Cenbank makes non-resident taka account usage easier for Bangladeshi expats

The Bangladesh Bank has streamlined the process for Non-Resident Taka Accounts (NITAs), allowing online transactions and removing caps on deposits and withdrawals to make it easier for expatriate Bangladeshis to access and utilise the country's banking system.

According to a circular issued yesterday by the central bank's Foreign Exchange Policy Department, banks operating NITAs are now allowed to facilitate transactions for non-resident Bangladeshis (NRBs) through cheques, electronic, or online means without formalities. 

NITAs are specialised bank accounts that allow NRBs to invest in the country's financial markets, particularly in stocks, bonds, and other securities.

A senior central bank official told TBS, "Online transactions were previously not allowed from NITAs, and there were fixed limits on deposits and withdrawals. The new directive has removed these restrictions for the benefit of NRBs."

The circular states that regarding credits and debits to and from NITAs, banks must ensure that payments are allowed only for bonafide transactions of NRBs. Banks have been instructed to remain vigilant and ensure that no fraudulent transactions occur through these accounts.

No restriction should be imposed for electronic fund transfer/online banking facilities in NITAs credited by inward remittances. Customers' due diligence needs to be observed by banks for account holders, having local sources of credit, before onboarding them on electronic/online platforms, it stated. 

NRBs may nominate other persons in Bangladesh to operate these accounts. The transactions must be executed by nominated persons in terms of Transactions Profile (TP) authorised by the account holders themselves, the circular added.