Procedures and key information for opening of Foreign Currency (FC) accounts with AB Bank Limited is appended below:

1. Private Foreign Currency (FC) Account:
   • Private FC Account may be opened in our Authorized Dealer branches by (a) Bangladeshi nationals working/residing abroad (b) Foreign nationals residing abroad or in Bangladesh (c) Foreign missions and their expatriate employees (d) Foreign firms registered abroad and operating in Bangladesh or abroad (e) Bangladeshi nationals working in foreign/international organizations in Bangladesh with entitlement to receive salary in foreign currency.
   • Bangladeshi nationals proceeding abroad for employment/immigration/self-employment may open this account even without initial deposits.
   • The account opened by non-resident Bangladeshis may be maintained as long as the account holder desires even after their return. Account holders may operate the accounts themselves or nominate other persons in Bangladesh for this purpose.
   • Remittance from abroad through banking channel may be sent to this account. This account may be credited with transfer of fund from other foreign currency accounts. In addition, cash foreign currency brought into Bangladesh by the account holder while on visit may be deposited in this account.
   • FC account is in the nature of savings. However, the account may be maintained in the form of term deposits.
   • FC account holder will get interest if the deposit is maintained in the form of term deposits for the period of one/three/six/twelve months at prevailing deposit rate. Accounts not specifically mentioned as term deposit (for balances not less than USD 1,000/=, Pound Sterling 500/= or equivalent in other currency lying in the accounts for minimum one month or longer) may get the interest.
   • Foreign currency deposited in this account is freely convertible into Taka. Deposited foreign currency may easily be sent abroad through banking channel. Moreover, foreign currency in cash may be taken from this account while visiting abroad (up to USD 2,000/= in the form of cash and remaining in the form of TC, Card & other currencies).
2. Resident Foreign Currency Deposit (RFCD) Account:
   • Persons ordinarily resident in Bangladesh may open RFCD account with foreign exchange brought in at the time of their returns from travel abroad.
   • Resident persons may open this account at any time after their return to Bangladesh. However, amount in excess of USD 5,000/= or its equivalent brought in with declaration to customs authority in FMJ Form should be deposited in this account within 30 days of arrival. Up to USD 5,000/= or its equivalent may be deposited in this account at any time after return to Bangladesh.
   • Foreign currency deposited in this account is freely convertible into Taka. Deposited foreign currency may easily be sent abroad through banking channel. Moreover, foreign currency in cash may be taken from this account while visiting abroad (up to USD 2,000/= in the form of cash and remaining in the form of TC, Card & other currencies).
3. Non-Resident Foreign Currency Deposit (NFCD) Account:
   • NFCD account may be opened in our Authorized Dealer branches by (a) Bangladeshis working/residing abroad (b) Bangladeshis having dual nationality residing abroad (c) Bangladeshi nationals serving with missions of Bangladesh in foreign countries (d) Officers/staff of the government/semi-government organizations/nationalized banks and employees of corporate body posted abroad or deputed with international and regional agencies in foreign countries against foreign currency remitted through banking channel or brought in cash.
   • NFCD account is in the nature of term deposit maturing after one month, three months, six months and one year. This account may be opened in US Dollar, Pound Sterling, Euro or Japanese Yen with a minimum deposit of USD 1,000/= or Pound Sterling 500/= or equivalent.
   • Foreign nationals/firms/investors may open this account with a minimum deposit of USD 25,000/= or its equivalent.
   • This account is interest bearing. The interest is exempted from tax.
   • Foreign currency deposited in this account is freely convertible into Taka. Deposited foreign currency may easily be sent abroad through banking channel. Moreover, foreign currency in cash may be taken from this account while visiting abroad (up to USD 2,000/= in the form of cash and remaining in the form of TC, Card & other currencies).

Bangladesh Bank website [www.bb.org.bd, Guidelines for Foreign Exchange Transaction, (Vol-I, Ch-13)] may be visited for additional information and relevant explanation. In addition, Authorized Dealer branches or Mr. Md. Ashiqul Islam, Officer, Retail Banking Division.

Head Office, AB Bank Limited, Phone: 88-02-9560312, Cell No. 880-1722788408 Fax: 88-02-9564123 may be contacted for further details.