Eastern Bank PLC. | Offshore Banking

OBU Current and Savings Account

Step 1

Check Required Documents for account opening

Step 2

Print the account opening form and relevant prescribed forms from here

Step 3

After filling up the forms with signature, scan the relevant documents

Step 4

Email the relevant required documents to offshorebanking@ebl-bd.com

OBU Fixed Deposit Account

*Existing OBU Current or Savings account is mandatory to open OBU Fixed Deposit

Step 1

Wire Transfer to your OBU Current or Savings account

Step 2

Download and print Fixed Deposit account opening form

Step 3

After filling up the form with signature, scan the form and email at offshorebanking@ebl-bd.com

Support

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Complete Account Opening Kit
One copy passport size photograph of the account holder
Nominee –
- One copy passport size photograph of the "Nominee" which must be attested on the back by the account holder.
- National ID/ Passport of the Nominee.
Photo ID:
Foreign national:
- Valid Passport is mandatory. If the foreign national provides only scan copy of the passport, then any other second Photo ID document will be required. Second Photo ID document includes: Driving License, Citizenship card, Insurance Card which will be evidential to proof his/ her country of residence. FATCA declaration will need to be obtained to on-board US citizen.
Bangladeshi National:

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.
- 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.
Proof of income: (Any of the followings)

Employment certificate
Pay slip
Employment Contract mentioning annual income
Bank statement mentioning monthly salary
last tax return paper
Office ID with income declaration by account holder
Trade license copy
Business related documents with income declaration by account holder, etc. as acceptable by the bank.
Declaration of Income as per prescribed format will be accepted as Proof of Income.

In order to open an International Banking (IB) account under EBL Offshore Banking Declaration/Indemnity from remitter – that can be sent to bank via email/digital Means by the remitter mentioning the passport number the bona-fide relationship with the applicant will be additionally required

Retail Account

Title	Download
Account Opening Form	Click here
Fixed Deposit Form	Click here
E-mail indemnity	Click here
IB Account Letter of Indemnity – Retail	Click here

Non-individual Account

Title	Download
Account Opening Form (Corporate)	Click here

Product	Rate
Product	GBP	EURO	USD
OBU Savings Account	4.94%	3.52%	5.20%
OBU & IB FIXED DEPOSITS:
1 MONTH	6.44%	5.02%	6.70%
3 MONTHS	6.38%	4.90%	6.52%
6 MONTHS	6.24%	4.72%	6.21%
1 YEAR	5.96%	4.34%	5.72%
2 YEARS FD	6.71%	5.09%	6.47%
3 YEARS FD	6.71%	5.09%	6.47%
4 YEARS FD	7.71%	6.09%	7.47%
5 YEARS FD	7.71%	6.09%	7.47%

*Conditions apply, based on benchmark reference rate

*Valid till 30 September, 2024

Financial Institutions
Head Office, Dhaka

STANDARD SETTLEMENT INSTRUCTION (SSI) OF EASTERN BANK LIMITED –

OFFSHORE BANING UNIT (OBU)

SL NO	NAME OF CORRESPONDENT	CURRENCY	ACCOUNT
01	Standard Chartered Bank One Madison Avenue New York,N.Y.10010-3603 SWIFT: SCBLUS33	Eastern Bank Limited OBU Account USD	3582058503001
02	Standard Chartered Bank Franklinstrasse 46-48, 60486 Frankfurt AM Main, Frankfurt, Germany. TEL:+49 69 7707500, FAX: +49 69 770750100; SWIFT: SCBLDEFX	Eastern Bank Limited OBU Account EURO	50000109

GBP

Curr	Correspondent Bank	Correspondent SWIFT/BIC	Correspondent Account No	Additional Routing Info
GBP	JPMorgan Chase Bank National Association, London	CHAS GB 2L	Account Number: 0039114301;

Effective from June, 2024

*The Schedule of Charges includes Offshore Banking and International Banking Products

Product	A/C Opening Balance	A/C Maintenance Fee
Savings	USD 500* /EURO 450/GBP 400	Free
Current	USD 500/EURO 450/GBP 400	Free

Closing of Account	Free
SMS Alert (Annual Fee FCY Account)	Free

Fund Transfer/Payment Service

Foreign Telegraphic Transfer	Free
SWIFT Charge for outward remittance (Through Correspondence)	Any amount below USD $1000 or equivalent amount in other currencies –Tk. 500 + VAT Any amount above USD $1000 or equivalent amount in other currencies – Tk. 1,500 + VAT
Correspondent Bank Fee	At Actual

Certificates

Duplicate Statement	Free
Various Purpose Certificate	Free
Solvency Certificate with Balance	Free
Solvency Certificate without Balance	Free
Certificate of Inward Remittance	Free

Please Note

This brochure is to be read in conjunction with regular schedule of charges.
EBL reserves the right to change/amend the terms and conditions or rates stated in the schedule without prior notice.
All fees and charges are inclusive of 15% VAT.

