BB zooms function of RFCD accounts

The operational scope of Resident Foreign Currency Deposit (RFCD) accounts has been widened, the Bangladesh Bank (BB) said on Sunday.
For example, anyone travelling abroad for medical, tourism or any other purpose can open such accounts with local authorised dealer branches by showing related documents, including passport.
Resident Bangladeshis are allowed to open and maintain RFCD accounts with foreign exchanges brought in at the time of their return home from abroad.
Central bankers said banks would pay a benchmark rate plus 1.5-per cent interest on such deposits, meaning that depositors might get around 7.0-per cent interest.
Usually, they keep such foreign exchanges under the matters or sell in the kerb market.
According to BB officials, the depositors can withdraw dollar or equivalent local currency if they wish.
"The interest will be accrued in dollar terms and clients may take dollars or equivalent local currency."
"Suppose, one deposits $1,000 after a year he will get $70 dollars as interest, he will be able to receive $1,070 dollars or equivalent local currency or taka."
The BB also ordered banks to issue credit and debit cards against such accounts along with their spouse.
By using such cards, the account holders may use it both at home and abroad.

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