BB asks banks to open deposit accounts for NRBs

The policy will help NRBs to create their financial safety net in Bangladesh

The central bank has asked scheduled banks to introduce deposit accounts for non-resident Bangladeshis (NRBs) to encourage these people, who are working aboard, in saving their hard-earned money in Bangladesh.

Under the new policy, the accounts will be in the form of savings nature for a period of one year and above with monthly or quarterly deposit options, according to a notification, issued by the Bangladesh Bank (BB), on Sunday.

Besides, the deposit accounts will be credited in the local currency –Bangladesh Taka (BDT) – after conversion of foreign currency properly, it added.

“The policy will help NRBs to create their financial safety net in Bangladesh,” a BB senior official said while explaining the main objective of the policy.