*For International Banking- Accounts can be opened in USD only

Non-Resident Bangladeshi
Persons of Bangladeshi origin (with Foreign Passport)
Foreign Nationals
Age 18 and above

Open account in USD/GBP/EURO
Enjoy lucrative interest rate on deposit
Deposit by receiving inward remittances through official channels only
No Tax payable for deposit and earned interest

Account Balance is-

Freely convertible into Taka
Transferable to on-shore bank accounts for meeting necessary payment and various investments
Freely remittable abroad including interest/profit through banking channel

Deposit USD 25,000 (and equivalent) or more with EBL Offshore Banking to unlock Priority Banking services and enjoy a host of additional benefits.

Applicants’

i. Passport Size Photo

ii. Valid Passport

iii. National ID (Optional)

iv. Proof of income: (Any of the followings)

Employment certificate
Pay slip
Employment Contract mentioning annual income
Bank statement mentioning monthly salary
Last tax return paper
Office ID with income declaration by account holder
Trade license copy
Business related documents with income declaration by account holder, etc. as acceptable by the bank.
Declaration of Income as per prescribed format will be accepted as Proof of Income.

Nominees’

i. Passport Size Photo

ii. Passport/National ID

Notes:

For Foreign Nationals, Second Photo ID is required. (Driving License, Citizenship card, Insurance Card as proof of country of residence)
For Bangladeshi Nationals, additional document supporting the residency status abroad is required. (Resident visa, Foreign resident card (i.e., green card), Work permit, Driving license issued by foreign authority)

Account Opening

1. What is EBL Offshore Banking (OBU) Account?

The OBU account is a specially designed foreign currency account only for non-resident Bangladeshi nationals (NRB), persons of Bangladeshi origin, foreign nationals (living abroad), companies/ firms registered and operating abroad, foreign institutional investors etc.

2. Who can open OBU Account?

Non-resident Bangladeshis
Foreign nationals
Persons of Bangladeshi origin (Bangladeshi holding foreign citizenship)
Companies/Firms registered and operating abroad
Foreign institutional investors
Type A units in EPZs (Export Processing Zones, Private EPZs, Economic Zones and Hi-Tech parks) in Bangladesh

Note: All individuals will have to be of age 18 and above.

3. In which currency can a customer open OBU account?

Currently at Eastern Bank PLC, a customer can open OBU account in USD, EURO and GBP only.

4. What type of account can a customer open?

A customer can open Savings, Current and Fixed Deposit account under Offshore Banking.

5. Can a customer open a Fixed deposit account without opening a Savings or Current account?

No. Savings/Current account relationship is mandatory for opening Fixed deposit account as funds for the Fixed Deposit will be debited from the Savings/Current account.

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

For opening a Savings/Current account, minimum balance of USD 500/EURO 450/GBP 400.
For Fixed deposit account, the minimum deposit amount is USD 1,000/EURO 900/GBP 800.

7. Is there any maximum deposit limit for OBU account?

No. There is no maximum limit for OBU account.

8. What are the tenors available to open Fixed deposit accounts?

The available tenors are 1 Month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.

9.What are the documents required to open OBU account?

Applicants’

i. Passport Size Photo
ii. Valid Passport
iii. National ID (Optional)
iv. Proof of income: (Any of the followings)

Employment certificate
Pay slip
Employment Contract mentioning annual income
Bank statement mentioning monthly salary
Last tax return paper
Office ID with income declaration by account holder
Trade license copy
Business related documents with income declaration by account holder, etc. as acceptable by the bank.
Declaration of Income as per prescribed format will be accepted as Proof of Income.

Nominees’

i. Passport Size Photo>
ii. Passport/National ID

Notes:

For Foreign Nationals, Second Photo ID is required. (Driving License, Citizenship card, Insurance Card as proof of country of residence)
For Bangladeshi Nationals, additional document supporting the residency status abroad is required. (Resident visa, Foreign resident card (i.e., green card), Work permit, Driving license issued by foreign authority)

10. Can an existing Eastern Bank customer open OBU account?

Yes. Any existing Eastern Bank customer can open OBU account if they meet the eligibility criteria.

