BCB NRB DEPOSIT SCHEME

 


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BCB NRB DEPOSIT SCHEME

“BCB NRB Deposit Scheme” is a monthly installment based savings deposit 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 Deposit Scheme Product for NRBs who want to save their hard earned money to utilize in future and earn best interest/profits on their saved money. 

 

Objectives of the Scheme

 

  •  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 create NRB's opportunity to earn more interest/profit as his/her savings increases.

 

Eligibility for opening the Account
  • Any Non-Resident Bangladeshi Nationals working abroad with valid passport and valid work permit/resident visa.
  • Any Bangladeshi crew member working in foreign shipping company.
  • Minimum age for opening this account is 18 years.

 

Account can be opened with

Both Authorized Dealer Branch (ADs) and Non Authorized Dealer Branches (Non ADs) providing remittance delivery services.

 

Tenor of the Scheme

One year and above. Maximum ten years ( 1 Year, 3 Years, 5 Years, 8 Years, 10 Years.

 

Amount of installment
  • Taka 1000 and multiple amount of taka 1000 ie taka 1000, taka 2000, taka 3000, maximum installment taka 50000.
  • The accounts may also be opened without initial installment for the person’s proceedings abroad for employment.
  • Monthly installment can be deposited/transferred in any day within the month.

 

Sources of Deposit
  • Out of wage remittance channeled through banks or exchange houses abroad.
  • Foreign  currency  tendered  by account holder himself while on temporary visit to Bangladesh subject to production of FMJ Form for currency in case of exceeding permissible limit
  • Transfer from foreign currency accounts of the account holders.
  • The NRB have to a NRB Savings Deposit Account with any branch of BCBL which will be linked with the Scheme account and monthly installment from the said savings account.

 

Rate of Interest / Profit

Highest prevailing interest/profit rate of other monthly deposit scheme shall give against the BCB NRB Deposit Scheme.

 

Period & Benefits:

 

Period                    Simple Int. Rate Effective Int. Rate
1 Years 7% 7.23%
3 Years 7.25% 7.50%
5 Years 7.25% 7.50%
8 Years 7.25% 7.50%
10 Years 7.25% 7.50% 

 

Key Features of BCB NRB Scheme

 

  • Interest Rate/Profit offered to Customers is 7.00% for 1 year and 7:25% for rest of the tenures.
  • The account will be matured after completing specified years (1/3/5/8/10) on the same date as it was opened.
  • In case of pre-mature encashment-
  • Before 1 year, no Interest/Profit will be applied.
  • Before 3, 5, 8 and 10 years, the account holder will get full benefit up to previous slab and regular Savings Bank Account's Interest rate for each subsequent year; no interest/profit will be paid for fraction year.
  •   
  • At the time of opening this account opening a linked 'NRB Savings Bank Account' is preferable.

 

Terms & Conditions

 

  • Customers can open account and deposit monthly installment in any banking (or working) day of a month.
  • A customer will able to open several numbers of accounts in a single name.
  • Effective Interest Rate/Profit will be more than simple interest rate as it compounded yearly.
  • If depositor fails to deposit any installment, he/she will have to pay@ 2% of the overdue amount for interest adjustment which will be payable at the time of depositing the next installment.
  • During the tenure of the Scheme Deposit, if Consecutively 5 (five) installments has not been deposited or defaulted, the account must be closed immediately.
  • Advance deposit of any quantum of monthly installment is acceptable.
  • 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 or nullify any rules related to account and the account holder is obliged by the bank's instruction in this regard at any time.

 

Loan facility under lien of deposit
  • The account holder after continuation of deposit without fail for two years may apply taka loan for meeting his personal requirements in Bangladesh.
  • Bank may allow an amount of taka loan up to maximum 80% of the balance in the deposit account for a period of 5 (five) years or validity of the deposit account which one is lower.
  • Banks usual norms shall be followed for allowing loan facility
  • Interest rate on the loan account will be 2% higher than the interest of the deposit account.
  • Installment of loan can be realized from linked BCB Savings account.
  • Repayment of the loan may also be made from the local sources with interest/profit.
  • Loan processing fee will be realized as per schedule of charges.
  • In case of death of depositor, the account shall be ceased to be operative and the amount deposited so far shall be paid to the nominee, as mentioned in the account opening form.
  • If the depositor expires after availing a loan, Nominees/Heirs will be paid the balance amount after full adjustment of loan (including accrued interest and other charges, if any).

 

Continuation of scheme after return of the A/C holder

During  the  tenor  of  Scheme,  if  NRB returns  to  Bangladesh permanently,  then  he/she may continue  the scheme  with  deposits  from  local  sources.

 

Payment on Maturity

 

  • On maturity, based on option of the NRB, bank may pay the proceeds of the deposits including interest to the beneficiaries/nominees of the Scheme.
  • Proceeds of the Scheme may be credited to interest bearing fixed deposit accounts opened in the name of NRB.
  • In case of NRBs residing in Bangladesh permanently after their return, the proceeds can be made available to him as he desires.

 

Payment prior to Maturity

 

  • In case of pre-mature encashment-
  • Before 1 year, no Interest/Profit will be applied.
  • Before 3, 5, 8 and 10 years, the account holder will get full benefit up to previous slab and regular Savings Bank Account's Interest rate for each subsequent year; no interest/profit will be paid for fraction year.

 

 

Repatriation of proceeds of the scheme abroad

Bangladesh Bank may consider applications of non-residents to repatriate payments abroad from  the  balances  held  in  the  deposit  products  on  maturity/ before  maturity  to  meet  subsistence expense.  In  submitting  the  applications  to  Bangladesh  Bank,  ADs  shall  observe  the  following instructions:

  • Applications for remittances shall be made with full documentary evidences in support of the requirements.
  • The  nationality  of  the  applicants  shall  be  stated  and  if  the  applicant  is  not  a  resident  in Bangladesh, the country of residence of the applicant shall be clearly stated. If the applicant is a dual national, the period of residence in Bangladesh (if any) shall be declared.

 

Documents/information for opening scheme

 

  • Banks prescribed account opening form.
  • Two passport size photograph of the scheme holder.
  • Two passport size of the nominee/beneficiary (if declared).
  • Personal information of nominee/beneficiary signed by the nominee/beneficiary and authenticated by the scheme holder.
  • NID of the scheme holder.
  • Copy of valid passport with valid visa of the scheme holder.
  • Work permit of scheme holder abroad.
  • NID of the nominee/beneficiary.
  • Contact point of the scheme holder of both local and abroad.
  • In case the NRBs apply to open account under the scheme all documents shall be attested/authenticated Bangladesh mission in the respective country or any other person acceptable to the bank.
  • If the scheme holder have any other account with the branch no such authentication is not required, in that case branch shall verify themselves. (xii) KYC and AML/CFT standard shall be followed by the branch.
Other terms and conditions of scheme
  • One NRB can open one or more account under the Scheme in his/her name.
  • All other general terms and conditions applicable for other prevailing monthly deposit scheme.
  • Applicable taxes/levies at source on interests/profits shall be realized as per govt. rules.

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