Lesson-3 on Foreign Exchange

Question: What is the initial deposit required for NFCD A/C?

Answer:

Ø    In case of eligible Bangladeshi National, minimum deposit should be USD 1,000.00 or GBP 500.00 or equivalent

Ø    In case of foreign nationals or companies, minimum deposit should be USD 25,000.00 or equivalent other eligible currency

Question. What is the interest rate for NFCD Account?

Answer :

Authorized Dealer (AD) will pay interest on their NFCD A/C at the prescribed rate published by Head Office. NFCD A/Cs are term deposit. There are four types of terms – one month, three months, six months & one year. In case of pre matured encashment no interest will be paid .

Question: What is the utilization of fund in NFCD Account?

Answer:

Ø    After maturity , AD can freely transfer any amount with interest any where of the world by FTT, FDD etc as per request of the account holder

Ø    Account holder use the FC for travel purpose in the form of Travelers cheque & cash form

Ø    Account holder can encash the FC in local currency

Ø    FC may be transfer to another F/C/NFCD account

Ø    To meet the import obligation

Question: Who can open Resident Foreign currency Deposit (RFCD) Account?

Answer:

Persons ordinarily resident in Bangladesh may open RFCD Account with foreign exchange bough in at the time of their return from travel abroad.

Question: What is the minimum deposit required in RFCD Account?

Answer:

Minimum deposit in the RFCD account is USD 100.00 or GBP 500.00 or equivalent.

Question: What is additional form required  if FC amount is more than USD 5,000.00 ?

Answer: FMJ form.

Question: What is the rate of interest in RFCD Account?

Answer:

The  rate of interest should be 0.25% less than the rate of interest at which interest is paid on balances of bank in their FC clearing accounts maintained with the Bangladesh Bank.

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