11. Is nominee mandatory for OBU account?

Yes. Nominee is required for Individual accounts (both Current/Savings and Fixed deposit) only.

12. Can a customer open multiple currency OBU account?

Yes. A customer can open OBU accounts in USD, GBP and EURO as per their requirement.

13. Can customers open a joint OBU account?

Yes. Customers can open a joint OBU account. But in such cases, the joint applicant must individually qualify to open the account.

14. How will the customer use the balance of the Savings/Current account?
Balance held in the deposit accounts can be used for

Transfer to on-shore bank accounts for meeting necessary payment and various investments
Making outward remittances of balance amount including interest/profit as and when necessary.

15. How to open OBU Account?

Apply Online through portal	Click Here
Download the Account Opening Form and Indemnity Form. Scan the completed forms along with required documents and send an email to offshorebanking@ebl-bd.com	Click Here
Visit your nearest branch	Click Here

16. Can a customer open OBU account in any branch?

The customer can physically come to submit documents in any of the EBL branches during their visit to Bangladesh.

17. Will I be able to get Priority privileges by opening Offshore account?

Yes. To enjoy the Priority privileges one has to maintain minimum deposit of 25 thousand USD or equivalent account currency in their EBL offshore account.

18. What benefits will I get as an Offshore Banking Priority Customer?

As an EBL Priority, you are assured of exciting privileges and unparalleled services:

Dedicated Relationship Manager for all your Banking needs
Airport Meet and Greet Service
Airport Pick-up and Drop Service.
Unlimited Access to Skylounge
Free Access to over 700+ Global Lounges (For account holder only)
Exclusive Offers and discounts with leading brands
Recognition on special occasions (Birthday, Eid/Puja, New Year)
Exhilarating Lifestyle Events

An EBL Offshore Priority customer will also enjoy the followings on top above Regular Priority (1001) facilities:

Unlimited Airport Pick and Drop Service.
Unlimited complimentary visits to Global Lounges (Subject to issuing Priority Pass). For account holder only.
2 nights hotel accommodation in Cox’s Bazar (For couple)- Family member nominated by customer (Spouse/Children/Parents/Siblings) will be able to avail.
Dinner coupon- family member nominated by customer (Spouse/Children/Parents/Siblings)
Special discount partnership with top Airlines- For Account holder only

19. How does the account holder deposit funds to their account?

Funds can only be credited by the account holder through official banking channels via foreign inward remittances.

20. Who can send funds to the OBU account?

Anyone from any country can send funds to the OBU Savings/Current account as there is no restrictions on the sender.
To open a Fixed Deposit account, account holder needs to have a Current/Savings account under OBU or a Current account under IB.

21. Is there a provision for a chequebook with an OBU account?

No. The account can be managed through remittances, transfer instructions to the bank.

22. Can USD/EUR/GBP be deposited in cash?

No. Cash deposits are not possible. Only inward remittances received through official banking channels can credit the account.

23. Can any amount be withdrawn from the account in cash?

No. Cash withdrawals are not permitted from an OBU account.

24. Can OBU customers use the EBL SKYBANKING app of Eastern Bank PLC.?

No. Currently OBU customers cannot use EBL SKYBANKING app to view their accounts maintained in the bank. But the feature will be added soon.

25. Is there a transaction limit for a single OBU account?

No. There is no limit on the number of transactions as long as they match the declared TP.

26. How can the balance be transferred from a foreign currency OBU account to an onshore local currency (BDT) account?

OBU customers can transfer funds from their foreign currency OBU account to any local currency account by submitting a remittance request.

27. What is the procedure for Fixed Deposit encashment?

At maturity, the FD amount and Interest will be credited to the linked Savings or Current Account.

Fees & Charges

1. Are there any fees and charges for maintaining an OBU account?

Maintaining an OBU account incurs no fees or charges, including hidden ones. The breakdown of fees and charges is as follows:

Type of Charge	Amount
Account Maintenance Fee	Free
Closing of Account	Free
SMS Alert (Annual Fee FCY Account)	Free
Foreign Telegraphic Transfer	Free
SWIFT Charge for outward remittance (through correspondence)	Any amount below USD $1000 or equivalent amount in other currencies –Tk. 500; Any amount above USD $1000 or equivalent amount in other currencies – Tk. 1,500;
Correspondent Bank Fee	At Actual
Duplicate Statement	Free
Various Purpose Certificate	Free
Solvency Certificate with Balance	Free
Solvency Certificate without Balance	Free
Certificate of Inward Remittance	Free

Deposit Rate

1. Does an OBU account offer interest?

Yes. EBL offers competitive interest rates on both Savings and Fixed Deposit accounts, while Current accounts do not earn interest. For rates offered on Fixed Deposit and Savings accounts, please click here.

