BB asks to launch deposit products for NBRs

Sunbd Desk || Published: 2020-08-09 15:37:49 || Updated: 2020-08-09 15:38:34

On Sunday Bangladesh Bank (BB) issued guidelines on launching deposit products for non-resident Bangladeshis (NRBs).

It asked scheduled banks to introduce different savings schemes in taka for NRBs.

An official of the BB said the initiative would help create safety net for NRBs upon their returns in the country.

They would not face any financial difficulties on their permanent return to Bangladesh if their hard-earned money was saved, the BB official said.

The initiative of the BB came at a time when many expatriates keep returning to the country after losing their jobs due to the economic depression in many of the job destinations of the country’s migrants.

According to the data of Ministry of Home Affairs, roughly 450,000 expatriates have returned home before the restriction on international travel while migration from Bangladesh has dropped severely in the first half of this year.

Amid dismal export earnings and slowdown in economic activities, inflow of remittance has brought some cheer for the country with the inflow hitting record $2.59 billion in July this year.

Sunday’s BB guidelines on allowing banks to open deposit accounts for the NRBs said the deposit products will be in the form of savings for a period of one year and above with monthly or quarterly deposit options.

The circular said the deposit accounts would be credited in taka after conversion of foreign currencies.

Banks were asked to provide competitive interest or profit against the deposit products.

At the desire of the account-holders residing abroad, the proceeds of the accounts on maturity might be credited to interest or profit bearing fixed deposit accounts to be opened in their names, the guidelines elaborated.

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