Offshore Banking (OB Account)

Individual Account

• Copy of valid photo ID of applicant, i.e., passport, respective foreign country’s ID, etc.
• If the photo ID is a Bangladeshi passport, additional documents such as resident visa, foreign resident card (i.e., green card), work permit, driving license (issued by foreign authority) or any other document supporting the residency status abroad is required.
• Passport sized photograph: applicant – 2 copies, and nominee 1 copy attested by applicant.
• Address verification document required only if the declared address is different from the address in the applicant’s Photo ID document. This can be utility bill, driving license (issued by foreign authority) etc.

Non-Individual Account

• Extract of Resolution/Board Resolution
• Trade License or similar document
• Certificate of Incorporation
• Memorandum and Articles of Association
• Updated Schedule X & Form XII or any recent document that proves shareholding information and names of the Board of Directors with respective designation.
• Photo identification of shareholders (Top 5 shareholders’ details required when shareholders are more than 5. If the shareholders are less than 5, then all shareholders’/ all authorized signatories’ for the account/ the beneficial owners’ of the Company)
• 2 copy passport size photo of each shareholder (Top 5 shareholders’ details required when shareholders are more than 5. If the shareholders are less than 5, then all shareholders’/ all authorized signatories’ for the account/ the beneficial owners’ of the Company) 

International Banking (IB Account)

Individual Account

• Copy of Valid Photo ID for account holder/ Applicant and Nominee (Such as Passport / National ID/ Birth Certificate etc.)
• Passport size Photograph of the Applicant – 2 Copy, Nominee duly attested by the applicant – 1 Copy.
• Address Verification Documents if Address not Matched with Applicant Photo ID e.g. Utility Bill etc.
• An Undertaking Form duly signed by the Remitter. This will be required before crediting any foreign currency into the account.

Non-Individual Account

• Extract of Resolution/Board Resolution
• Trade License or alternative document
• Certified of Incorporation
• Memorandum and Articles of Association
• Updated Form X & XII
• Photo Identification of Shareholder (Top 5 Shareholder's details when Share Holder is more than 5. If the shareholder is less than 5 then all shareholder’s/All authorized Signatories for the account/The beneficial owners of the Company)
• 2 copy Passport size Photo of Shareholder (Top 5 Shareholder's details when Share Holder is more than 5. If the shareholder is less than 5 then all shareholder’s/All authorized Signatories for the account/The beneficial owners of the Company) 

An Undertaking Form duly signed by the Remitter. This will be required before crediting any foreign currency into the account.

1. What is OB account?

• Account that can be opened by residents outside Bangladesh in foreign currency. For example, non-resident Bangladeshi national (NRB), persons of Bangladeshi origin, foreign nationals, companies/firms registered and operating abroad, foreign institutional investors etc.

2. Who can open OB Account?

• Persons resident outside Bangladesh (Age 18 years or above).
• Non-resident Bangladeshi nationals (Age 18 years or above).
• Persons of Bangladeshi origin (Age 18 years or above).
• Foreign nationals (Age 18 years or above).
• Companies/firms registered and operating abroad
• Foreign institutional investors

3. Document required to open OB account

• For Individuals:
• Passport size recent colour photograph: Applicant - 02 copies, Nominee - 01 copy duly attested by the Applicant.
• Copy of valid Photo ID for Applicant and Nominee (Passport / National ID etc.). For NRB applicant, Passport with valid Visa copy.
• Address verification document (if address not matched with applicant’s photo ID): (e.g. Utility Bill etc.)
• Income proof document for foreign National. For NRB – Resident Card/Work Permit.
• For Companies/Firms registered and operating abroad:
• Photo Identification of Shareholder:

(Top five shareholder’s details when shareholders are more than five.  If shareholders are less than five, then all shareholders / all authorized signatories for the account / the beneficial owners of the Company).

• 02 copies Passport size recent colour photograph of Shareholder:

(Top five shareholder’s details when shareholders are more than five.  If shareholders are less than five, then all shareholders / all authorized signatories for the account / the beneficial owners of the Company).

• Extract of Resolution / Board Resolution.
• Trade License or similar Document.
• Certificate of Incorporation.
• Memorandum and Article of Association.
• Updated Form X and XII

4. How can account holder credit the fund in his accounts?

• Fund can be credited by foreign inward remittance received through official channel only.