2. Is the interest rate fixed for OBU Fixed deposit accounts?

No. The interest rate is based on the benchmark rate of the respective currency, which may be reset monthly. However, interest rates on term deposits of 3-12 months will remain fixed until maturity. In the case of term deposits of 2-5 years, the benchmark rate will be revised every year and will be valid for one year.

3. What is “Benchmark Rate”?

A benchmark or reference rate indicates the borrowing cost in a specific currency, influenced by international demand and supply.

4. What are the benchmark rates for the respective currencies?

To send remittances, please use below information for beneficiary-

Currency Code	Benchmark
US Dollar	Secured Overnight Financing Rate (SOFR)
EUR	EUR Short-Term Rate (ESTR)
GBP	SONIA (Sterling Over Night Indexed Average)

5. How can I find out the interest rate for Fixed deposits?

To know the interest rates applicable to various tenors today, please click here.

Fund Transfer

1. What information is required to send remittances to any Eastern Bank PLC account from abroad?

To send remittances, please use below information for beneficiary-

SWIFT Code for receiving inward remittance of EBL : EBLDBDDHOBU

For USD & EURO	EBLDBDDHOBU
For GBP	EBLDBDDH

Bank Name: Eastern Bank PLC

Customer’s OBU Account Number : ……………….

Account Name : ……………………

2. Which banks facilitate sending remittances to Eastern Bank PLC?

Remittances can be sent from any bank worldwide to an account in Eastern Bank PLC. If your bank requires correspondent bank account details for Eastern Bank PLC, find them through this link.

3. What is the conversion rate for converting foreign currency balances to BDT in an onshore bank account?

The bank will utilize its prevailing TT clean Buying rate on the conversion date. Exchange rates are accessible here.

4. Can the balance in an OBU account be freely transferred abroad?

Yes. The entire balance in an OBU account can be freely transferred abroad.

5. Can outward remittances be sent in a currency different from the OBU account's currency?

No. Cross currency conversion is not possible in such instances.

6. Is it possible for customers to transfer an OBU account balance to another OBU account?

Yes. Customers can transfer their OBU account balance to another OBU account.

7. Are government remittance incentives applicable to OBU deposits?

No. Remittance incentives are not applicable to OBU deposits or encashment.

8. What is the SWIFT code of Eastern Bank PLC.?

Our SWIFT BIC (Bank Identification Code) is EBLDBDDHOBU (for USD & EURO) and EBLDBDDH (for GBP)

Tax & Excise Duty

1. Does the deposit or interest incur any taxes or duties?

No. Under the recently enacted Offshore Banking Act by the National Parliament of Bangladesh on March 14, 2024, depositors are relieved from any taxation on the balance of their OBU account and on the interest earned. Additionally, no excise duty is imposed on the account balance.

Resident Bangladeshi individuals having bona-fide relations with non-residents.
IB account-holder will act as facilitator of remitters and utilize the funds accordingly.
Age 18 and above

Open Account in USD
Lucrative interest rate on deposit
Deposit by receiving inward remittances through official channels only
No Tax payable for deposit and earned interest

Account Balance is-

Freely convertible into Taka
Transferable to on-shore bank accounts for meeting necessary payment and various investments
Freely remittable abroad including interest/profit through banking channel

Deposit USD 25,000 (and equivalent) or more with EBL Offshore Banking to unlock Priority Banking services and enjoy a host of additional benefits.

Applicants’

i. Passport Size Photo

ii. Valid Passport

iii. National ID (Optional)

iv. Proof of income: (Any of the followings)

Employment certificate
Pay slip
Employment Contract mentioning annual income
Bank statement mentioning monthly salary
Last tax return paper
Office ID with income declaration by account holder
Trade license copy
Business related documents with income declaration by account holder, etc. as acceptable by the bank.
Declaration of Income as per prescribed format will be accepted as Proof of Income.

Nominees’

i. Passport Size Photo

ii. Passport/National ID

Notes:

For International Banking (IB) accounts, Indemnity form by the remitter declaring remitters’ bona-fide relationship with the applicant will be required (Could be sent to bank via email/digital means)

Account Opening

1. What is EBL International Banking (IB) Account?

The IB account, offered by the Offshore Banking Unit (OBU) of EBL, enables resident Bangladeshis to open an account in foreign currency on behalf of a non-resident individual. In this arrangement, the account holder serves as a facilitator for their non-resident sender. A bona-fide relationship between the IB account holder and the sender is required.

