Foreign Currency FDR/NFCD Account

Foreign Currency FDR is known as ‘Non-Resident Foreign Currency Deposit (NFCD) Account’. All non-resident Bangladeshis or any dual citizens are entitled to open interest bearing time deposit NFCD Account .The account is in the nature of term deposits like FDR, maturing after one month, three months, six months, one year or any term offered by banks. These accounts may be maintained in US dollar, pound sterling, Euro or Japanese yen. Accounts may be opened against remittances in other currencies after converted into US Dollar, pound sterling, Euro or Japanese yen.

• This is a term deposit account like FDR for NRBs.
• These accounts can be maintained in USD, GBP, YEN, EURO.
• Accounts may be opened against remittances in other convertible currencies after conversion of those into USD, GBP, YEN, EURO.
• NFCD Account 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.
• Interest is paid on the balance maintained in the Account. This interest is tax free in Bangladesh. At present interest is paid on one month deposit in US dollar based on LIBOR (London Inter-Bank Offered Rate).
• The account holder can freely repatriate the balance and the interest accrued thereon in foreign exchange to the country of his/her residence or anywhere he/she chooses and may at his/her option, convert the balance into local Taka at the current exchange rate.

List of some banks which have foreign currency FDR/NFCD account

Required Documents

• Copy of employer’s certificate/ work permit/I-20 to be duly attested by the concern authorities
• Bank prescribed account opening form duly filled up
• Photo: 2 passport size
• Nominee Photo: 1 pp size attested by account holder (attestation on the reverse side)
• Identification: Photocopy of Valid passport (6 pages) with due attestation. In case of foreign passport attested photocopy of ‘no visa required for travel to Bangladesh’ page required.
• Valid Visa: Entry VISA with due attestation.
• Address Proof: (If Any) – Resident Permit/Work ID
• Other documents as per bank requirement