NRBs can open FC deposit accounts

Staff Correspondent | Published: 00:10, Jan 31,2017

 
 

Bangladesh Bank on Monday said that Non-Resident Bangladeshis and persons of Bangladesh origin who have dual nationality and are residing abroad will be permitted to open Non-Resident Foreign Currency Deposit (NFCD) accounts with the banks.
The BB issued a circular to authorised dealer branches of all banks saying that account-holders would be allowed to maintain the accounts as long as they desire and the eligible persons will also be allowed to open such accounts at any time after their return to Bangladesh.
This is to clarify that NRBs may, after their return to Bangladesh, open NFCD accounts with ADs to credit
their retirement benefits, periodical pensions, superannuation benefits as per employment agreement with employers while on service abroad, it said.
The balances held in the accounts may be used for settlement of legitimate payments abroad, subject to production of documentary evidence and deduction of applicable taxes, the BB said.
A BB official told New Age on Monday that the central bank had frequently found allegations that some banks denied to open NFCD account in favor of the NRBs when they returned to Bangladesh permanently.
The NRBs face hurdle to keep their money which they earned from abroad with the banks after returning the country permanently, he said.
Against the backdrop, the central bank asked the banks to open the accounts at any time for the NRBs. 

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