2. Who can open IB Account?

Any Resident Bangladeshi individual (aged 18 years and above) having bona fide relations with non-residents can open/operate International Banking (IB) Accounts.

3. Is it possible for a foreign citizen to operate an IB account?

A foreign citizen is not required to operate an IB account as they have the option to directly open an OBU account. Please refer to the OBU account FAQ for more information.

4. Is there a need to provide evidence of a genuine relationship with the sender?

While providing evidence of a genuine relationship is not obligatory, Eastern Bank requires, for internal compliance reasons, a Letter of Indemnity form (in the bank’s specified format) duly signed by the non-resident sender before transferring any funds to the account.

5. What role does an IB account holder play?

An IB account holder serves as the facilitator for the non-resident sender and manages the funds accordingly. The facilitator will have sole control over the account's operations.

6. In which currency can a customer open IB account?

Currently at Eastern Bank, a customer can open IB account in USD only.

7. What type of account can a customer open?

A customer can open Current and Fixed Deposit account under International Banking.

8. Can a customer open a Fixed deposit account without opening a Current account?

No. Current account relationship is mandatory for opening Fixed deposit account as funds for the Fixed Deposit will be debited from the Current account.

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

For maintaining a current account, minimum balance of USD 500.
For Fixed deposit account the minimum deposit amount is USD 1,000.

10. Is there any maximum deposit limit for IB account?

No. There is no maximum limit for IB account.

11. What are the tenors available to open fixed deposit accounts?

The available tenors are 1 Month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.

12. Documents are required to open IB Account:

The following documents are required to open an IB account:

Applicants’

i. Passport Size Photo
ii. Valid Passport
iii. National ID (Optional)
iv. Proof of income: (Any of the followings)

Employment certificate
Pay slip
Employment Contract mentioning annual income
Bank statement mentioning monthly salary
Last tax return paper
Office ID with income declaration by account holder
Trade license copy
Business related documents with income declaration by account holder, etc. as acceptable by the bank.
Declaration of Income as per prescribed format will be accepted as Proof of Income.

Nominees’

i. Passport Size Photo
ii. Passport/National ID

Notes:

For Foreign Nationals, Second Photo ID is required. (Driving License, Citizenship card, Insurance Card as proof of country of residence)
For Bangladeshi Nationals, additional document supporting the residency status abroad is required. (Resident visa, Foreign resident card (i.e., green card), Work permit, Driving license issued by foreign authority)
For International Banking (IB) accounts, Indemnity form by the remitter declaring remitters’ bona-fide relationship with the applicant will be required (Could be sent to bank via email/digital means)

13. Can an existing Eastern Bank customer open IB account?

Yes. Any existing Eastern Bank customer can open IB account if he or she meets the eligibility criteria.

14. Is nominee mandatory for IB account?

Yes. Nominee is required for Individual accounts (both Current and Fixed deposit).

15. Can an IB account have multiple remitter?

No. Remittance has to be sent by the one declared remitter only. However, IB account holder can open multiple accounts for different remitters.

16. Can a facilitator open multiple IB accounts?

Yes. A facilitator can open multiple IB accounts if the remitter is different.

17. Can a customer open a joint IB account?

No. Customers cannot open a Joint IB account.

18. Who can send funds to the IB account?

Only the remitter can send funds to the IB current account through official banking channels via foreign inward remittances.

19. Can a customer transfer the balance of IB account to another of his/her IB account?

No. Customers are not allowed to transfer the balance to an IB account related with a different remitter.

20. Will I be able to get Priority privileges by opening Offshore account?

Yes. To enjoy the Priority privileges one has to maintain minimum deposit of 25 thousand USD or equivalent account currency in their EBL offshore account.

21. What benefits will I get as an Offshore Banking Priority Customer?

As an EBL Priority, you are assured of exciting privileges and unparalleled services:

Dedicated Relationship Manager for all your Banking needs
Airport Meet and Greet Service
Airport Pick-up and Drop Service.
Unlimited Access to Skylounge
Free Access to over 700+ Global Lounges (For Account holder only)
Exclusive Offers and discounts with leading brands
Recognition on special occasions (Birthday, Eid/Puja, New Year)
Exhilarating Lifestyle Events

An EBL Offshore Priority customer you will also enjoy the followings on top above Regular Priority (1001) facilities:

Unlimited Airport Pick and Drop Service.
Unlimited complimentary visits to Global Lounges (Subject to issuing Priority Pass). For Account holder only.
2 nights Hotel accommodation in Cox’s Bazar (For couple)- Family member nominated by customer (Spouse/Children/Parents/Siblings) will be able to avail.
Dinner coupon- Family member nominated by customer (Spouse/Children/Parents/Siblings)
Special discount partnership with top Airlines- For Account holder only

22. Is there a provision for a cheque book with an IB account?

No. There isn't. The account can be managed through remittances, transfer instructions to the bank.

