BCB NRB SAVINGS ACCOUNT

 


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BCB NRB SAVINGS ACCOUNT

(A Savings Account for Non-Resident Bangladeshis)

“BCB NRB Savings Account” is a Savings Bank (SB) Account in local currency (BDT) for the Non-Resident Bangladeshis (NRBs) who are residing abroad or proceeding abroad for employment. This is an exclusively designed and developed Savings Banking Product for NRBs who want to save their hard earned money to utilize in future and earn best interest/profits on their saved money.

Name of the Deposit Product
  • BCB NRB SAVINGS ACCOUNT

Objectives:

  • To facilitate inward wage remittances through banking channel.
  • To encourage NRBs in saving their hard earned income in Bangladesh.
  • To strengthen financial inclusion program.
  • To increase low cost deposit of the Bank.
  • To create NRB's opportunity to earn more interest/profit as his/her savings increases.

 

Eligibility for opening the Account:

 

  • Bangladeshi nationals living and working outside Bangladesh with valid work permit/resident visa.
  • Bangladeshi crew Member working in foreign shipping company.
  • Bangladeshi nationals proceeding abroad for employment before leaving Bangladesh.
  • The person should have a permanent residence in Bangladesh.
  • Minimum Age: 18 years (minors are not eligible to open this account).

 

Sources of Credit during the absence of the account holder from Bangladesh:

  • Remittance received from abroad through banking channel (Through any bank in Bangladesh)
  • Remittance received from abroad through exchange house.
  • Transfer from Foreign Currency Account of account holder.
  • Conversion of foreign currency tendered by the account holder while temporary visit to Bangladesh.
  • Interest accrued on the amounts lying in the non-resident account.
  • House rent and sale proceeds properties on the basis of the documentary evidence.
  • Income from landed property and agricultural rent.
  • Dividend and interest/profit income on investment in shares and securities.
  • Refund of amount previously debited or over charged.

 

Sources of Debit during the absence of the account holder from Bangladesh:

  • Under the standing instruction of the account holder:
  • Payment on account of insurance premium.
  • Payment other bills in Bangladesh on a regular nature supported by bills and vouchers.
  • Government and municipal dues supported by official claims.
  • Transfer to any other non-resident taka account like DPS, Deposit scheme, Term/Fixed Deposit etc.
  • Purchase of shares and securities provided the purchased shares and securities shall retain by the bank so long the account holder resides outside Bangladesh.
  • Payment of loan installment direct to a financial institution in Bangladesh from which the account holder had obtained loan.
  • Payment by cheque drawn in favor of payee’s resident in Bangladesh.
  • Debit in reversal of previous credits.

Account Operation during visit of account holder in Bangladesh:

  • Account holder can operate the account like a general savings account during his temporary visit in Bangladesh
  • Account holder shall submit a declaration mentioning his arrival and departure from the country for account operation mentioned above.
  • On return of account holder permanently the BCB NRB Savings Account shall be closed and the total balance is payable to the account holder in any banking mode as he desires.

 

Interest/Profit payable on the Account:

  • Interest/Profit rate will always be at least 0.50% higher than the prevailing rate on regular savings deposit account.
  • Interest/ Profit will payable and compounded on half yearly basis
  • Interest/ Profit will be calculated on minimum monthly balance.

 

Other Features:

  • Only NRBs can open this account in their own name.
  • No initial deposit is required for opening the account.
  • No account maintenance charge is applicable.
  • NRBs can open the account directly from the country where he resides sending documents to the bank by courier.
  • NRB is not allowed to open more than one account in his/her name.
  • No joint account can be opened in the name of two or more NRB

 

General Terms and Conditions:

  • Uniform Account Opening Form' must be used to open this account.
  • KYC policy should be ensued.
  • All taxes/duty/levy and/or any other surcharges presently in force or that may be imposed by the Government of Bangladesh (GOB) from time to time will be applicable on the account.
  • All other terms and conditions applicable for prevailing general savings deposit bank account shall be followed for operation of NRB Savings Account. 

Other Terms and Conditions:

 

  • Customers will not be entitled to any interest if his balance falls below minimum balance BDT 2,000.00 even for an instance in a month.
  • Customers  will   not be  entitled  to any  interest   for any  month, if he  withdraws    more than 25% of current   balance or withdraws  through-cheque  more than  twice in a week  of that  month.
  • In case of death of depositor, nominee may claim benefits, subject to submission of proper documents. If nominee is not available, balance shall be paid to the successors) according to law.
  • Account related fees/charges are applicable for the account as per current schedule of charges.
  • Bank statement/balance confirmation certificate is generally issued twice (half yearly and yearly) in a year without any cost. Account statement is also provided to customers demand on realization of specified charges as per schedule of Charges.
  • The account holder can close the operation of his account in any time after surrendering his Cheque book & submitting the application duly signed on realization of closing charge.
  • Any other terms & conditions can be applicable by the Bank's Circulars, Manuals & Guidelines.
  • Right and obligation arising hereunder (including deposits & payment) shall be governed by and subject to the laws of Bangladesh.
  • The bank can change, add, amend of nullify any rules related to account and the account holder is obliged by the bank's instruction in this regard at any time.

 

Required Documents:

  • Banks prescribed account opening form duly filled and signed by the applicant.
  • Two copies of recent passport size photographs of NRBs (duly attested).
  • Copy of passport size photograph of each nominee(s) attested by the NRB Account Holder(s).
  • Copy of NID, Passport, Visa, Work permit and salary certificate of NRB(s).
  • Copy of NID/Passport of each nominee(s).
  • Copy of e-TIN Certificate of the depositor(s) (if any).

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