Non-Resident Foreign Currency Deposit Account (NFCD A/C)
NON-RESIDENT FOREIGN CURRENCY DEPOSIT ACCOUNT (NFCD A/C) Opening of account All non-resident Bangladesh nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing abroad may maintain interest-bearing time deposit accounts named “Non-Resident Foreign Currency Deposit”.
|Opening of account||All non-resident Bangladesh nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing abroad may maintain interest bearing time deposit accounts named “Non-Resident Foreign Currency Deposit (NFCD) Account” with the ADs.|
|Bangladesh nationals serving with Embassies / High Commissions of Bangladesh in foreign countries as also the officers / staff of the Government / Semi-Government departments / nationalized banks and employees of body corporate posted abroad or deputed with International and Regional agencies like IMF, World Bank, IDB, ADB etc. during their assignments abroad may open such accounts. Crew members of the Bangladeshi shipping companies are not entitled to open such accounts, but shore staff posted abroad may open such accounts. Accounts may also be opened with funds transferred from existing foreign currency accounts maintained by the wage earners with the ADs in Bangladesh.
|How to open the account||11. The accounts are in the nature of term deposits maturing after one month, three months, six month and one year. The accounts may be maintained in US dollar, pound sterling, deutsche mark or Japanese yen; initially with minimum amount of US$ 1000 or pound sterling 500 or equivalent. Accounts may be opened against remittances in other convertible currencies after conversion of those into UD Dollar, pound sterling, deutsche marks or Japanese yen.|
|These Accounts may be maintained as long as the Account-holders desire. Eligible persons are also allowed to open such Accounts within six months of their return to Bangladesh.|
|Eligible Bangladesh nationals may send application (as per Appendix 5/4 (Bangladesh Bank F.Ex. Guide Line Manual)) along with a set of specimen signatures of the opener of the account to an AD in Bangladesh duly verified by Bangladesh Mission abroad, or a reputable bank or any other person known to the AD in Bangladesh. The application forms may be had from Bangladesh Missions abroad and from the ADs in Bangladesh or their branches abroad. No set specimen signatures will be required to be enclosed with the application form if the application is submitted to and AD with whom the applicant has already been holding a foreign currency account. In such case a reference to the respective FC account number will serve as self-introduction and the account opening branch will verify the signature with the specimen signature maintained for the FC account.|
|Interest on deposits||The ADs will pay interest on deposits into the accounts at the Eurocurrency deposit rates. In case of premature repayments, the interest amount will be forfeited to the depositing AD. The interest on deposits into this account is exempt from the tax payable under Income Tax Act.|
|The ADs in Bangladesh may at their option sell foreign exchange deposits (in US Dollar) to the Bangladesh Bank without any lower limit at the Bangladesh Bank’s buying rate and repurchase the principal and interest at the Bangladesh Bank’s selling rates prevailing on the day of repurchase. The ADs may also invest abroad the amounts deposited with them and pay interest to the depositors out earnings from such investments.
Repatriation of principal and interest
The account holder can freely repatriate the balance and the interest accrued thereon in foreign exchange to the country of his residence or anywhere he chooses and may at his option, convert the balance into local Taka at the prevailing exchange rate.
|Foreign nationals and companies/firms registered and/or incorporated abroad, banks, other financial institutions including institutional investors and 100% foreign owned (A-Type) industrial units in the Export Processing Zones in Bangladesh, are also allowed to open and maintain NFCD accounts with the ADs. The minimum amount of time deposits in such cases should be US$25,000 or its equivalent in pound sterling, Deutsche mark or Japanese yen. Other terms and conditions in respect of these account-holders will be the same as those mentioned above for NFCD accounts of non-resident Bangladesh nationals.|
|Separate monthly statements summarizing currency wise the transactions in the NFCD accounts of all AD branches of a bank should be submitted from the head offices / principal offices of the banks to the FEPD at the head office of Bangladesh Bank, as per proforma at Appendix 5/5 (Bangladesh Bank Guide Line), by the 15th of the month following that to which it relates.|
Non-Resident Foreign Currency Deposit (NFCD) A/C : (NFCD A/C At a glance)
The authorized dealer may open F.C A/C in the name of followings persons without prior approval from Bangladesh Bank. All Bangladeshi Nationals/persons including those having duel nationals / ordinarily residing abroad may open in term bearing NFCD A/Cs.
- All non-resident Bangladesh nationals and persons including duel nationality & ordinarily residing abroad / working/earn abroad including self-employed may open the account.
- Bangladesh nationals, serving with Embassies / High Commissions / Staff of Govt. / Semi Govt. / autonomous / nationalized sectors posted / deputed abroad can open A/C.
- Foreign Nationals residing abroad / in Bangladesh, foreign registered abroad & operating in Bangladesh / abroad.
- Shore staff of Bangladesh shipping companies posted abroad may open the account but the crewmembers are not entitled to open such accounts.
- Account may be opened with funds transferred from existing F.C. accounts maintained by the wage earners with the AD branch in Bangladesh.
- Eligible persons are allowed to open such accounts with in six months of their return to Bangladesh.
- In case of pre-matured repayment, the profit amount will be forfeited.
Terms & Conditions :
- The account may be opened by the remittances from abroad or transfer from any F.C. A/C with any AD branch.
- Initially with the minimum deposits is an amount of US$ 1000/- & STG.Pound 500/- for Bangladeshis who residing / serving abroad. Also, minimum deposits should be USD 25,000/- or equivalent for foreign national / companies.
- The accounts may be maintained in US Dollar, STG. Pound, Deutsche Mark, Japanese Yen & EURO accounts are matured after one, three, six, twelve months.
- Profit will be paid at Euro Currency deposit rates. Profit amount is exempt from the tax payable under the income tax act.
- If the applicant is in abroad, specimen signature of the opener duly verify by Bangladesh Mission abroad, reputed bank or any other persons known to the AD branch.
- A/C holder can freely repatriate the balance & profit accrued thereon, in foreign exchange to the country of residing to anywhere he chooses.
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