23. Can USD be deposited in cash?

No. Cash deposits are not possible. Only inward remittances received through official banking channels can credit the account.

24. Can any amount be withdrawn from the account in cash?

No. Cash withdrawals are not permitted from an IB account.

25. Can IB customers use the EBL SKYBANKING app from Eastern Bank PLC.?

No. Currently IB customers cannot use EBL SKYBANKING app to view their accounts maintained in the bank. But the feature will be added soon.

26. Is foreign currency endorsement in passport allowed while traveling against available balance in IB account?

No. Foreign currency endorsement in passport while traveling against available balance in IB account is not allowed.

27. How can the balance be transferred from a foreign currency IB account to an onshore local currency (BDT) account?

IB customers can transfer funds from their foreign currency IB account to any local currency account by submitting a remittance request form to the bank.

28. What is the procedure for Fixed Deposit encashment?

At maturity, the FD amount and Interest will be credited to the linked Savings or Current Account.

Fees & Charges

1. Are there any fees and charges associated with maintaining an IB account?

Maintaining an IB account incurs no fees or charges, including hidden ones. The breakdown of fees and charges is as follows:

Type of Charge	Amount
Account Maintenance Fee	Free
Closing of Account	Free
SMS Alert (Annual Fee FCY Account)	Free
Foreign Telegraphic Transfer	Free
SWIFT Charge for outward remittance (through correspondence)	Any amount below USD $1000 or equivalent amount in other currencies –Tk. 500; Any amount above USD $1000 or equivalent amount in other currencies – Tk. 1,500;
Correspondent Bank Fee	At Actual
Duplicate Statement	Free
Various Purpose Certificate	Free
Solvency Certificate with Balance	Free
Solvency Certificate without Balance	Free
Certificate of Inward Remittance	Free

Deposit Rate

1. Does an IB account accrue interest?

Yes, EBL offers competitive interest rates on Fixed Deposit accounts, while Current accounts do not earn interest. For interest offered on Fixed Deposit and savings accounts, please click here.

2. Is the interest rate fixed for IB Fixed deposit accounts?

No. The interest rate is based on the benchmark rate (SOFR for USD), which may be reset monthly. However, interest rates on term deposits of 3-12 months will remain fixed until maturity. In the case of term deposits of 2-5 years, the benchmark rate will be revised every year and will be valid for one year.

3. What defines a “Benchmark Rate”?

A benchmark or reference rate indicates the borrowing cost in a specific currency, influenced by international demand and supply.

4. What are the benchmark rates for the respective currencies?

Currency Code	Benchmark
US Dollar	Secured Overnight Financing Rate (SOFR)
EUR	EUR Short-Term Rate (ESTR)
GBP	SONIA (Sterling Over Night Indexed Average)

5. How can I learn about the interest rate for Fixed deposits?

To know the interest rates applicable to various tenors today, please click here.

Fund Transfer

1. What information is required to send remittances to any Eastern Bank PLC account from abroad?

To send remittances, please use below information for beneficiary-

SWIFT Code for receiving inward remittance of EBL : EBLDBDDHOBU

For USD & EURO	EBLDBDDHOBU
For GBP	EBLDBDDH

Bank Name: Eastern Bank PLC

Customer’s IB Account Number : ……………….

Account Name : ……………………

2. Which banks facilitate sending remittances to Eastern Bank PLC?

Remittances can be sent from any bank worldwide to an account in Eastern Bank PLC. If your bank requires correspondent bank account details for Eastern Bank PLC, find them through this link.

3. What is the conversion rate for converting foreign currency balances to BDT in an onshore bank account?

The bank will utilize its prevailing TT clean Buying rate on the conversion date. Exchange rates are accessible here.

4. Can the balance in an IB account be freely transferred abroad?

Yes. The entire balance in an IB account can be freely transferred abroad.

5. Can outward remittances be sent in a currency different from the IB account's currency?

No, Cross currency conversion is not possible in such instances.

6. Are government remittance incentives applicable to IB deposits?

No, remittance incentives are not applicable to IB deposits or encashment.

