All nonresident Bangladesh nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing abroad may maintain interest bearing Time Deposit Accounts named "Nonresident Foreign Currency Deposit (NFCD) Accounts" with any Authorized Dealer (AD) Branch of Agrani Bank.
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 corporate bodies posted abroad or deputed with International and Regional agencies like IMF, World Bank, IDB, ADB etc. during their assignments abroad may open such accounts with Agrani Bank Limited. 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 maintain by the wage earners with any AD Branch of Agrani Bank.
The accounts are in the nature of Term Deposits maturing after one month, three months, six months and one year. The accounts may be maintained in US Dollar,Euro, Pound Sterling or Japanese Yen: initially with minimum amount of US$1000 or Pound Sterling 500 or equivalent. Account may be opened against remittances in other convertible currencies after conversion of those into US Dollar, Euro, Pound Sterling 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 applications along with a set of specimen signatures of the opener of the account to any AD Branch of Agrani Bank. in Bangladesh duly verified by any Bangladesh Mission abroad, or a reputable Bank or any other person known to the AD Branch of Agrani Bank in Bangladesh. The Application Forms may be procured from Bangladesh Missions Abroad and from any AD Branch of Agrani Bank. in Bangladesh. No set of specimen signatures will be required to be enclosed with the application form if the application is submitted to an AD with whom the applicant has already been holding a Foreign Currency Account. In such a case 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.
The concerned AD Branch of Agrani Bank will pay interest on deposits into the accounts at the Euro Currency Deposit rates. In case of premature repayments, the interest amount will be forfeited to the depositing AD Branch. The interest on deposits into this account is exempt from the tax payable under Income Tax Act.
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 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, Euro 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.
For further information, please contact:
Deputy General Manager
Agrani Bank Limited
Foreign Currency Management Division
Head Office
Tel: (+8802) 9570640
Fax: (+8802) 956 3662
Email: dgmid@bangla.net
Account opened and maintained by authorized dealer branches in Foreign Currency without prior approval of Bangladesh Bank is called Foreign Currency Accounts.
Who can open?
a)
Bangladeshi nationals working or earning abroad including self-employed Bangladeshi immigrants proceeding abroad on employment may open F.C. Account even without initial deposit.
b)
Foreign nationals residing abroad or in Bangladesh and also Foreign firms registered abroad and operating in Bangladesh or abroad.
c)
Foreign missions and their expatriate employees.
d)
Bangladeshi nationals working with the Foreign/ International organizations operating in Bangladesh provided their salary is paid in Foreign Currency or their consultancy fees/honoraria received in Foreign Currency.
e)
Diplomatic Bonded Warehouse (duty free shops) licensed by the custom authorities.
f)
Local and Joint Venture contracting firms employed to execute projects by foreign donors/international donor agencies as per relevant contract which will be closed as soon as the projects are concluded.
Currencies:
Foreign Currency (F.C.) Account may be opened in the following foreign currencies:
i)
U.S. Dollar (USD)
ii)
Great Britain Pound Sterling (GBP)
iii)
Euro
iv)
Japanese Yen. (JPY).
Documents required for opening F.C. Account:
1.
Prescribed Account Opening Form
2.
2(Two) Passport size photographs
3.
Authorised Specimen Signature Card
4.
Proof of employment or other related documents.
5.
In case of nominee additional 2 copies of passport size photograph of the nominee
6.
Photo copies of Passport or other related documents.
Mode of Deposits:
The Foreign Currency Accounts may be credited in the following ways:
1.
Cash Foreign Currency brought in by the depositor.
2.
Travellers Cheques.
3.
Cheques or Drafts.
4.
Money Order Receipt
5.
By Electronic Fund Transfer.
Interests:
The ADs maintaining foreign currency accounts can pay interest of F.C. Accounts, if the accounts are maintained in the form of Term Deposits for a minimum period of 90 days. Interest rates are comparable with the rates available on similar accounts maintained abroad.
Retention of Foreign Currency in Accounts;
Bangladeshi citizens and other persons residing in Bangladesh or abroad are required to self-declare such F.C. to an AD within one month from the date of acquisition by them of such F.C.
This regulation is exempted for the followings:
i.
Foreign diplomats, nationals, missions, embassies and expatriate employees of foreign business houses, contractors or consultants who are receiving their salaries partly or entirely in foreign currency abroad.
ii.
Portion of repatriated export proceeds kept in Retention Quota Accounts.
iii.
Foreign Exchange brought in at the time of return can be credited to RFC account.
iv.
And upto US$ 5,000/- brought in undeclared at the time of return from abroad can be retained at hand.
Use of F.C. account balance:
a)
The F.C. can be used for payments for the purpose mentioned while opening the account.
b)
Funds may be utilized by the account holders for import of commodities as per instruction of Bangladesh Bank & CCI&E.
c)
Funds may be brought back to the country of the Account Holder living abroad. Fund may be used for traveling, payments of credit card bills, education expenses and treatment expenses.
d)
Fund may be converted to local currency by the Account Holder or Nominee.
