NRB Account

Features

The Trust Bank Ltd. has introduced Non Resident Bangladeshi (NRB) Account (TBL-FC Investment Account) with a view to providing an ample opportunity to Bangladeshi people living abroad and earning there, so that they can invest their hard-earned foreign currency in the country’s capital market and thereby can be benefited themselves. By maintaining this account, expatriate Bangladeshi and Foreign Currency earners can avail all sort of services from the Trust Bank Ltd. regarding remittance of fund to and from any places of the world, retaining the fund and investing in the country’s capital market.

General features of the Account :

Meanwhile, we have introduced/maintained some deposit schemes for NRB. The key points of these schemes are enumerated as under:-

  • This account can be opened with any authorized dealer branch of the Trust Bank Ltd.
  • No initial deposit is required for opening this account. With duly filled in bank’s prescribed form and other necessary supporting papers, this account may be opened.
  • The intended persons not necessarily have to personally appear at the bank in order to open this account. The bank with their own initiative, collect all the necessary papers from the interested clients and arrange to open the account.
  • Foreign currency can be remitted from this account to any where of the world at any time.
  • Foreign currency remitted to this account is always retained in foreign currency and can be repatriated as desired by the account holder.

Requirements

Foreign Currency Account FC

Bangladeshi national residing abroad may open foreign currency account in any AD branch of the bank. The features of FC Account are as follows:

  • No initial deposit is required to open the account.
  • NRB may come personally or collect necessary papers from the banks or bank with their own initiative may supply all the necessary papers to open this Account.
  • They may remit of FC in any form through banking channel or transfer from another FC account or non-residence taka account with a view to credit the same in the account.
  • They may operate the account by themselves or nominated person or Trust Bank Ltd. as per their desire.
  • They will get interest on daily product basis on the credit balance (minimum balance of US$ 1,000/- or GBP 500/- at least for 30 days) maintaining in the account.
  • Interest will be offered 1.75% for US Dollar Account , 3.00 % for EURO Account and 3.25% for GBP Account .
  • They will collect the prescribed form including other documents through internet and send the same to our AD branch duly filled in along with their photographs and required papers.

Non-resident foreign Currency Deposit – NFCD

All non – resident Bangladeshi nationals and persons of Bangladesh origin including those having dual nationality and ordinarily residing abroad may maintain interest bearing NFCD Account. The features of NFCD Account are as follows:

  • NFCD Account can be opened in any AD branch of the Trust Bank Ltd. for One month, Three months, Six months and One Year through US Dollar, Pound Starling, Japanese Yen and Euro. The initial minimum amount of $1000 or 500 Pound Starling or equivalent other designated currency.
     
  • NFCD Account may be maintained as long as the Account-holders desire. Eligible persons are also allowed to open such Accounts within six months of their return to Bangladesh.
     
  • Interest is paid on the balance maintain in the Account. This interest is tax free in Bangladesh. At present interest is paid on one month deposit in US dollar based on LIBOR (London Inter-Bank Offered Rate).
     
  • The account holder can 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 local Taka at the prevailing exchange rate.

NITA (Non-Resident Investors’ Taka Account)

Non resident person/institutions including Non-resident Bangladeshi nationals may buy/sale Bangladeshi Shares and Securities through opening NITA Account in any AD branches of our Bank. The features of NITA Account are as follows:

  • You being a NITA account holder can purchase shares and securities of domestic company. The profit and dividend of these shares and securities and the sale proceed of shares and securities can be deposited in the NITA account.
     
  • You can also credit the fund in the NITA Account of foreign currency remitted from abroad through banking channel or by transfer of fund from Non-resident Investors Foreign Currency if any in Bangladesh.
     
  • You may freely use the balances of NITA for buy & sale of shares and securities and freely remit abroad in equivalent Foreign Exchange.
     
  • You may appoint nominee for transaction of the Account or nominated us as nominee to buy and sale of shares.
  • Now a day a BO A/C is required to open to buy and sale of shares & securities.

Wage Earners Development Bond (WEDB)

NRB can buy WEDBs through their Foreign Exchange Earnings in the following denominations up to 5 years duration:-

  • Tk.25, 000/-, 50,000/- & 1, 00,000/- which is renewable also. At present, the interest rate is 12%. You can freely repatriate the Principal on maturity at your desire but interest on it has to be invested in Bangladesh.
  • You will get safety coverage through insurance for purchase of WEDBs as under:-
SL Bond Worth Death Claim
1 Tk 25,000/- to Tk 50,000/ Upto 30% of invested amount
2 Tk 51,000/- to Tk 75,000/- Upto 40% of invested amount
3 Tk 76,000/- and above Upto 50% of invested amount
  • You will get tax exemption on earning of WEDB.
  • You can withdraw interest on WEDB after 6 month.
  • You may also re – invest for 2nd term.