7. What is the SWIFT code of Eastern Bank PLC.?

Our SWIFT BIC (Bank Identification Code) is EBLDBDDHOBU (for USD & EURO) and EBLDBDDH (for GBP)

Tax & Excise Duty

1. Does the deposit or interest incur any taxes or duties?

No. Under the recently enacted Offshore Banking Act by the National Parliament of Bangladesh on March 14, 2024, depositors are relieved from any taxation on the balance of their IB account and on the interest earned. Additionally, no excise duty is imposed on the account balance.

Corporate Entities as per Offshore Banking Circulars of Bangladesh Bank
Companies/Firms registered & Operated abroad/ Juristic Person not resident in Bangladesh
Foreign Institutional Investor & Custodian
Any Entity Outside Bangladesh

Open account in USD/EURO
Earn Interest on daily balance available in the account
Deposit by receiving inward remittances through official channels only
Foreign currency deposited in this account is freely convertible into Taka
Minimum initial deposit of USD 1,000 or equivalent for fixed deposit products
NO Tax payable for deposit and earned interest

Deposited foreign currency is freely remittable abroad through banking channel
Balance held in the deposit account can be used for

Transfer to on-shore bank accounts for meeting necessary payment and various investments
Making outward remittances of balance amount including interest/profit as and when necessary.
Off-shore Transfers, onshore Transfers, Outward Remittance will be allowed for payment and investments.

Account Opening

1. What is Corporate Offshore Banking (OBU) Account?

Corporate Offshore Banking Account is a specially designed foreign currency account for Corporates with following criteria.

Corporate Entities as per Offshore Banking Circulars of Bangladesh Bank
Companies/ Firms Registered & Operated abroad/ Juristic Person not resident in Bangladesh
Foreign institutional Investor & Custodian
Any Entity outside Bangladesh

2. What are the documents required to open OBU account?

Account opening documentation to be provided as per standard bank process, Regulatory requirement (Bangladesh Bank, BFIU, NBR, BIDA, BEPZA etc.), and EBL Customer Acceptance Policy. Common documents include:

Completed CIF & Account opening Form
Resolution or extract of resolution for opening the account and authorization for its operation should be certified as stated in the Articles of Association or by the Chairperson
True copy of Memorandum & Articles of Association of the company
Certificate of incorporation
Valid Trade License
List of Directors with address
Certified copy of Form XII
Certificate of commencement of business (For Public Limited Companies)
Transaction Profile (As per AML guideline)
Other documents depending on business nature of corporate (need basis)

For documents coming from abroad, embassy attestation is not required for opening accounts.

3. In which currency can a customer open OBU account?

Currently at Eastern Bank PLC, a customer can open OBU account in USD, & EURO only.

4. What type of account can a customer open?

A customer can open Interest bearing Transactional Account, Current Account and Fixed Deposit account under Offshore Banking.

5. Can a customer open a Fixed deposit account without opening a savings or current account?

Opening a Transactional Account (Savings/current) is recommended to open a Fixed deposit account as funds for the Fixed Deposit account will be debited from the savings or current account.

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

For opening a current/saving account, minimum balance of USD 500 or equivalent amount in EUR is needed.

For Fixed deposit account the minimum deposit amount is USD 1000 or Equivalent

7 Is there any maximum deposit limit for OBU account?

No, there is no maximum limit for OBU account.

8. What are the tenors available to open fixed deposit account?

The available tenors are 3 months, 6 months, 9 months, and 1 year

9. How will the customer use the balance of the current/savings account?

Balance held in the deposit accounts can be used for:

Transfer to on-shore bank accounts for meeting necessary payment and various investments
Making outward remittances of balance amount including interest/profit as and when necessary.

10. How to open Corporate OBU Account?

Please communicate with cmu@ebl-bd.com for Opening Corporate OBU Account.

11. Can an existing Eastern Bank customer open OBU account?

Yes, any existing Eastern Bank customer can open OBU account if he or she qualifies for OBU account as per question 1.

12. Can a customer open OBU account in any branch?

Yes, the customer can physically come to open OBU account in any Eastern Bank branch.

13. Can a customer open multiple currency OBU account?

Yes, a customer can open OBU accounts in both USD and EUR as per their requirement.

14. Can a customer open OBU account in different banks?

Yes, a customer is free to open multiple OBU accounts in any bank they desire.

15. Can a customer open OBU account in Islamic module?

No, currently this option is not available with Eastern Bank.

Account Operations

1. How does the account holder deposit funds to their account?

Funds can only be credited by the account holder through official banking channels via foreign inward remittances.

2. Who can send funds to the OBU account?

Anyone can send funds to the OBU Account through official Banking Channels as inward remittance.

3. Is there a provision for a cheque book with an OBU account?

No, there isn't. The account can be managed through remittances, transfer instructions to the bank, or, if available, through the use of a debit card.

