Trust Bank launches NRCT accounts for expatriates

Trust Bank PLC has introduced Non-Resident Convertible Taka (NRCT) accounts to make it easier for expatriate Bangladeshis to save, manage and invest their money in the country.

The accounts will allow non-resident Bangladeshis to deposit, invest and use funds from anywhere in the world, while also enabling them to transfer their principal and earned interest or profits abroad.

Ahsan Zaman Chowdhury, managing director and chief executive officer (CEO) of Trust Bank, formally inaugurated the new accounts at the bank's head office in Dhaka on 29 October.

The NRCT account scheme offers three options: Trust NRCTA Savings Account, Trust NRCTA Current Account and Trust NRCTA Fixed Deposit.

Customers can open the accounts entirely online without any initial deposit. They will also be able to repatriate their deposited principal and accumulated interest or profits abroad through the bank’s Authorised Dealer (AD) branches and Offshore Banking Unit (OBU).

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Key features include attractive interest rates, reinvestment of profits, foreign currency conversion, monthly savings schemes and portfolio investment opportunities.

Account holders will also be eligible for loans against their account balances and competitive exchange rates.

Senior bank officials expressed hope that the initiative would enable expatriate Bangladeshis to save and invest their hard-earned money securely in the country.

They also said the facility would help bring remittances into Bangladesh through formal banking channels and provide expatriates with greater flexibility in managing their funds.