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Banks to provide 7% interest on foreign currency deposits

UNB . Dhaka
04 Dec 2023 17:23:30 | Update: 04 Dec 2023 20:19:47
Banks to provide 7% interest on foreign currency deposits

Banks will pay more than 7 per cent interest on resident foreign currency deposits (RFCD), Bangladesh Bank has said.

Apart from this, various benefits including sending money outside the country, and issuing multiple cards will be available from such accounts.

The central bank has taken the decision to address the ongoing dollar crisis in the country. Bangladesh Bank issued a notification in this regard to all commercial banks.

The notification said that one can deposit $10,000 as RFCD. From now on, banks will pay at least one and a half (1.5) per cent interest on these deposits along with the benchmark rate.

As such, two supplementary cards can be issued against the deposit. Dependents including children or siblings can use the card. Education expenses abroad can be remitted from this account. Again, the medical expenses of spouses, children, siblings, and parents who are dependent can also be borne from here.