Open a Deposit Account with City Bank Offshore Banking and avail the opportunity of enjoying attractive interest rate! Deposit accounts can be opened and maintained in USD or EURO.
Account balance freely transferable abroad
Deposit 5,000 USD or EURO to open Fixed Deposit
Facilitator in Bangladesh can also open this account
Deposit USD 100,000 or more to City Offshore Bank and get* :
Direct membership of our world class priority banking service - Citygem
Meet and greet service at the airport, City Bank lounge access and Priority pass for International lounges*
Dedicated Relationship Manager
Features
24/7 Offshore Banking Hotline Number +8809611316234
Offshore Banking (OBU) Account
- Person resident outside Bangladesh including NRBs
- Foreign nationals
- Persons of Bangladeshi origin (Bangladeshi holding foreign citizenship)
- Companies/Firms registered and operating abroad
- Foreign institutional investors
- Type A units in EPZs (Export Processing Zones, Private EPZs, Economic Zones and Hi-tech parks) in Bangladesh
Note: All individuals will have to be of age 18 & above.
International Banking (IB) Account
The following individuals or entities having bonafide relations with non-residents can open/operate International Banking (IB) Accounts:
- Any Resident Bangladeshi individual (aged 18 years & above)
- Bangladeshi Corporates/Firms
- Type A, Type B, Type C industrial enterprises operating in EPZs (Export Processing Zones)/EZs (Economic Zones)/HTPs (High Tech Parks)
Offshore Banking (OBU) Account
Individual Account
- Copy of valid photo ID of applicant, i.e., passport, respective foreign country’s ID, etc.
- If the photo ID is a Bangladeshi passport, additional documents such as resident visa, foreign resident card (i.e., green card), work permit, driving license (issued by foreign authority) or any other document supporting the residency status abroad is required.
- Passport sized photograph: applicant – 2 copies, and nominee 1 copy attested by applicant.
- Address verification document required only if the declared address is different from the address in the applicant’s Photo ID document. This can be utility bill, driving license (issued by foreign authority) etc.
Non-Individual Account
- Extract of Resolution/Board Resolution
- Trade License or similar document
- Certificate of Incorporation
- Memorandum and Articles of Association
- Updated Schedule X & Form XII or any recent document that proves shareholding information and names of the Board of Directors with respective designation.
- Photo identification of shareholders (Top 5 shareholders’ details required when shareholders are more than 5. If the shareholders are less than 5, then all shareholders’/ all authorized signatories’ for the account/ the beneficial owners’ of the Company)
- 2 copy passport size photo of each shareholder (Top 5 shareholders’ details required when shareholders are more than 5. If the shareholders are less than 5, then all shareholders’/ all authorized signatories’ for the account/ the beneficial owners’ of the Company)
International Banking (IB) Account
Individual Account
- Copy of Valid Photo ID for account holder/ Applicant and Nominee (Such as Passport / National ID/ Birth Certificate etc.)
- Passport size Photograph of the Applicant – 2 Copy, Nominee duly attested by the applicant – 1 Copy.
- Address Verification Documents if Address not Matched with Applicant Photo ID e.g. Utility Bill etc.
- An Undertaking Form duly signed by the Remitter. This will be required before crediting any foreign currency into the account.
Non-Individual Account
- Extract of Resolution/Board Resolution
- Trade License or alternative document
- Certificate of Incorporation
- Memorandum and Articles of Association
- Updated Form X & XII
- Photo Identification of Shareholder (Top 5 Shareholder's details when Share Holder is more than 5. If the shareholder is less than 5 then all shareholder’s/All authorized Signatories for the account/The beneficial owners of the Company)
- 2 copy Passport size Photo of Shareholder (Top 5 Shareholder's details when Share Holder is more than 5. If the shareholder is less than 5 then all shareholder’s/All authorized Signatories for the account/The beneficial owners of the Company)
- An Undertaking Form duly signed by the Remitter. This will be required before crediting any foreign currency into the account.
1. What is Offshore Banking Account?
Account that can be opened by Residents outside Bangladesh in foreign currency. For example: Non-resident Bangladeshi nationals (NRBs), Persons of Bangladeshi origin (Bangladeshi holding foreign citizenship), Foreign nationals, Companies/Firms registered and operating abroad, Foreign institutional investors etc. can open this OBU account.
