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/NID

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.

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

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.

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)

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.