounts up till October 31, 2018.

What will happen to my fixed deposit with the bank? Will there be a penalty for breaking the deposit?

The bank will be breaking your fixed deposit when you request transfer of same to another bank account. No costs for early termination of the deposit will be charged.

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