Frequently Asked Questions
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?
The following documents are required to open an OBU account:
- Complete Account Opening Form
- One copy passport size photograph of the account holder
- 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.
-
Nominee
- One copy passport size photograph of the "Nominee"
- NID/ Passport of the Nominee
- 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.
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?
Customers have to download the Account Opening Form and Indemnity Form by clicking here. Scan the completed forms along with required documents and send an email to offshorebanking@ebl-bd.com
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
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 |
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?
|
Currency Code |
Benchmark |
|---|---|
|
US Dollar |
Secured Overnight |
|
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.
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:
Complete Account Opening Form
One copy passport size photograph of the account holder
Photo ID:
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.
Nominee
- One copy passport size photograph of the "Nominee".
- NID/ Passport of the Nominee.
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
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 discountswith 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 |
|
|
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 |
|
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 :|
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.
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