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Product Summary

An NFCD (Non-Resident Foreign Currency Deposit) account is an interest-bearing time deposit account in Bangladesh for non-resident Bangladeshis (NRBs), foreign nationals, and dual citizens to hold and grow foreign currency deposits like USD, GBP, or EUR, offering benefits such as tax-exempt interest and repatriation of funds. These accounts are offered by authorized dealer (AD) branches of Bangladeshi banks and can be opened with a minimum amount, often USD 1000 or equivalent, with flexible tenure options and potential benefits like linking to international credit cards.

  • Non-Resident Bangladeshis (NRBs): Bangladesh nationals living or working abroad.
  • Dual Citizens: Bangladesh nationals who hold dual nationality and reside abroad.
  • Foreign Nationals: Foreign passport holders or foreign individuals, companies, and institutions.
  • Bangladesh Mission Staff: Bangladeshi nationals working in foreign embassies or high commissions.
  • Government/Public Sector Officials: Government, semi-government, or nationalized bank employees posted abroad or with international organizations.
  • EPZ Unit Workers: 100% foreign-owned industrial units in Bangladesh's Export Processing Zones (EPZs).
  • Currency Denomination:
    Accounts can be opened in major foreign currencies like US Dollars (USD), Great Britain Pounds (GBP), Euro (EUR).
  • Interest:
    Interest rate will be applied as per exchange rate circular supplied from treasury division.
  • Tax Exemption:
    The interest earned on NFCD accounts is typically exempt from taxation in Bangladesh.
  • Flexible Tenor:
    Accounts can be opened for various terms, such as one, three, six, or twelve months, and are renewable.
  • Repatriation:
    Account holders can freely repatriate the balance and accrued interest in foreign exchange to their country of residence or any other location.
  • International Credit Cards:
    Allow linking an international credit card to the account balance.
  • Contact to Bank: Reach out to an Authorized Dealer (AD) branch of a Bangladeshi bank.
  • Provide Required Documents: You will need to submit an application form, signature card, KYC form, passport copy, and photographs of yourself and nominees.
  • Fund the Account: Remittances can be sent from abroad through a banking channel or by bringing convertible foreign currency into Bangladesh by the account holder during a visit.
  • Currency Hedge: Helps NRBs and dual citizens protect their foreign currency earnings from exchange rate fluctuations.
  • Investment Opportunity: Provides a way to earn interest on funds held abroad.
  • Easy Fund Management: Facilitates easy conversion to local Taka for use in Bangladesh or for sending funds to other countries.

**For any further query please contact your nearest Premier Bank Branch

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