BRAC Bank offers highest return, and also security

Question (Q): Why will customers invest in your offshore banking products?
Answer (A): BRAC Bank provides safety to the depositors as the bank maintains highest standard of governance and compliance. We are the highest-rated bank in Bangladesh in terms of domestic and international credit ratings.
Currently, we are offering the highest interest rates for offshore banking fixed deposit products and also the option to deposit in three currencies (USD, GBP, and EURO).
Savings can start with as little amount as 500 dollars. They can deposit as much as they want, as there is no upper limit. There is also an easy way to use the money for investment in Bangladesh. There are also other facilities, which include:
(a) Zero account maintenance fee;
(b) Funds are easily repatriable abroad;
(c) Waiver from deduction of withholding tax on interest-earning and excise duty;
(d) Expatriates canavail 24/7 digital banking;
(e) Accountholder will have Membership in BRAC Bank Premium Banking along with airport meet and greet service, free entry to Balaka Lounge, etc.
Also account opening application can easily be done through our online portal for opening this OBU FC account.Moreover,customers can open account and enjoy any type of expatriate banking services with us by contacting our dedicated Offshore Banking Team via WhatsApp (01730-052047, 01766-699080) and email ([email protected]).
Question: What opportunities do you see to bring institutional deposits in offshore banking?
There are immense opportunities for institutional deposits in offshore banking. Companies registered and operating abroad and foreign institutional investors can open an OBU Fixed Deposit. BRAC Bank has the largest portfolio of institutions deposits since we are working on this product for a long time. The classification of industrial enterprises into categories (A, B, and C) in offshore banking typically occurs based on a set of criteria established by regulatory authorities within the jurisdiction.
Question: What challenges do you see in building trust among non-residents to invest in Bangladeshi banks?
In the era of technological advancement, people are well aware of cybersecurity and deeply concerned about the safety and liquidity of their funds. Addressing these challenges requires concerted efforts by Government bodies, the central bank, and commercial banks to enhance regulatory compliance, improve transparency and good governance, strengthen banking infrastructure, and promote the country's investment opportunities to non-residents. The government has already taken various initiatives for this particular product to overcome these challenges and make investment comfortable for NRBs.
While challenges exist, BRAC Bank is known for its uncompromising compliance with regulatory policies and guidelines and has a solid governing body that ensures the best governance in the industry. We are well reputed for protecting customers' trust and ensuring the safety and security of their deposits. Customers can completely trust us when depositing their hard-earned money with BRAC Bank.
Question: How will the offshore banking policy protect customer interest?
The new Offshore Banking Act 2024 in Bangladesh includes several provisions to protect customers' interests: Following are a few of those:
(a) No income tax or direct or indirect charges will be imposed on the interest or profit earned from the Offshore Banking Fixed Deposits. This helps maximize returns for customers;
(b) OBUs are required to obtain proper licensing, meet specific requirements such as capital adequacy, operational infrastructure, and adherence to anti-money laundering (AML) and know-your-customer (KYC) regulations.
(c) Offshore jurisdictions typically have stringent penalties for breaching confidentiality, discouraging unauthorized disclosures of customer information.
Question: How will offshore banking benefit foreign trade in Bangladesh?
As customers are depositing foreign currency, this OBU foreign currency balance can boost the banks' FX liquidity, consequently facilitating a wider range of foreign trade financing. This will make the foreign trade more efficient and cost-effective.
By offering tax benefits and a more favorable regulatory environment, offshore banking can attract more individual savings & investment in foreign currencies, which will act as agood source of stable FX liquidity and FXreserves support for the country.
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