NRBC Bank launches six NRCT accounts for expatriates

Detailed summary

NRBC Bank PLC has launched six types of Non-Resident Convertible Taka Accounts (NRCTAs) to expand savings and investment opportunities for Bangladeshi expatriates.

NRBC Bank PLC has launched six types of Non-Resident Convertible Taka Accounts (NRCTAs) to expand savings and investment opportunities for Bangladeshi expatriates.

Of the six accounts, three are designed for customers under conventional banking services: NRCTA Saver, NRCTA Biz and NRCTA FDR.

The remaining three are available under the bank’s Shariah-based Islamic banking services: Mudaraba Savings NRCT Account, Mudaraba MTDR NRCT Account and Al-Wadiah NRCTA Account.

Md Touhidul Alam Khan, managing director and CEO of the bank, inaugurated the new accounts at the bank’s head office in Dhaka today, according to a press release.

Speaking at the event, Touhidul said, “NRCT Accounts will establish a secure and institutional banking relationship between Non-Resident Bangladeshis (NRBs) and the country’s financial system.

“With the introduction of six new NRCT account products by NRBC Bank, expatriate Bangladeshis will have expanded opportunities to save and invest in Bangladesh.

“In addition to earning Shariah-compliant returns, account holders will be able to repatriate their funds abroad, including both principal and profit, and conveniently operate their accounts through digital banking channels,” he added.

Through the bank’s authorised dealer (AD) branches and offshore banking unit (OBU), expatriate Bangladeshis will be able to maintain current, savings and term deposit accounts.

These accounts offer a range of benefits, including the flexibility to withdraw or repatriate the entire account balance, along with accrued returns, at any time; market-driven interest or profit rates; and monthly crediting of interest or profit for NRCT account holders.

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