Bangladesh nationals working and earning abroad including Self employed Bangladeshi migrants proceeding abroad on employment may open foreign currency accounts even without initial deposits.

NRBs may operate the accounts themselves or nominate other persons in Bangladesh for this purpose.

The accounts can be opened either in Pound Sterling, US Dollar, EURO or Japanese Yen at the option of the prospective account holder and maintained as long as the account holder desires.

These accounts would ordinarily be fed from remittances by account holders themselves but funds sent by other wage earners may also be placed to the credit of such accounts.

Allowed credit of such account with proceeds of convertible foreign exchange viz. currency notes, travellers' Cheques, drafts etc. brought into Bangladesh by the account-holders while on temporary visit to Bangladesh provided such foreign exchange in excess of US $5000 (or its equivalent) has been duly declared by them to the Customers on Form 'FMJ' at the time of their arrival.

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.

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.

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.