5. Is there any different OB account opening form?

• Customer can open account through service portal or sending the AOF duly filled in through email. In such case, hard copy of AOF should be submitted later before starting operation. If the customer is physically present at branch, they can use the regular AOF.

6. Can an existing IFIC Bank customer open OB account?

• Yes, he can open OB account if he qualifies for OB account as per question 2 or 3 above.

7. What type of account can a customer open?

• Current account and Term Deposit both are available.

8. Can a customer open a joint OB account?

• Yes. Both must qualify to open the account as per question 2 or 3 above.

9. Can a customer open a term deposit account without opening a current account?

• No.

10. Is nominee is mandatory for OB account?

• Yes, but only for Individual accounts.

11. Can customer add multiple nominees to the OB account?

• Yes.

12. In which currency customer can open OB account?

• Currently only in USD, EUR and GBP. We may add other currencies in the future.

13.  Can customer open OB account in any branch?

• Not required. Customer can submit Account opening Form through Web Portal or directly send soft copy of AOF through email. However, any customer may submit hard copy of AOF at any Branch for onward submitting the same to Offshore Banking Unit.

14. Is there any minimum deposit threshold required to open the account?

• For current account opening no minimum balance is required but for term deposit account minimum deposit is USD/EUR/GBP 3,000.

15.  Is there any maximum deposit limit for OB account?

• No.

16. Can customers avail any Credit card or Debit card against OB account?

• Yes. Only debit Card may be allowed against Current Account.

17. Is there any cheque book facility available against OB account?

• No.

18. Is it possible to deposit Dollar/Euro/Pound Sterling in cash form?

• No.

19. Is it possible to withdraw amount from the account in cash form?

• No cash withdrawal possible from OB account.

20. Is OB account an interest-bearing account?

• Current account is not interest bearing but Term deposit account is interest bearing as per prescribed rate.

21. Is interest rate fixed in OBU term deposit account?

• No. The interest rate is based on the benchmark rate and tenors of the respective currencies which may change daily.

22. What is a “Benchmark Rate”?

• Benchmark or reference rate that reflect the cost of particular currency based on international demand and supply.

23. Does IFIC Bank control the benchmark rate?

• No. the benchmark rate is global rate i.e. SOFR for USD, €STR for EUR, SONIA for GBP etc. which are set by international authority.

24. What are Benchmark Rates of respective currencies?

Currency	Currency Code	Benchmark
US Dollar	USD	Secured Overnight Financing Rate (SOFR)
Euro	EUR	Euro Short-Term Rate (€STR)
Pound Sterling	GBP	Sterling Overnight Index Average (SONIA)

25. What would be the Interest Rate for term deposits?

• Maximum interest rate will be applicable as per below table. 

Tenor	USD	EUR	GBP
03 months	SOFR + 1.00 percent	€STR+ 1.00 percent	SONIA + 1.00 percent
06 months	SOFR + 1.25 percent	€STR+ 1.25 percent	SONIA + 1.25 percent
01 Year	SOFR + 1.50 percent	€STR+ 1.50 percent	SONIA + 1.50 percent
03 years	SOFR + 2.25 percent	€STR+ 2.25 percent	SONIA + 2.25 percent
05 years	SOFR + 3.25 percent	€STR+ 3.25 percent	SONIA + 3.25 percent

*Note. Interest rate will set by ALCO.

26. What interest rate will be applied for premature encashment of OBU term deposit?

• For less than 03 months no interest will be paid. For premature encashment after 03 months, applicable rate will be 03-month benchmark rate of the respective currency.

27. What is the tenor of term deposit account?

• Tenor: 03 months, 06 months, 01 year, 03 years & 05 years.

28. How will the customer use the balance of the account?

• Balance can be used for 
• Transfer to onshore accounts to meet necessary payments and investments.
• Making outward remittances of balance amount including interest as and when necessary.

29. Is the balance in OB account freely transferrable abroad?

• Yes, balance of OB account is freely transferrable abroad.

30. Can a customer open OB account in different banks?

• Yes.

31. Can customer open multiple currency OB account?

• Yes.

32. Can Islamic customer open OB account in Islamic module?

• No. Not available now.  