US Dollar Premium Bond

NRB can buy US Dollar Premium Bond through their Foreign Exchange Earnings. The features of US Dollar Premium Bonds are as follows:

  • The US Dollar Premium Bond(s) shall be matured for payment after completion of three years from the date of its issue. Bondholder may surrender the Bond(s) before maturity and encash the same at the paying office in which case interest will be paid as under:
Encashment Interest Payable (in U.S. Dollars)
1 Within one year from the date of issue No interest
2 After completion of one year but within two years 6.50%
3 After completion of two year but within three years 7.00%
4 After completion of three years 7.50%
  • The Bond(s) shall be issued in the denominations of US$ 500, $ 1,000, $5,000, $ 10,000 and $50,000 and in such other denominations as the Government may decide.
     
  • The purchaser can purchase Bond of any amount in multiples of US$ 500 without a maximum limit.
     
  • For investment of US$ 10,000 and above, the concerned purchaser will be provided with death – risk benefit. The death – risk benefit will be determined according to the following slabs:
1 For investment between US$ 10,000 and US$ 20,000 Death – risk benefit for 15% of the investment (Taka equivalent)
2 For investment between US$ 20,500 and US$ 50,000 Death – risk benefit for 20% of the investment (Taka equivalent)

3

For investment between US$ 50,500 and above Death – risk benefit for 25% of the investment (Taka equivalent)

The maximum amount of death – risk benefit shall not exceed Tk 20,00,000 and the age of the purchaser shall not be over 55 years at the time of his death.

  • The Principal amount will be payable in US Dollar/ Bangladesh currency to the holder or his/ her non – resident nominee, where applicable. However, interest amount shall be paid only in Bangladeshi currency.
  • The money invested in the purchase of Bond(s) shall be exempt from tax payable.
  • The interest accrued/ earned on the investment in the Bond(s) shall be free from income tax.

US Dollar Investment Bond

NRB can buy US Dollar Investment Bond through their Foreign Exchange Earnings. The features of US Dollar Investment Bonds are as follows:

  • The US Dollar Investment Bond(s) shall be matured for payment after completion of three years from the date of its issue. Bondholder may surrender the Bond(s) before maturity and encash the same at the paying office in which case interest will be paid as under:
Encashment Interest Payable
1 Within one year from the date of issue No interest
2 After completion of one year but within two years 6.50%
3 After completion of two year but within three years 6.00%
4 After completion of three years 6.50%
  • The Bond(s) shall be issued in the denominations of US$ 500, $1,000, $5,000, $ 10,000 and $50,000 and in such other denominations as the Government may decide.
     
  • The purchaser can purchase Bond of any amount in multiples of US$ 500 without a maximum limit.
  • The Principal and interest amount will be payable in US Dollar/ Bangladeshi currency to the holder or his/ her non – resident nominee, where applicable.
     
  • The money invested in the purchase of Bond(s) shall be exempt from tax payable.
     
  • The interest accrued/ earned on the investment in the Bond(s) shall be free from income tax

Note: You can avail loan facility up to 90% of your invested amount or credit balance available in the account. This is applicable for all types of accounts and Bonds mentioned as above.

Required papers for opening FC/ NFCD/ NITA A/C/ and Purchase of WEDB/ US Dollar Premium Bond/ US Dollar Investment Bond:

You have to execute/provide the following papers/documents to open and operate the FC, NFCD, NITA Account and purchase of WEDB/ US Dollar Premium Bond/ US Dollar Investment Bond :-

The concern authorities are Bangladesh Embassy/ Bangladesh High Commission/ Notary public of the concerned countries/ Bank who have correspondence relationship with us, if the accountholder reside abroad.

  1. Copy of employers certificate/ work permit/ I-20 to be duly attested by the concern authorities.
  2. Copy of the Passport including the signature page with other relevant pages to be duly attested by the concern authorities.
  3. The required documents supplied by us to be duly filled in by the account holder
  4. You have to attest the photographs and signature of the nominee.
  5. You have to provide two passport size photographs (duly attested).
  6. Duly filled in the Application Form along with specimen signature card.

No attestation is required if a) you stay in Bangladesh at the time of opening the Account or b) you have another FC Account maintain with us.

Contact

Trust Bank International Division