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It’s time to move your dollars at home to City Bank. Every time you return from abroad, deposit up to USD 10,000 into your RFCD (Resident Foreign Currency Deposit) account at City Bank with minimum ease. This deposit option is available for your past foreign trips also, in case you forgot to deposit earlier. Now is the perfect opportunity to build your own savings base in US dollars.



Eligibility

Any Bangladeshi resident aged over 18 years can open Resident Foreign Currency Deposit (RFCD) account.

Required Documents
  • Passport size photograph -2 copies of account holder, 1 copy of nominee
  • Valid Bangladeshi Passport (information page)
  • PSR or Proof of Submission of Return – tax return of previous financial year mandatory for balance equivalent to BDT 10 lacs or more
  • Nominee photo ID – NID /Birth certificate/Passport
Frequently Asked Questions

1. What is Resident Foreign Currency Deposit (RFCD) account?

Ans: RFCD is a Deposit account in foreign currency opened and maintained by resident Bangladeshis with the foreign exchange brought in at the time of their return from travel abroad. Only Resident Bangladeshis can open this account.

2. Who can open RFCD account?

Ans: Any Bangladeshi resident aged over 18 years can open Resident Foreign Currency Deposit (RFCD) account.

3. Can a foreign national open an RFCD account?

Ans: No. RFCD account is for only resident Bangladeshis. However, foreign nationals can open other foreign currency accounts. 

4. What are the required documents to open an RFCD account?

Ans: The required documents are:

  • Passport size photograph -2 copies of account holder, 1 copy of nominee
  • Valid Bangladeshi Passport (information page)
  • PSR or Proof of Submission of Return – tax return of previous financial year mandatory for balance equivalent to BDT 10 lacs or more
  • Nominee photo ID – NID /Birth certificate/Passport

Note: At the time of depositing any cash foreign currency into the account, we will need the original valid Bangladeshi Passport to check the travel dates i.e., Arrival seal pages of the journey against which deposit is being made. 

5. What is the account type of RFCD account?

Ans: It is an interest bearing deposit account. 

6. Can a customer open a joint RFCD account?

Ans: No a customer cannot open a joint RFCD account but the customer can provide two supplementary debit or credit card to his dependents against the account. 

7. Can customer add nominee to the RFCD account?

Ans: Yes, nominee(s) can be added to the RFCD account.

8. Is it possible to open/deposit RFCD account if the passport is expired?

Ans: No. Current valid passport is required to open or make any deposit to RFCD account. Additionally, proof of foreign travel i.e., the visa and arrival seal on the valid passport is required to be submitted for any credit.

9. In which currencies can an individual open an RFCD account in City Bank?

Ans: : Currently, we can open RFCD account in USD, GBP & EURO.
i.e. U.S Dollar, Pound & Euro

10. Can customer open RFCD account in any branch?

Ans:  Customers can place account opening request at any of our branches.  However, the account will be opened at an AD branch of the bank. 

11. What is the minimum account opening balance of RFCD account?

Ans: USD 500 or equivalent. This however can be waived with proper approvals at branch level. 

12. Can a customer open multiple RFCD accounts in a bank?

Ans: Yes, a customer can open multiple RFCD accounts but in different currencies in a bank.

13. Can a Non-resident Bangladeshi open RFCD account?

Ans: No. Only resident Bangladeshi individual is allowed to open an RFCD account.

14. Is it possible to open RFCD account without Foreign travel?

Ans: Yes. But in this case, no deposits will be allowed at the time of account opening. Any deposit requires proof of foreign travel. 

1. What are the options of deposit in the RFCD account?

Ans:  A customer can deposit in two ways. He can deposit Cash foreign currency or transfer from another RFCD account of the same account holder from any bank.

Cash foreign currency Deposit 

  • Any amount up to USD 10,000 or equivalent per trip can be deposited without any declaration. However, if the travel took place before 03-02-2020, the amount is USD 5,000 per trip. 
  • If the amount is above USD 10,000 per trip then a declaration to Customs Authorities in Form FMJ while entering the country, will be required to be submitted and the deposit must be made within 30 days of arrival.

