Bangladesh Bank to introduce deposit scheme in local banks for expatriates | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Tuesday
June 10, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
TUESDAY, JUNE 10, 2025
Bangladesh Bank to introduce deposit scheme in local banks for expatriates

Banking

Shafayat Hossain
09 August, 2020, 05:50 pm
Last modified: 09 August, 2020, 08:22 pm

Related News

  • Bundle worth Tk2,000 priced at Tk3,500: New currency notes scarce at banks, sold at inflated prices in open market
  • Freshly designed banknotes hit Dhaka banks tomorrow
  • Expatriates' remittance helps Bangladesh make turnaround: CA
  • Agricultural credit recovery increases by 8% in July-March 
  • BB asks banks to ensure smooth ATM, MFS services during Eid vacation

Bangladesh Bank to introduce deposit scheme in local banks for expatriates

Expatriates will be able to open deposit accounts in any bank in Bangladesh

Shafayat Hossain
09 August, 2020, 05:50 pm
Last modified: 09 August, 2020, 08:22 pm
File Photo of Bangladesh Bank : Salahuddin Ahmed/TBS
File Photo of Bangladesh Bank : Salahuddin Ahmed/TBS

The central bank is going to introduce a facility under which Bangladeshi expatriates will be able to open deposit accounts in any banks in Bangladesh.

The deposit scheme will be in the form of savings for a period of one year or above with monthly or quarterly deposit options. Foreign currency will be converted into taka in the accounts.

The Bangladesh Bank is preparing a circular in this regard, which will be issued soon, so that expatriates do not face financial problems after they return home permanently, according to officials of the bank.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

An official of the central bank, seeking anonymity, said, "After the circular is issued, expatriates will be able to open deposit accounts in any bank in Bangladesh. Expatriates will have to deposit foreign currency in their accounts through banks or money exchange houses abroad, and the foreign currency will be converted to taka in the accounts in Bangladesh. If they come to the country on a temporary visit, they can deposit foreign currency to their accounts directly after filling up the Money and Jewelry (FMJ) Form of the banks concerned."

The initiative would help create a safety net for non-resident Bangladeshis, added the official.

Banks will be asked to provide competitive interest or profit on the deposits.

Besides, the central bank will ask all the banks to encourage the expatriates with incentives. 

Non-resident Bangladeshis will be able to open the accounts without any instalment for the persons proceeding abroad for employment. Banks will be allowed to give loans in taka to non-resident account-holders for meeting their personal requirements against the security of the deposit accounts following usual lending norms. 

On maturity, authorised dealers (branches of the banks concerned which deal with foreign currency) will pay the deposited money with interest to the beneficiaries or nominees of the accounts.

If the account holders want to open fixed deposit accounts with the money after the maturity of their deposit accounts, they will be able to do so.

In case they start living in Bangladesh permanently after their return, the deposited money can be made available to them either in a one-time settlement or in monthly or quarterly settlements like a pension. 

The account holders can continue contributing to the deposit accounts from local earning sources after their arrival. 

The circular will also include an option to send back the deposited money with interest after maturity to the account holders abroad with permission from the Bangladesh Bank.

Dr Tasneem Siddique, chairperson of the Refugee and Migratory Movement Research Unit, hailed the initiative and said that it would help expatriates meet their future needs after they return home.

"This initiative will be helpful for expatriates, especially those from the low-income group," she added. 

Recently the flow of remittance has increased. In July this year, Bangladesh received $2.60 billion in remittance. The monthly inflow of remittance hit an all-time high in this month.

However, experts do not see any hope despite the increased flow of remittance because a significant number of migrant workers may come back home permanently because of the Covid-19 pandemic. 

According to the Brac Migration Programme, around 2.5 lakh migrants have returned home from different countries amid the pandemic. 

Bangladesh / Economy / Top News

Bangladesh Bank / Deposit schemes / local banks / Expatriates

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Chief Adviser Muhammad Yunus and BNP Acting Chairman Tarique Rahman. Photos: Collected
    Yunus-Tarique meeting in London on Friday can be a major turning point: Fakhrul
  • An Israeli soldier passes a bun to Greta Thunberg onboard the Gaza-bound British-flagged yacht ‘Madleen’ after Israeli forces boarded the charity vessel as it attempted to reach the Gaza Strip in defiance of an Israeli naval blockade, in this still image released on June 9, 2025. Israel Foreign Ministry via X/Handout via REUTERS
    Greta Thunberg deported from Israel after Gaza aid boat seized
  • Photo shows the Land Cruiser Prado car belonging to former member of parliament (MP) Anwarul Azim Anar found in Kushtia. Photo: TBS
    Luxury car of ex-AL MP Anar, who was killed in Kolkata, found in Kushtia

MOST VIEWED

  • On left, Abdullah Hil Rakib, former senior vice president (SVP) of BGMEA and additional managing director of Team Group; on right, Captain Md Saifuzzaman (Guddu), a Boeing 787 Dreamliner pilot for Biman Bangladesh Airlines. Photos: Collected
    Ex-BGMEA SVP Abdullah Hil Rakib, Biman 787 pilot Saifuzzaman drown in boating accident in Canada
  • A photo showing the former president on his return to Dhaka today (9 June). 
Source: Collected
    Former president Abdul Hamid returns to Bangladesh from Thailand
  • File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar
    Dhaka: The city we never want to return to, but always do
  • Chief Adviser Muhammad Yunus leaves for a four-day visit to the United Kingdom from the Dhaka airport on 9 June 2025. Photo: CA Press Wing
    CA Yunus leaves for UK; discussion expected on renewable energy investment, laundered money
  • Inside the aid ship stormed by Israeli forces on 9 June 2025. Photo: BBC
    Israeli forces stormed aid boat carrying Greta Thunberg bound for Gaza: Freedom Flotilla Coalition
  • Enhanced surveillance at Ctg airport amid rising global Covid-19 cases
    Enhanced surveillance at Ctg airport amid rising global Covid-19 cases

Related News

  • Bundle worth Tk2,000 priced at Tk3,500: New currency notes scarce at banks, sold at inflated prices in open market
  • Freshly designed banknotes hit Dhaka banks tomorrow
  • Expatriates' remittance helps Bangladesh make turnaround: CA
  • Agricultural credit recovery increases by 8% in July-March 
  • BB asks banks to ensure smooth ATM, MFS services during Eid vacation

Features

File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

1d | Features
Photo collage shows political posters in Bagerhat. Photos: Jannatul Naym Pieal

From Sheikh Dynasty to sibling rivalry: Bagerhat signals a turning tide in local politics

3d | Bangladesh
Illustration: TBS

Unbearable weight of the white coat: The mental health crisis in our medical colleges

5d | Panorama
(From left) Sadia Haque, Sylvana Quader Sinha and Tasfia Tasbin. Sketch: TBS

Meet the women driving Bangladesh’s startup revolution

6d | Panorama

More Videos from TBS

What's the problem with elections in April? What BNP says

What's the problem with elections in April? What BNP says

17m | TBS Today
Tarique to meet CA Yunus in London on Friday, confirms Fakhrul

Tarique to meet CA Yunus in London on Friday, confirms Fakhrul

57m | TBS Today
Israel has taken the aid ship 'Madeleine' to its port

Israel has taken the aid ship 'Madeleine' to its port

2h | TBS World
Dr. Yunus and Tarique Rahman's meeting will not solve all problems: Mirza Fakhrul

Dr. Yunus and Tarique Rahman's meeting will not solve all problems: Mirza Fakhrul

1h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net