2. Who can open OBU Account?
- Person resident outside Bangladesh including NRBs
- Foreign nationals
- Persons of Bangladeshi origin (Bangladeshi holding foreign citizenship)
- Companies/Firms registered and operating abroad
- Foreign institutional investors
- Type A units in EPZs (Export Processing Zones, Private EPZs, Economic Zones and Hi-tech parks) in Bangladesh
Note: All individuals will have to be of age 18 & above.
3. Can customers open a joint OBU account?
Yes, customers can open a joint OBU account. But in such cases both the account holders must individually qualify to open the account as per question 1 or 2 above.
4. What type of account can a customer open?
A customer can open a Fixed Deposit account in foreign currency (USD or EUR) under this program. To credit the funds for the Fixed Deposit account, the customer has to open a current account first. This current account will help to facilitate fund transfers, remittances and other account operations. So, basically the customer will have to have both Current and Fixed deposit account(s) in OBU.
5. Documents required to open OBU account
Document check list for Individuals
- Copy of valid photo ID of applicant, i.e., passport, respective foreign country’s ID, etc.
- If the photo ID is a Bangladeshi passport, additional documents such as resident visa, foreign resident card (i.e., green card), work permit, driving license (issued by foreign authority) or any other document supporting the residency status abroad is required.
- Passport sized photograph: applicant – 2 copies, and nominee 1 copy attested by applicant.
- Address verification document required only if the declared address is different from the address in the applicant’s Photo ID document. This can be utility bill, driving license (issued by foreign authority) etc.
Document check list for OBU account for companies/firms registered and operating abroad.
- Extract of Resolution/Board Resolution
- Trade License or similar document
- Certificate of Incorporation
- Memorandum and Articles of Association
- Updated Schedule X & Form XII or any recent document that proves shareholding information and names of the Board of Directors with respective designation.
- Photo identification of shareholders
(Top 5 shareholders’ details required when shareholders are more than 5. If the shareholders are less than 5, then all shareholders’/ all authorized signatories’ for the account/ the beneficial owners’ of the Company) - 2 copy passport size photo of each shareholder
(Top 5 shareholders’ details required when shareholders are more than 5. If the shareholders are less than 5, then all shareholders’/ all authorized signatories’ for the account/ the beneficial owners’ of the Company)
6. Is there a physical OBU account opening form?
For individual OBU account opening no physical form will be required. Customer can open account online through the customer service portal in our website.
If the customer is physically present at branch, they can use the regular account opening form. For institutional accounts, the customer can download the form here.
7. Can an existing City Bank customer open OBU account?
Yes, any existing City Bank customer can open OBU account if he or she qualifies for OBU account as per question 1 or 2 above.
8. In which currency can a customer open OBU account?
Currently at City Bank, a customer can open OBU account in USD & EUR currency only.
9. Is there any minimum deposit threshold required to open the account?
For maintaining a current account, no minimum balance is required. For Fixed deposit account the minimum deposit amount is USD/EUR 5,000.
10. What are the tenors available to open Fixed deposit account?
The available tenors are 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
11. How will the customer use the balance of the current account?
The balance of the account can be used for any of the following purposes:
- Transferring to on-shore banking BDT accounts to meet necessary payments and investments.
- Making outward remittances of the entire balance as and when necessary.
12. Can a customer open a Fixed deposit account without opening a current account?
To open a Fixed deposit account, opening a current account is a mandatory requirement.
13. Is nominee mandatory for OBU account?
Yes, nominee is required for Individual accounts (both current and Fixed deposit) only.
14. Can a customer add multiple nominees to the OBU account?
Yes, the customer can add multiple nominees to the account. For each nominee, we will need photo identification document and one copy passport sized photograph.
15. Can a customer open OBU account in any branch?
Yes, the customer can physically come to open OBU account in any City Bank branch during his/her visit to Bangladesh.
16. Is there any maximum deposit limit for OBU account?
No, there is no maximum limit for OBU account.
17. Can a customer avail Credit card or Debit card against OBU account?
Since the OBU account is opened for the purpose of Fixed Deposit only, the bank will not issue any debit/credit card against this account.
18. Can a customer open multiple currency OBU account?
Yes, a customer can open OBU accounts in both USD and EUR as per their requirement.
19. Can a customer open OBU account in different banks?
Yes, a customer is free to open multiple OBU accounts in any bank they desire.
20. Can a customer open OBU account in Islamic module?
No, currently this option is not available with City Bank.
