How to open a NFCD (Non-Resident Foreign Currency Deposit) account?

NFCD (Non-Resident foreign currency Deposit):

A.    NFCD accounts can be opened in US Dollars, Pound Sterling, German Mark, Japanese Yen, or Euro Currency for one month, three months, six months or one year, in any authorized dealership licensee branch of the country or foreign bank acting in Bangladesh. Minimum deposit amount will be $1000 US or £500 Pound Sterling or equivalent amount for other currencies.

B.   NFCD account can be continued renewal basis for unbounded time. Account holder can be continuing his account after permanent return of home country. NFCD account can be opened from his foreign income even if permanently arrival of home within six month.

C.   For the currency of the NFCD calculation, the interest earned in the currency of EuroCorrency is earned in foreign currency. Interest earned of BFCD account in Bangladesh is tax free.

D.     Premature encashment is possible but in that case interest will not be given.

E.    Principal and interest amount of NFCD account is hassle free transferrable in any country in specific foreign currency. Outstanding amount of this type of account is also convertible in BDT.

F.    Non-resident Bangladeshi people can collect account opening form from Bangladeshi high commission office.