Dhaka, Bangladesh (BBN)- Non-resident Bangladesh nationals (NRBs) are now allowed to open Non-Resident Foreign Currency Deposit (NFCD) accounts with local commercial banks after their retirement.
The account-holders may remit legitimate payment abroad out of the fund held in the NFCD accounts, according to a clarification, issued by the Bangladesh Bank (BB), the country’s central bank, on Monday.
“….NRBs may, after their return to Bangladesh, open NFCD accounts with ADs (authorised dealers) to credit their retirement benefits, periodical pensions, superannuation benefits etc. as per employment agreement with employers while on service abroad,” the clarification said.
It also said the balances held in the accounts may be used for settlement of legitimate payment abroad, subject to production of documentary evidence and deduction of applicable taxes.
Under the existing Guidelines for Foreign Exchange Transactions (GFET), all NRBs and persons of Bangladesh origin including those having dual nationality and originally residing abroad are permitted to open NFCD accounts with the ADs.
The guidelines also allow account-holders to maintain the accounts as long as they desire. Eligible persons are also allowed to open such accounts at any time after their return to Bangladesh.
BBN/SSR/AD