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OVERVIEW OF OFFSHORE BANKING IN BANGLADESH
For three months to one year: Benchmark reference rate + 1.5% For more than one year up to three years: Benchmark reference rate + 2.25% For more than three years up to five years: Benchmark reference rate + 3.25%
40 banks are currently engaged in offshore banking activities in Bangladesh.
The lending amount is BDT 83,826 crore.
No tax is charged on profits earned within offshore accounts, whereas a tax deduction of 10-15% was previously applicable.
Customers receive high-priority banking services, including meet-and-greet services, access to sky lounges, and Priority-Pass for international lounges, with a specified minimum deposit.
Offshore banking operations can be conducted using nine currencies: USD, EUR, GBP, JPY, AUD, CAD, CHF, CNH, and SGD.
Offshore account holders can earn interest rates of up to 8.60% on their fixed deposits.
Easy account opening, balance checking, online transaction and instant fund transfer facility for account holders.
Banks are no longer required to maintain the previously mandatory 2% CRR (cash reserve ratio) for offshore activities.
The total fund of offshore banking in Bangladesh is BDT 80,000 crore.
Fixed deposits can be made for terms ranging from 3 months to 5 years.
Resident Bangladeshi individuals or companies with bona fide relations to non-residents can also open and manage offshore accounts through International Banking Account.
Banks can now transfer up to 30% of their regulatory capital in foreign currency from domestic units to offshore accounts.
SOURCE: BANGLADESH BANK