4. Can USD/EUR be deposited in cash?

No, cash deposits are not possible. Only inward remittances received through official banking channels can credit the account.

5. Can any amount be withdrawn from the account in cash?

No, cash withdrawals are not permitted from an OBU account.

6. Can OBU customers use the Corporate Internet Banking facility from Eastern Bank PLC?

Yes, corporates can utilize the Internet Banking application to view transactions.

7. How can the balance be transferred from a foreign currency OBU account to an onshore local currency (BDT) account?

OBU customers can transfer funds from their foreign currency OBU account to any local currency account by submitting a remittance request form to the bank.

8. Is there any limit on the number of transactions to a single OBU account?

No there is no limit on the number of transactions in the account.

Fees & Charges

1. Are there any fees and charges associated with maintaining an OBU account?

Type of Charge	Amount
Account Maintenance Fee	Free
Closing of Account	Free
SWIFT Charge for remittance (Through Correspondence)	Any amount above USD $1000 or equivalent amount in other currencies – BDT. 1,500; min BDT. 500
Correspondent Bank Fee	At Actual
Duplicate Statement	Free
Various Purpose Certificate	Free
Solvency Certificate with Balance	Free
Solvency Certificate without Balance	Free
Certificate of Inward Remittance	Free

Fund Transfer

1. What information is required to send remittances to any Eastern Bank PLC account from abroad?

To send remittances, please use below information for beneficiary-

SWIFT Code of EBL	EBLDBDDH
Bank Name	Eastern Bank PLC
Customer’s OBU Account Number
Account Name

2. Which banks facilitate sending remittances to Eastern Bank PLC?

Remittances can be sent from any bank worldwide to an account in Eastern Bank PLC. If your bank requires correspondent bank account details for Eastern Bank PLC, find them through this link.

3. What is the conversion rate for converting foreign currency balances to BDT in an on-shore bank account?

The bank will utilize its prevailing TT clean Buying rate on the conversion date. Exchange rates are accessible here.

4. Can the balance in an OBU account be freely transferred abroad?

Yes, the entire balance in an OBU account can be freely transferred abroad.

5. Can outward remittances be sent in a currency different from the OBU account's currency?

Yes, it's possible. Cross-currency conversion will occur in such instances.

6. Is it possible for customers to transfer an OBU account balance to another OBU account?

Yes, customers can transfer their OBU account balance to another OBU account.

7. What is the SWIFT code of Eastern Bank PLC.?

Our SWIFT BIC (Bank Identification Code) is EBLDBDDH

8. Is remittance incentive paid by the government applicable for OBU deposits?

No, remittance incentive is not applicable to OBU deposits or encashment.

Tax & Excise Duty

1. Does the deposit or interest incur any taxes or duties?

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Important

OBU Current and Savings Account

Step 1

Check Required Documents for account opening

Step 2

Print the account opening form and relevant prescribed forms from here

Step 3

After filling up the forms with signature, scan the relevant documents

Step 4

Email the relevant required documents to offshorebanking@ebl-bd.com

OBU Fixed Deposit Account

Step 1

Wire Transfer to your OBU Current or Savings account

Step 2

Download and print Fixed Deposit account opening form

Step 3

After filling up the form with signature, scan the form and email at offshorebanking@ebl-bd.com

Support

You Have Question ?

Email

Visit A Branch

STANDARD SETTLEMENT INSTRUCTION (SSI) OF EASTERN BANK LIMITED –

OFFSHORE BANING UNIT (OBU)

GBP

*The Schedule of Charges includes Offshore Banking and International Banking Products

Fund Transfer/Payment Service

Certificates

Please Note

Applicants’

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CONTACT INFO

BUSINESS HOURS

Currency	T.T Clean Buying	B.C Selling
USD	119.00	120.00
EUR	131.32	135.86
GBP	157.24	161.46
All Card Related Payment: USD 1 = 120.00
As on 26 September, 2024

Important

OBU Current and Savings Account

Step 1

Check Required Documents for account opening

Step 2

Print the account opening form and relevant prescribed forms from here

Step 3

After filling up the forms with signature, scan the relevant documents

Step 4

Email the relevant required documents to offshorebanking@ebl-bd.com

OBU Fixed Deposit Account

Step 1

Wire Transfer to your OBU Current or Savings account

Step 2

Download and print Fixed Deposit account opening form

Step 3

After filling up the form with signature, scan the form and email at offshorebanking@ebl-bd.com

Support

You Have Question ?

Email

Visit A Branch

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