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» Rules for opening and operating FC accounts
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Remittance and Fund Transfer
 Foreign Currency Account
Bangladeshi nationals residing abroad, foreign nationals residing abroad or in Bangladesh, foreign firms registered abroad and operating in Bangladesh or abroad, and foreign missions and their expatriate employees in Bangladesh can open Foreign Currency (FC) accounts.
Foreign exchange earned through business done or services rendered in Bangladesh cannot put into this account.
Credits to a foreign currency account may be made against inward remittances of foreign exchange in any form or by transfer from another FC account.
Local as well as foreign payments may be made freely from foreign currency accounts.
No payment in foreign exchange can be made to or on behalf of any resident in Bangladesh. Payments from these accounts received by residents, unless generally or specifically authorized by Bangladesh, must be converted into Taka.
Banks may pay interest on such accounts at rates determined from time to time.
 FC Accounts of Overseas Bangladesh Nationals
Bangladesh nationals working abroad or proceeding abroad to take up employment may open foreign currency accounts.
No initial deposit is required to open this account.
Account holder may operate the account himself or nominate other persons in Bangladesh for this purpose.
The account may be opened in Pound Sterling, US dollar, Euro or Japanese Yen.
The account may be maintained as long as the accountholder desires.
These accounts should ordinarily be fed by remittances by accountholder himself but funds sent by other wage earners may also be placed to the credit of such accounts.
Sale proceeds of currency notes, traveler’s cheques, drafts etc. brought into Bangladesh by the account holder while on temporary visit to Bangladesh provided foreign exchange in excess of US$ 5000 (or its equivalent) is duly declared to the Customs on Form FMJ at the time of their arrival.
Funds lying to the credit of FC accounts of Bangladesh nationals can be utilized for import of goods and commodities as per Import Policy announced by the Government from time to time.
 Resident Foreign Currency Deposit Account
Persons ordinarily resident in Bangladesh may open and maintain Resident Foreign Currency Deposit (RFCD) accounts with foreign exchange brought in at the time of their return from travel abroad.
Any amount brought in with declaration to Customs Authorities in form FMJ and up to US$ 5000 brought in without any declaration can be credited to such accounts.
Proceeds of export of goods or services from Bangladesh or commission arising from business deals in Bangladesh shall not be credited to such accounts.
Balances in these accounts shall be freely transferable abroad.
Fund from these accounts may also be issued to account-holders for the purpose of their foreign travels in the usual manner (i.e. with endorsement in passport and ticket, upto US $ 2000 in the form of cash currency notes and the remainder in the form of TC & for SAARC countries $1500).
These accounts may be opened in US Dollar, pound sterling, Euro or Japanese yen and may be maintained as long as the account holders desire.
Interest in foreign exchange shall be payable on balances in such accounts if the deposits are for a term of not less than one month and the balance is not less than US$ 1000 or £ 500 or its equivalent.
 Non Resident Foreign Currency Deposit Account
All non-resident Bangladesh nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing abroad are entitled to maintain interest bearing time deposit account named "Non-Resident Foreign Currency Deposit (NFCD) Account" with the Authorized Dealers (ADs).
These accounts may be maintained in US dollar, pound sterling, Euro or Japanese yen; initially with minimum amount of US$ 1000 or pound sterling 500 or equivalent.
Accounts may be opened against remittances in other convertible currencies after conversion of those into US Dollar, pound sterling, Euro or Japanese yen.
Foreign nationals and companies/firms registered and/or incorporated abroad, banks, other financial institutions including institutional investors and 100% foreign owned (A -Type) industrial units in the Export Processing Zones in Bangladesh, are also allowed to open and maintain NFCD account. The minimum amount of time deposits in such cases should be US$ 25,000 or its equivalent in pound sterling, Euro or Japanese yen.
Bangladeshi nationals serving with Embassies/High Commissions of Bangladesh in foreign countries as also the officers/staffs of the Government/Semi-Government departments/nationalized banks and employees of body corporate posted abroad or deputed with International and Regional agencies like IMF, World Bank, IDB, ADB etc. during their assignments abroad may open such accounts.
Crew members of the Bangladeshi shipping companies are not entitled to open such accounts, but shore staff posted abroad may open such accounts.
The account is in the nature of term deposits maturing after one month, three months, six months and one year.
Accounts may also be opened with funds transferred from existing foreign currency accounts maintained by the wage earners with the ADs in Bangladesh.
The branch may pay interest on deposits into account at euro-currency deposit rates advised by the Head Office.
In case of premature repayments, the amount of interest may be forfeited to the branch.
The interest of deposits into this account is exempt from the Tax payable under Income Tax Act.
The account holder may be allowed to freely repatriate the balance and the interest accrued thereon in foreign exchange to the country of his residence or anywhere he chooses and may, at his option, convert the balance into Taka at the prevailing exchange rate.
 Non Resident Taka Account
The Taka accounts maintained with banks in Bangladesh by private individuals, firms and companies resident outside Bangladesh are known as Non-resident Taka Accounts.
The accounts of foreign nationals residing in Bangladesh and foreign firms and companies located and operating in Bangladesh and accounts of U.N. and its organizations are, however, treated as resident accounts and kept outside the scope of Exchange Control.
The accounts of Bangladesh nationals who leave the country except those who hold office in the service of Bangladesh Government are required to be treated as non-resident Taka account so long they remain outside Bangladesh.
Prior permission of Bangladesh Bank is necessary for opening non-resident Taka accounts.
Non-resident Taka account may, however, be opened without prior permission of Bangladesh Bank for crediting the proceeds of remittances received from abroad through normal banking channel.
 Non-resident Investor's Taka Account
01. The non-resident investor shall open a Non-resident Investor's Taka Account (NITA) with any AD branches of Prime Bank Limited, with freely convertible foreign currency remitted from abroad through normal banking channel or by transfer of funds from the non-resident investor's foreign currency account, if any, in Bangladesh.
Balances in the NITA may freely be used to buy Bangladeshi shares/securities. These balances are also freely remittable abroad in equivalent foreign exchange.
The NITA can be operated by the account-holder himself or by a nominee, including the AD itself.
Dividends/interest earnings on the shares/securities bought through the NITA, net of taxes payable on such earnings of the non-resident holder, received from the issuing company/institution may be credited to the NITA.
Sale proceeds of the shares/securities purchased through the NITA may also be credited to the NITA.
No local funds from any sources other than those mentioned at (1), (4) and (5) above can be credited to NITA.
No loan facilities shall be allowed by the ADs in the Non-resident Investor's Taka Accounts.
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