NCC Offshore Banking (OBU) Account (CD/SB/TD)

Following individuals/organizations/entities are eligible to open Current/Savings/Term Deposit Accounts under this program:

• Person resident outside Bangladesh including NRBs
• Foreign nationals
• Persons of Bangladeshi origin (Bangladeshi holding foreign citizenship)
• Companies/Firms registered and operating abroad
• Foreign institutional investors
• Type A units in EPZs (Export Processing Zones, Private EPZs, Economic Zones and Hi-tech parks) in Bangladesh

Note: All individuals will have to be of age 18 & above.

NCC OBU International Banking (IB) Account (SB/TD)

The following individuals or entities having bonafide relations with non-residents can open/operate Savings/Term Deposit Accounts under this program:

• Any Resident Bangladeshi individual (aged 18 years & above)
• Bangladeshi Corporates/Firms
• Type A, Type B, Type C industrial enterprises operating in EPZs (Export Processing Zones)/EZs (Economic Zones)/HTPs (High Tech Parks)

NCC Offshore Banking (OBU) Account

Individual Account

• Copy of valid photo ID of applicant, i.e., passport, respective foreign country's ID, etc.
• If the photo ID is a Bangladeshi passport, additional documents such as resident visa, foreign resident card (i.e., green card), work permit, driving license (issued by foreign authority) or any other document supporting the residency status abroad is required.
• Passport sized photograph: applicant - 2 copies, nominee- 1 copy attested by applicant.
• Address verification document required only if the declared address is different from the address in the applicant's Photo ID document. This can be utility bill, driving license (issued by foreign authority) etc.
• Foreign Account Tax Compliance Act (FATCA) form

Non-Individual Account

• Extract of Resolution/Board Resolution
• Trade License or similar document
• Certificate of Incorporation
• Memorandum and Articles of Association
• Updated Schedule X & Form XII or any recent document that proves shareholding information and names of the Board of Directors with respective designation
• Photo Identification of all Shareholders (If total shareholder is more than 5, then maximum 5 shareholder's Signatories for the account is required)
• 2 copies Passport size Photo of all Shareholders (If total shareholder is more than 5, then maximum 5 shareholder's Signatories for the account is required)

NCC OBU International Banking (IB) Account

Individual Account

• Copy of Valid Photo ID i.e. Passport / National ID/ Birth Certificate etc. of Account Holder/Applicant
• Copy of Valid Photo ID i.e. Passport / National ID/ Birth Certificate etc. of Nominee
• Passport size Photograph of the Applicant - 2 Copy, Nominee duly attested by the applicant - 1 Copy
• An Undertaking Form/Facilitation Agreement duly signed by the Remitter. Clik Here to download the Letter of Indemnity File.

Non-Individual Account

• Extract of Resolution/Board Resolution
• Trade License or alternative document
• Certificate of Incorporation
• Memorandum and Articles of Association
• Updated Form X & XII
• Photo Identification of all Shareholders (If total shareholder is more than 5, then maximum 5 shareholder's Signatories for the account is required)
• 2 copies Passport size Photo of all Shareholders (If total shareholder is more than 5, then maximum 5 shareholder's Signatories for the account is required)
• An Undertaking Form/Facilitation Agreement duly signed by the Remitter

1. Who can open OBU/IB Account?

OBU Accounts	International Banking (IB) Accounts
Bangladesh nationals residing abroad including NRBs Foreign nationals residing abroad or in Bangladesh including Foreign missions and their expatriate employees/Bangladeshi holding foreign citizenship Foreign firms registered abroad and operating in Bangladesh or abroad Type A units in EPZs (Export Processing Zones, Private EPZs, Economic Zones and Hi-tech parks) in Bangladesh	Any Resident Bangladeshi individual (aged 18 years & above) Bangladeshi Corporates/Firms Type A, Type B, Type C industrial enterprises operating in EPZs (Export Processing Zones)/EZs (Economic Zones)/HTPs (High Tech Parks)

Note: All individuals will have to be of age 18 & above.

2. Can customers open a joint OBU account?

Yes, customers can open a joint OBU account. But in such cases both the account holders must individually qualify to open the account.

3. What type of accounts can a customer open?

OBU Accounts	International Banking (IB) Accounts
Under this program, a customer can open a Current/Savings/Term Deposit account in USD. To credit the funds for the Term Deposit account, the customer has to open a savings account first. This savings account will help to facilitate fund transfers, remittances and other account operations.	Under this program, a customer can open a Savings/Term Deposit account in USD. To credit the funds for the Term Deposit account, the customer has to open a savings account first. This savings account will help to facilitate fund transfers, remittances and other account operations.

4. In which currency can a customer open OBU/IB account?

Currently at NCC Bank OBU, a customer can open OBU/IB Account in USD currency only.

5. Is there any minimum deposit threshold required to open the account?

For maintaining a savings account, no minimum balance is required. For Term deposit account the minimum deposit amount is USD 5,000 for both of OBU/IB Accounts.

6. What are the tenors available to open IB/TD account?

The available tenors are 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.

7. How will the customer use the balance of the current/savings account?

The balance of the account can be used for any of the following purposes:

• Transferring to on-shore banking BDT accounts to meet necessary payments and investments.
• Making outward remittances of the entire balance (Principal+Interest) as and when necessary.

8. How can a customer open OBU/IB Accounts with NCC Bank OBU?

A customer can open OBU/IB Accounts with NCC Bank OBU by visiting any NCC Bank branch physically or Apply Now for OBU/IB account Or by sending e-mail along with required documents to obu@nccbank.com.bd

9. Is there any maximum deposit limit?

No, there is no maximum limit.

10. How can the account holder credit funds in his account?

Fund can be credited by the account holder through foreign inward remittances received through official banking channels only.

11. Is it possible to withdraw any amount from the account in cash form?

Cash withdrawal is not possible from OBU/IB Accounts.

12. Is there any limit on the number of transactions to a single OBU/IB account?

No there is no limit on the number of transactions in the account.

13. What is the procedure to transfer the balance from foreign currency OBU account to an onshore local currency (BDT) account?

OBU customers can transfer funds from foreign currency OBU account to any local currency account by applying to the bank through the remittance request form.

14. What is the process for Term Deposit Encashment?

You can download the Term Deposit Encashment form here and fill out and email the signed form to obu@nccbank.com.bd from your registered email address. However, if you have already given instruction for encashment at time of opening the Term Deposit in the account opening Form, the deposit will be encashed as per your instructions.

15. Is there any fees and charges for maintaining OBU IB/Savings Account?

There are no fees and charges for maintaining OBU account and there is no hidden fee also.

16. What information is required to send remittances to any NCC Bank PLC, OBU IB/Savings Account from abroad?

To send remittances, please use below information for beneficiary-

SWIFT Code of NCC Bank PLC:	NCCLBDDHOBU
Bank Name:	NCC Bank PLC
Customer's OBU Account Number:	.................
Account Name:	.................

17. Is there any tax or any duty applicable on the deposit or interest?

Depositors are exempted from any tax on interest income from OBU Accounts as per Offshore Banking Act-2024. Also no excise duty is applicable on the balance of the account.

A. Account Opening Form

B. FATCA Form

C. Letter of Undertaking/Facilitation Form (Individual)

C. Letter of Undertaking/Facilitation Form (Corporate)

D. Fund Transfer Request Form

Offshore Banking Law, 2024

Bangladesh Bank FE Circular 19, 29 November 2023

NBR SRO on waiver of tax on Profit of Offshore Banking Deposit 22 April 2024