Bangladesh Bank has revised the rules for Non-Resident Convertible Taka Accounts (NRCTAs), allowing expatriate Bangladeshis to open the accounts at more banks for savings and investment.
The central bank recently announced the changes in a circular.
Under the revised rules, NRCTAs can be opened at authorised dealer banks as well as offshore banking units. Expatriates can choose from savings, current and fixed-term accounts, depending on their needs.
Funds sent from abroad through banks, exchange houses and money transfer operators can be deposited into these accounts. Money transferred from an account held in foreign currency by the account holder can also be deposited.
According to the circular, account holders can use the funds for domestic expenses, transfer money to other accounts and invest in authorised sectors. They can also obtain loans against the money deposited in the accounts.
The principal amount and interest or profit earned on the deposits can be remitted abroad.
The revised rules also allow online banking facilities. Banks will be able to offer expatriates online account opening and e-banking services.
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