In all cases of deposit, customers must fill-out City Bank’s RFCD declaration form mentioning the travel details.

2. Is there any time limit for depositing cash foreign currency in RFCD Account?

Ans: No, opening a RFCD account does not have to be related to any travel.  A customer can open RFCD account any time with a current valid passport. But to credit any fund against any travel, the travel must be undertaken with the current valid passport.  The bank will not credit any funds against a travel which was undertaken by the customer previously and that particular passport has expired. 

However, foreign currency has to be deposited within 30 days of arrival for deposits which require declaration on Form FMJ as stated in question no.1 above. 

3. What is an FMJ form?

Ans: FMJ form is a 3-page Customs Declaration Form for bringing cash foreign currency above USD 10,000 into the country. It must be availed and declared at the airport while crossing Customs check.

4. Is physical presence of account holder mandatory for depositing in RFCD account?

Ans: No it is not mandatory as long as the bearer can provide the visa and arrival seal page on the valid Bangladeshi Passport. Also, we require City Bank’s RFCD Declaration form and Form FMJ (where applicable) signed by the account holder.

5. Is cash foreign currency endorsement from RFCD Account a part of Yearly Travel Quota?

Ans: No. Cash currency endorsement limit from RFCD Account and Yearly Travel Quota are totally separate. 

6. How much foreign cash currency can be endorsed from RFCD account?

Ans: Maximum cash of USD 5,000 can be endorsed from an RFCD Account per person per trip. If customer wishes, they can also cash endorse the remaining RFCD Account balance in other currency (subject to availability).

7. What is the limit of endorsement of other foreign cash currency (not USD) from RFCD account?

Ans: There is no limit. The total available balance in RFCD Account can be taken in cash in foreign currencies other than USD (subject to availability) against endorsement while traveling. 

8. Can a customer endorse cash USD 5,000 from their RFCD Account and in addition endorse USD 5,000 from their yearly Travel Quota (a total of cash USD 10,000) for the same trip?

Ans: No, in that case the customer can avail either one for each trip. Meaning, the maximum limit is USD 5,000 cash currency endorsement per trip. He can avail from both the entitlements but not in the same trip. 

9. Can a customer endorse their passport in a different currency other than the currency of their RFCD account?

Ans: Yes, a customer can do that. Meaning, if the RFCD account is in USD, he can still endorse in equivalent EUR or any other currency he prefers (subject of availability). 

10. Is it possible to endorse cash foreign currency to the account holder’s dependent’s passport prior to foreign travel?

 No. Cash endorsement can be used for account holder’s own travel purposes only.

11. Can a customer withdraw cash from an ATM abroad during a foreign travel from RFCD balance?

Ans: Yes. Customers can withdraw balance from an ATM abroad during a foreign travel.

12. Is there any withdrawal limit for ATMs during foreign travel?

Ans: No, there is no limit from City Bank’s side.  There may be amount restrictions of the foreign bank whose ATM the customer is using. 

13. Is the balance in these accounts freely transferrable abroad?

Ans: Yes. Balances in the RFCD account is freely transferrable abroad. Account holders and their dependents can use it for the purpose of foreign travel, paying tuition fees, medical expenses etc. 

14. If the customer has an RFCD account in one currency, can he/she send outward remittance in other currency?

Ans: Yes. In this case, currency conversion will take place.

15. Is it possible to withdraw BDT from ATM machine using RFCD debit/credit cards?

Ans: No. Currently it is not possible to withdraw BDT from ATM machines using RFCD debit/credit cards.

16. Is it possible to withdraw and endorse cash foreign currency without upcoming foreign travel?

Ans: No that is not possible. Valid Visa along with travel ticket (travel date within the next 14 days) is mandatory for endorsement. 