Wage earners living abroad may purchase "Wage Earner's Development Bond" in Bangladesh Taka under the following terms & conditions:
Denominations:
Taka 25,000 Taka 50,000 Taka 100,0000
Terms:
For Five years
Interest:
12%. In case of premature encashment interest will be paid at lower rate
Insurance Coverage:
Any purchaser of Wage Earner's Development Bond is entitled to get death-risk benefit.
Repatriation in Foreign Currency:
Purchaser of WEDB can repatriate the principal amount of the bond in foreign currency
Tax Benefit:
Interest earned from WEDB is exempted from Income Tax
Availability of WEDB:
Application Forms may be collected from any AD Branch of Agrani Bank. or any other Bank in Bangladesh or Agrani Exchange House in Singapore or Bangladesh Missions abroad. But the Form has to be submitted to any AD Branch of Agrani Bank. in Bangladesh for purchasing WEDB
With a view to helping Wage Earners invest in shares and securities in Bangladesh "Nonresident Investor's Taka (NIT) Account" has been introduced. A Wage Earner can open a NIT Account with any AD Branch of Agrani Bank Limited under the following conditions:
Dividends or sale proceeds of shares or securities may be deposited in the NIT Account
Account Holder can repatriate the available balance amount of the account in foreign currency back to any country of his/her choice
Dividend and capital gains deposited in the account are exempted from Income Tax
The account can be operated by nominee (s).
US DOLLAR PREMIUM BOND & US DOLLAR INVESTMENT BOND
Nonresident
Bangladeshi's seeking an attractive investment opportunity in
Bangladesh ,can invest in US Dollar Premium Bond & US Dollar
Investment Bond issued by Bangladesh Government from 1st November,
2002 through their Foreign Currency account.
Major Features of both the Premium and Investment Bonds:
3 years maturity .
Half yearly interest payment .
Principal amount and interest can be payable in either
Bangladeshi Taka or US Dollar.
Principal and interest both are free of income tax .
At maturity ,the principal amount can be reinvested or
repatriated.
In case of loss, partial damage or complete damage of the
bond,duplicate bond will be issued.
The bond can be enchased before maturity but partial encashment
is not allowed.
Persons buying bonds worth US $ 1 million or 10 lac US Dollar
will get CIP status.
The Bond holder can nominate a nominee and the bonds will accrue
interest on behalf of the nominee even after the death of the bond
holder.
Features of Premium Bond:
7.5% annual interest rate.
Principal amount is payable in US Dollar.
Interest is payable in Bangladesh Taka.
Principal amount can be payable in Bangladesh Taka if the
purchaser desires.
If any customer buys bond worth 10,000 US Dollar ,continues to
increase the investment up to death, he or she will get 15% to 25% of invested
amount with a maximum of Taka.2,000,000/- as death risk benefit
under specific terms & conditions.
Features of Investment Bond:
6.5% annual interest rate.
Principal amount and interest payable in US Dollar.
Principal amount and interest can be payable in Bangladesh Taka
at the discretion of the investor.
Face value of both the Bonds:
US Dollar 500,1000,5000,10,000 and 50,000
Limit of Purchase:
Lowest 500 US dollar and highest of any amount in multiple of
500.
Nominee:
In the event of the death of the holder ,the nominee and in the event
of the death of both the holder and the nominee ,the heir(s) of the
holder shall be able to withdraw the amount of the bond(Principal
,interest & death risk benefit if any).
Bond Issuing Branches of Agrani Bank Limited:
Principal Branch,Motijheel ,Dhaka.
Foreign Exchange Branch,Dhaka.
Ramna Branch,Dhaka.
Amin Court Branch,Motijheel,Dhaka
Purana Paltan Branch,Dhaka.
Lal Dighi East Branch,Chittagong.
Commercial Area Branch,Agrabad,Chittagong.
Clay Road Branch,Khulna.
Shaheb Bazar Branch,Rajshahi.
Lal Dighir Par Branch,Sylhet.
Chowkbazar Branch,Barisal.
Jessore Branch,MM Ali Road,Jessore.
Besides these, information can be collected from any AD branch of
Agrani Bank.
Encashment of Bond Before maturity:
A. Premium Bond
No interest will be given if enchased before 1 year.
For encashment over 1 year but less than 2 year ,interest rate
will be 6.5%.
For period over 2 years but less than 3 years , interest rate
will be 7%.
For period 3 years and over ,interest rate will be 7.5%.
B. Investment Bond
No interest will be given if en cashed before 1 year.
For encashment over 1 year but less than 2 year ,interest rate
will be 5.5%.
For period over 2 years but less than 3 years , interest rate
will be 6%
For period 3 years and over ,interest rate will be 6.5%.
Other Information:
Detail information and application forms are available in Agrani
Exchange House Pvt. Ltd,Singapore.
Bangladesh embassy/consular office in USA,UK,Kuwait,Saudi Arabia
(Riyadh/Jeddah ),Malaysia and Singapore will provide assistance in
this regard.
For More Information Please contact:
1. Deputy General Manager
Foreign Currency Management Division
Agrani Bank Limited,Head Office
Telephone-8802-9570640,Fax:8802-9563662
2. Deputy General Manager
Agrani Bank Limited.
Principal Branch,Motijheel,Dhaka.
Telephone-8802-9551650
