NFC Deposit Account

NFC Deposit account means Non-Resident Foreign Currency Deposit A/C

Authorized dealers may open F.C A/C in the name of the followings persons without prior approval from Bangladesh Bank. All Bangladeshi Nationals/persons including those having dual nationals / ordinarily residing abroad may open in term bearing NFCD A/Cs.

Eligible persons:

(a)      All non-resident Bangladesh nationals and persons including duel nationality & ordinarily residing abroad / working / earn abroad including self-employed, may open the account.
(b) Bangladesh nationals, serving with Embassies / High Commissions / Staff of Govt. / Semi Govt. / autonomous / nationalized sectors posted / deputed abroad can open A/C.
(c)   Foreign Nationals residing abroad / in Bangladesh, foreign-registered abroad & operating in Bangladesh / abroad.
(d)   Shore staff of Bangladesh shipping companies posted abroad may open the account but the crewmembers are not entitled to open such accounts.
(e) The account may be opened with funds transferred from existing F.C. accounts maintained by the wage earners with the AD branch in Bangladesh.
(f)   Eligible persons are allowed to open such accounts within six months of their return to Bangladesh.
(g) In the case of pre-matured repayment, the profit amount will be forfeited.

Terms & Conditions :

i. 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 Dollars, 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. The profit amount is exempt from the tax payable under the income tax act.
If the applicant is abroad, specimen signature of the opener duly verifies 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.

NFC Deposit Account