33. Is OBU customer allowed to avail ‘IFIC Amar Bank’?

• Yes, for viewing purpose only. No transaction will be allowed (for individuals).

34. Is any tax applicable?

• No. OBU interest are free of Tax, Duties, Levies.

35. If I have OB account in one currency, can I send outward remittance in other currency?

• Yes. In this case, cross currency conversion will take place.

36. Is there any fees and charges for maintaining OB account?

• No

37. Is it possible to receive remittance in OB account?

• Yes, only in foreign currency.

38. Can customers transfer the balance of one of their OB account to another of their OB account?

• Yes.

39. Is incentive applicable for remittance encashment?

• No.

40. Which information are required to send remittances into IFIC Bank account from abroad?

• To send remittances into IFIC Bank account, please use below information for beneficiary-

SWIFT Code                : IFICBDDH

Bank Name                 : IFIC Bank PLC

Account Number       : ……………………

Account Name           : ……………………

41. What is the SWIFT code of IFIC Bank PLC?

Our SWIFT Code is IFICBDDH. It is also known as BIC (Bank Identification Code).

1. What is IFIC Bank International Banking Deposit (IB) Account?

• Account that can be opened by Bangladeshi resident individual/ Corporates entities/Firms in FCY currency in OBU named as International Banking (IB) account.

2. Who can open IB Account?

• Resident Bangladeshi individuals (aged over 18 years)
• Bangladeshi Corporates/Firms
• Type A, Type B, Type C industrial enterprises operating in EPZs (Export Processing Zones)/EZs (Economic Zone)/HTPs (High Tech Park) having bonafide relations with non-residents can open/operate International Banking (IB) Accounts.

3. Can a foreign national open IB account?

• No, but foreign national can open OBU account.

4. Can any resident Bangladeshi open IB Account?

• Yes, only if the applicant has bonafide relation with the remitter.

5. Do I need to share any proof of bonafide relation with the remitter?

• Yes, account holder must submit an indemnity form (banks prescribed format) duly signed by the Remitter.

6. How can account holder credit the fund in his accounts?

• Fund can be credited by inward remittance received through official channel only.

7. What is the function of IB Account holder?

• IB Account holder will act as facilitator of the remitter and utilize the funds accordingly. The facilitator will operate the account as the sole account holder.

8. Documents required to open IB Account:

• For Individuals:

• Passport size recent colour photograph: Applicant - 02 copies, Nominee - 01 copy duly attested by the Applicant.
• Copy of valid Photo ID for Account holder/Applicant and Nominee (Passport / National ID / Birth Certificate etc.).
• Address verification document (if address not matched with applicant’s photo ID): (e.g. Utility Bill etc.)
• An ‘Undertaking Form’ duly signed by the Remitter. This is required before crediting any Foreign Currency in the Account.

 

• For non-individual Account holder:
• Photo Identification of Shareholder:
• (Top five shareholder’s details when shareholders are more than five.  If shareholders are less than five, then all shareholders / all authorized signatories for the account / the beneficial owners of the Company).
• 02 copies Passport size recent colour photograph of Shareholder:
• (Top five shareholder’s details when shareholders are more than five.  If shareholders are less than five, then all shareholders / all authorized signatories for the account / the beneficial owners of the Company).
• Extract of Resolution / Board Resolution.
• Trade License or similar Document.
• Certificate of Incorporation.
• Memorandum and Article of Association.
• Updated Form X and XII
• An ‘Undertaking Form’ duly signed by the Remitter. This is required before crediting any Foreign Currency in the Account.

9. Can an existing IFIC Bank customer open IB account?

• Yes.

10. What type of account a customer can open?

• Current account and Term Deposit both are available.

11. Can a customer open a joint IB account?

• No.

12. Can a customer open a term deposit account without opening a current account?

• No

13. Is nominee is mandatory for IB account?

• Yes.

14. Can customer add multiple nominees to the IB account?

• Yes.

15. Is passport mandatory to open an IB account?

• Passport is not mandatory. Any kind of photo ID (Such as Passport / National ID/ Birth Certificate etc.) is required.

16. In which currency customer can open IB account?

• Currently with IFIC Bank customer can open IB account in USD, EUR and GBP currency.

17. Is there any minimum deposit threshold required to open the account?

• For current account opening no minimum balance is required but for term deposit account minimum deposit is USD/EUR/GBP 3,000.00.

