Trust Bank PLC has launched a Non-Resident Convertible Taka (NRCT) account aimed at giving non-resident Bangladeshis (NRBs) a way to save and invest overseas earnings in Bangladesh while retaining the ability to repatriate both principal and returns.
The NRCT account comes in savings, current and fixed-deposit variants and can be opened digitally with no initial deposit, the bank said on Sunday.
Trust Bank Managing Director and Chief Executive Officer Ahsan Zaman Chowdhury formally launched the product at the bank’s head office in Dhaka on Thursday.
Both the principal and accrued interest or profit are freely repatriable, according to the bank.
The accounts are available through the bank’s Authorised Dealer (AD) branches and Offshore Banking Unit (OBU).
Customers can also convert balances into foreign-currency accounts, use monthly deposit schemes and access portfolio investment opportunities.
The accounts offer reinvestment facilities, loans against balances and competitive exchange rates, the bank said.
Trust Bank said the product is intended to give NRBs a flexible way to manage and invest their overseas earnings in Bangladesh while maintaining access to their funds abroad.
The bank also expects the accounts to encourage greater use of formal banking channels for expatriate earnings.
