5. Is it possible to jointly open an Offshore Banking Unit (OBU) account?
Yes. But both/all applicant must be eligible individually
6. Is it possible to jointly open an International Banking (IB) account?
Not Possible
7. What kinds of accounts are available for customers to open?
- Non-Interest bearing Current Account
- Interest bearing Fixed Deposit only with USD ( 3 Months to 5 years)
8. What are the required documents for OBU Account?
Individual Account
- Photocopy of Valid Photo ID (Like Passport, respective country’s Photo ID)
- If the provided Photo ID is a Bangladeshi Passport, additional documentation is needed to confirm residency, such as a resident visa, work permit, green card, foreign driving license, or any other valid proof of abroad residency status Copy of valid photo ID of applicant, i.e., passport, respective foreign country’s ID, etc.
- 2 copies photo of Account holder
- Address verification documentation is necessary only if the declared address differs from the address listed on the applicant's Photo ID document. Acceptable forms of verification include utility bills, foreign-issued driving licenses, and similar documents.
- Purpose of Remittance
- Documents Supporting Legal Existence of the Remitter in the Remitting Country
Non-Individual Account
- Board Resolution for limited Company
- Updated Trade License/ similar type documents, ETIN, BIN
- RJSC Registration like Certificate of Incorporations, Memorandum and Article of Association, certificate of Commencement (For Public Limited)
- Proof of shareholding and board member names, like updated Schedule X and Form XII
- Photo ID and photo of top 5 shareholder’s (when shareholders more than 5)/ Photo ID and photo of all shareholder’s (when shareholders less than or equal to 5)
- Purpose of Remittance
- Documents Supporting Legal Existence of the Remitter in the Remitting Country
- If there is any Foreigner as shareholder, then copy of the work permit
9. What are the required documents for IB Account?
Individual Account
- Photo ID of Applicant such as Passport and NID
- Photo of applicant
- Agreement with the Remitter and the Account Holder (Proof of having Bonafide Relationship)
- Photocopy of Valid Photo ID (Like Passport, respective country’s Photo ID)
- If the provided Photo ID is a Bangladeshi Passport, additional documentation is needed to confirm residency, such as a resident visa, work permit, green card, foreign driving license, or any other valid proof of abroad residency status Copy of valid photo ID of applicant, i.e., passport, respective foreign country’s ID, etc.
- Photo of remitter
- Purpose of Remittance
- Documents Supporting Legal Existence of the Remitter in the Remitting Country
Non-Individual Account
- Board Resolution
- Trade License/ similar type documents
- Certificate of Incorporations
- Memorandum and Article of Association
- Updated Form X & XII
- If the provided Photo ID is a Bangladeshi Passport, additional documentation is needed to confirm residency, such as a resident visa, work permit, green card, foreign driving license, or any other valid proof of abroad residency status Copy of valid photo ID of applicant, i.e., passport, respective foreign country’s ID, etc.
- Agreement with the Remitter and the Account Holder (Proof of having Bonafide Relationship)
- Purpose of Remittance
- Documents Supporting Legal Existence of the Remitter in the Remitting Country
- If there is any Foreigner as shareholder, then copy of the work permit
10. Is hardcopy form available?
Available at Branch
11. Is softcopy form available?
Available at our web server
12. Can an account holder who already has an account open an OBU and IB account?
Yes
13. Which currencies does Meghna Bank provide to its OBU and IB customers?
Currently, Only USD
14. What is the minimum account for OBU & IB Account?
No minimum balance for current account. Minimum USD 5000 for Fixed Deposit
15. What are tenor available to open Fixed Deposit under OBU & IB?
3 Months to 5 years
16. How does the customer utilize the funds in their current account balance?
- Transfer to domestic banking unit for making payment and investment
- Outward remittance to remitter country
17. Is it possible for a customer to open a Fixed Deposit account without opening a current account?
No
18. Is it possible for a customer to open an OBU & IB account at any branch?
Yes
19. Is there a maximum deposit limit for an OBU & IB account?
No Maximum Limit
20. Is it possible for a customer to obtain a credit card or debit card linked to an OBU & IB account?
No
21. Can a customer open an OBU & IB account at multiple banks?
Yes
22. Can a customer open an OBU & IB account under Islamic banking division?
Currently, we do not have the option
23. Is it possible for a foreign national to open an IB account?
No. We offer OBU for Foreign Nations
24. Is it possible for a foreign national to open an OBU account?
Yes
25. Is it possible for a local national to open an IB account?
Yes
26. Is it possible for a local national to open an OBU account?
No
27. Do I have to provide any evidence of a bonafide relationship with the remitter?
Not mandatory. But encourage for future record
28. What is the purpose of IB account?
The IB account holder will serve as the facilitator for the non-resident sender and operate the funds accordingly. The facilitator will have sole control over the account's operation.
29. Is passport mandatory to open an IB account?
No. Any Photo ID (NID is acceptable)
30. Is it possible for an IB account to have multiple remitters?
No
31. Is it permissible for a facilitator to open multiple IB accounts?
Yes
32. Is it possible to offer Internet Banking to OBU & IB customers?
Need to cross check with Nazmul Bhai
33. How account holder will credit the fund?
Through inward remittance
34. Is cheque book facility available with OBU and IB?
No
35. Is cash transaction allowed to OBU and IB?
No
36. Is fund transfer from one OBU to another OBU possible?
Yes
37. Is fund transfer from one IB to another IB possible?
Only when both remitter and facilitator are same.
38. Is passport endorsement possible against OBU and IB?
No
39. Any transaction limit to OBU & IB account?
No
40. How to transfer fund from OBU & IB to onshore/domestic account?
Through fund transfer form
41. How to process encashment/closure of FD?
- By Visiting any branches
- Mention the instruction at the time of issuing FD
42. What is the fess and charge of this account
No Account charge and Government charge. Remittance charge
43. What percentage of Interest does Meghna offer?
Interest rate varies daily on the basis of benchmark rate (SOFR for USD).
44. What is Benchmark Rate?
Cost of borrowing of a particular currency?
45. Which Benchmark we use for USD?
SOFR (Secured Overnight Financing Rate)
46. Is source tax applicable for OBU & IB?
No
47. Is Excise Duty Applicable for OBU & IB?
No
48. Is nominee mandatory for OBU & IB?
No
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