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Foreign Currency Accounts

Resident Foreign Currency Deposit (RFCD) Account

Persons ordinarily resident in Bangladesh may open RFCD account with foreign exchange brought in at the time of their return from travel abroad. Resident Bangladesh nationals can open RFCD account any time after return to Bangladesh. However, upto USD 5000 or equivalent can be deposited any time after return from abroad while amount exceeding USD 5000 or equivalent (with declaration to customs authority in FMJ Form) can be deposited within one month of return from abroad.

Non-resident Foreign Currency Deposit (NFCD) Account

Expatriate Bangladeshi Nationals and persons of Bangladesh origin including those having dual nationality may open non- Resident Foreign Currency Fixed Deposit Account with any authorized dealer branches in Bangladesh for a period of one month, three months, six months or twelve months on renewable basis depositing minimum USD1,000- or GBP 500. The eligible persons may open this account at any time of their return to Bangladesh. Interest on NFCD Account is tax free in Bangladesh.

Private Foreign Currency Account

Bangladesh nationals Persons, Bangladesh nationals working residing abroad, Foreign nationals residing abroad or in Bangladesh, Foreign missions and their expatriate employees, Foreign firms registered abroad and operating in Bangladesh or abroad and Bangladesh entitlement to receive salary in foreign currency may open Private Foreign Currency Account with banks are eligible to open private foreign currency account.

Exporters’ Retention Quota Account

Merchandise exporters, direct exporters, deemed exporters and service exporters are eligible to open ERQ Account. ERQ for exports of high domestic value added merchandise is up to 60 percent of repatriated export receipts. ERQ for merchandise exports of high import contents (like apparels using woven fabric) is up to 15 percent repatriated export receipts ERQ for export of services is up to 60 percent of repatriated export receipts. Balances in these accounts may be used by the exporters for confide business purposes, such as business visits abroad, participation in export fairs and seminars, establishment and maintenance of offices abroad, import of raw materials, machinaries and spares etc. without prior approval of respective banking authority. Bank may effect advance payment not exceeding USD 10,000 or its equivalent from the Exporters’ Retention Quota (ERQ) Account against bonafide business purposes provided the relevant contract/pro-forma invoice stipulates for such payment.

Non-Resident Investor’s Taka Account (NITA)

Expatriate Bangladeshis may invest their hard earned money in the Stock Exchange for purchase of Bangladeshi shares and securities. For this purpose, the expatriates may open NITA account with any authorized dealer branches. Profits/dividends/gains can be deposited in this account and are tax-free in Bangladesh. Balance of NITA account is repatriable abroad at the prevailing rate of exchange. The nominee may operate NITA account. The account holders may nominate concerned Bank to act as nominee also.

Wage Earners’ Development Bond (WEDB)

Any Bangladeshi migrant can invest the Taka counterpart of their foreign currency in this Taka denominated bond. Interest earned 12 percent per year and is tax-free. Bonds are convertible to foreign exchange and proceeds are transferable abroad. Expatriate Bangladeshi Wage Earners may invest their hard earnings in five years WEDB on renewable basis for a certain amount at attractive rate of interest and the accrued interest is tax free in Bangladesh.


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