 

18.  Is there any maximum deposit ceiling for IB account?

• No.

19. Can customers avail any Credit card or Debit card against IB account?

• No.

20. Is there any cheque book facility available against IB account?

• No.

21. Is it possible to deposit Dollar/Euro/Pound Sterling in cash form?

• No.

22. Is it possible to withdraw amount from the account in cash FC form?

• No.

23. Is foreign currency endorsement allowed against available balance in IB account?

• No.

24. Is IB account an interest-bearing account?

• Current account is not interest bearing but Term deposit account is interest bearing as per prescribed rate.

25. Is interest rate fixed in IB Fixed deposit account?

• No. The interest rate is based on the benchmark rate and tenors of the respective currencies which may change daily.

26. What is a “Benchmark Rate”?

• Benchmark or reference rate that reflect the cost of particular currency based on international demand and supply.

27. Does IFIC Bank control the benchmark rate?

• No. the benchmark rate is global rate i.e. SOFR, €STR, SONIA etc. which are set by international authority.

28. What are Benchmark Rates of respective currencies?

Currency	Currency Code	Benchmark
US Dollar	USD	Secured Overnight Financing Rate (SOFR)
Euro	EUR	Euro Short-Term Rate (€STR)
Pound Sterling	GBP	Sterling Overnight Index Average (SONIA)

29. What would be the Interest Rate for term deposits?

• Maximum interest rate will be applicable as per below table.

Tenor	USD	EUR	GBP
03 months	SOFR + 1.00 percent	€STR+ 1.00 percent	SONIA + 1.00 percent
06 months	SOFR + 1.25 percent	€STR+ 1.25 percent	SONIA + 1.25 percent
01 Year	SOFR + 1.50 percent	€STR+ 1.50 percent	SONIA + 1.50 percent
03 years	SOFR + 2.25 percent	€STR+ 2.25 percent	SONIA + 2.25 percent
05 years	SOFR + 3.25 percent	€STR+ 3.25 percent	SONIA + 3.25 percent

*Note. Interest rate will set by ALCO.

30. What interest rate will be applied for premature encashment of IB term deposit?

• For less than 03 months no interest will be paid. For premature encashment after 03 months, applicable rate will be 03 months’ benchmark rate of the respective currency.

31. What is the tenor of IB term deposit account?

• Tenor: 03 months, 06 months, 01 year, 03 years & 05 years.

32. How will the customer use the balance of the account?

• Balance can be used for
• Transfer to onshore accounts to meet necessary payments and investments.
• Making outward remittances of balance amount including interest to the Remitter as and when necessary.

33. Is the balance in IB account freely transferrable to abroad?

• Yes, freely transferrable to the Remitter abroad.

34. What will be the conversion rate if a customer wants to convert the currency into BDT to an on-shore bank account?

• Prevailing TT Clean Buying rate.

35. Can customer open multiple currency IB account for same remitter?

• Yes.

36. Can an IB account have multiple remitter?

• No.

37. Can a facilitator open multiple IB account?

• Yes, if the remitter is different.

38. Can Islamic customer open IB account in Islamic module?

• No, not available at this moment.

39. Is IB customer allowed to avail ‘IFIC Amar Bank’?

• Yes, for viewing purpose only, no transaction will be allowed. (for individual only).

40. Is any tax applicable?

• No. OBU interest are free of Tax, Duties, Levies.

41. If I have IB account in one currency, can I send outward remittance in other currency?

• Yes. In this case, cross currency conversion will take place.

42. Is there any fees and charges for maintaining IB account?

• No.

43. Can customers transfer the balance of one of their IB Account to another of their IB Account?

• No.

44. What are eligible credit/inward transaction for IB Account?

• Inward foreign remittances received through Banking channel only.

45. Is incentive applicable for remittance encashment?

• No. 

46. Which information are required to send remittances into IFIC Bank account from abroad?

• To send remittances into IFIC Bank account, please use below information for beneficiary-

SWIFT Code                : IFICBDDH

Bank Name                 : IFIC Bank PLC

Account Number       : ……………………

Account Name           : ……………………

47. What is the SWIFT code of IFIC Bank PLC?

• Our SWIFT Code is IFICBDDH. It is also known as BIC (Bank Identification Code).