17. Can customers transfer the balance of one of their RFCD Account to another of their RFCD Account?

Ans: Balance of RFCD account cannot be transferred to another RFCD account of the same account holder within City Bank or within any other bank.  

18. Can customers transfer the balance of any other FCY Account to their RFCD Account?

Ans: Balance of Foreign Currency account (FCY) cannot be transferred to RFCD account. 

19. What are eligible deposit/credit/inward transaction for RFCD Account?

Ans: RFCD account can only be credited with cash after returning from foreign travel or transfer from other RFCD account of the same customer. However, proceeds of export of goods or services from Bangladesh or commission arising from business deals in Bangladesh cannot be credited to such accounts. 

20. Can customers avail any credit card or debit card against RFCD account?

Ans: Customers can avail credit card and debit card against the account. Moreover, dependents of the customer can avail maximum of two supplementary credit card and debit card in their names.

21. Is cheque book facility available in RFCD account?

Ans: Cheque book is not available in RFCD account.

22. Is it possible to receive remittance in RFCD account?

Remittance is not allowed in RFCD account.

23. In which purpose the RFCD account balance can be used?

Ans: RFCD account balance can be used to remit outside for the purpose of travelling abroad, education expenditure, medical expenditure and any other purpose.  

The entire balance held in RFCD Account can be easily converted to BDT.

24. Can the balance be used for e-commerce transactions and is there any limit on transactions?

Ans: Yes. Balance of RFCD accounts can be used for e-commerce transactions. There is no cap or maximum celling for e-commerce transactions.

25. Can a customer deposit multiple times against the same travel?

Ans: Yes, a customer can deposit multiple times against the same travel but within the permissible limit per trip. 

26. Can a customer open a Fixed Deposit with the balance of RFCD account?

Ans: No, a customer cannot open a Fixed Deposit with the balance of RFCD account.

27. Are there any supplementary cards available?

Ans: Yes, a maximum total of two supplementary cards (Debit or Credit) can be availed by dependents of the account holder. 

28. What Credit Cards can customers avail against RFCD account?

Ans: Customers can open RFCD Backed Credit Card and Zero Limit Credit Card (where balance can be transferred from account)

29. What is an RFCD Backed Credit Card?

Ans: Customer’s preferred RFCD account balance will be placed under “Lien”, and that equivalent balance will be available as limit for the RFCD Backed Credit Card. Essentially, works like a secured credit card.

30. What is a Zero Limit Credit Card?

Ans: Customer’s preferred RFCD account balance will be transferred to the Zero Limit Credit Card. Balance will be available as the limit for the Card. Essentially, works like a prepaid credit card.


1. Is the RFCD account an interest bearing account?

Ans: Yes, RFCD is an Interest bearing account. 

2. What is the interest rate and how will the customer know the prevailing interest rate?

Ans: The interest rate is decided by City Bank and found in our website at the following link: https://www.citybankplc.com/interest-rate-on-fcy-deposit-on-shore

3. Is interest rate fixed in RFCD account?

Ans: Ans: No. The interest rate is not fixed. City bank may update the rate time to time.

4. How frequently is the interest calculated?

Ans: Interest is calculated daily on daily end of day account balance.

5. How frequent the interest is paid?

Ans: Interest is credited quarterly in customer’s account.

6. Are there any interest eligibility criteria for RFCD account?

Ans: Yes. If the account balance of a customer goes below GPB 500, USD 1,000 or equivalent currency for other currency account in any single day, customer will not be eligible to earn interest for that month.

Equivalent currency of USD 1,000 for EURO will be determined through mid-rate conversion.


1. Is tax applicable on the interest of RFCD account?

Ans: Yes. Tax is applicable and is deducted at Source (TDS) at the time of credit to the account. 

2. How much TDS is deducted?

Ans: At the rate of 10% if the customer has submitted PSR (Proof of Submission of Return) of previous financial year to the bank, otherwise, at the rate of 15%. 

3. Is Excise Duty applicable?

Ans: Yes, Excise Duty is applicable on RFCD account balance.