1. How can the account holder credit funds in his account?
Fund can be credited by the account holder through foreign inward remittances received through official banking channels only.
2. Who can send funds (originator) to the OBU account?
Anyone can send funds to the OBU account from any country. There are no restrictions on who can send funds. But the Fixed Deposit account will be opened in the name of the current account holder (Beneficiary).
For example: The current account is opened in the name Mr. Alam. Mr. Alam can remit funds from abroad to his account. Also anyone else like Mr. Hasan or Mr. Ahmed both can send funds to the account of Mr. Alam. But the Fixed deposit account will be in the name of Mr. Alam only.
3. Is there any cheque book facility available against OBU account?
No, there is no cheque book facility available. The account can be operated by sending remittance or transfer instructions to the bank.
4. Is it possible to deposit Dollar/EUR in cash form?
Cash deposit is not possible in OBU account. Funds can only be credited by inward remittances received through official channels.
5. Is it possible to withdraw any amount from the account in cash form?
Cash withdrawal is not possible from OBU account.
6. Are OBU customers allowed to avail Citytouch, the internet banking app of City Bank?
Yes, Citytouch can be used by Individual account holders for viewing purpose only. No transaction can be done through Citytouch. They may use it for sending some instructions to the bank.
7. Is there any limit on the number of transactions to a single OBU account?
No there is no limit on the number of transactions in the account.
8. What is the procedure to transfer the balance from foreign currency OBU account to an onshore local currency (BDT) account?
OBU customers can transfer funds from foreign currency OBU account to any local currency account by applying to the bank through the remittance request form .
09. What is the process for Fixed Deposit Encashment?
You can download the Fixed Deposit Encashment form here and fill out and email the signed form to city.obu@citybankplc.com from your registered email address.
However, if you have already given instruction for encashment at time of opening the Fixed Deposit in the Fixed Deposit opening Form, the deposit will be encashed as per your instructions.
1. Is there any fees and charges for maintaining OBU account?
There are no fees and charges for maintaining OBU account and there is no hidden fee also. Details of the fees and charges are given below:
Type of Charge |
Amount |
Account Maintenance Fee |
Free |
Closing of Account |
Free |
SMS Alert (Annual Fee FCY Account) |
Free |
Foreign Telegraphic Transfer |
Free |
SWIFT Charge for remittance |
Above USD $1000/ GBP 700/ SGD (equivalent USD) |
Correspondent Bank Fee |
At Actual |
Duplicate Statement |
Free |
Various Purpose Certificate |
Free |
Solvency Certificate with Balance |
Free |
Solvency Certificate without Balance |
Free |
Certificate of Inward Remittance |
Free |
1. Is OBU account an interest bearing account?
Yes, the bank is offering attractive interest rates on Fixed Deposit accounts. However, Current account is a non-interest bearing account. Please click here to know the current offers of Fixed Deposit accounts.
2. Is interest rate fixed in OBU Fixed deposit account?
The interest rate is based on the benchmark rate of the respective currencies which may change on daily basis. Based on the benchmark rate of the respective currencies, the interest rate may vary.
For the Fixed Deposit, the interest rate on the date of booking will be applicable till the maturity of the deposit. Our prevailing deposit interest rates are available in our website.
3. What is a “Benchmark Rate”?
Benchmark or reference rate is a rate that reflects the cost of borrowing in a particular currency based on international demand and supply.
4. What are the benchmark rates of the respective currencies?
Currency Code |
Benchmark |
US Dollar |
Secured Overnight |
Euro |
Euro Short-term Rate (ESTR) |
5. How can I find out the interest rate for Fixed deposits?
To know the interest rates of different tenors that are applicable today, please click here.
6. What interest rate will be applied for premature encashment of OBU Fixed deposit?
If the deposit is kept for less than 3 months, no interest will be paid. For premature encashment after 3 months, applicable rate will the interest rate corresponding to the nearest/immediate
lower tenor’s prevailing published interest rate or the FD booking interest rate, whichever is lower.
For example, if you open a Fixed Deposit for 3 years at 8% and want to encash/close after 1 year, 1 year’s prevailing fixed deposit rate will be applicable. But if at that time the 1 year interest rate is higher than 8%, then it will encashed at 8%.
1. What information is required to send remittances to any City Bank account from abroad?
To send remittances, please use below information for beneficiary-
SWIFT Code of City Bank : CIBLBDDH
Bank Name : City Bank PLC
Customer’s OBU Account Number : ……………….
Account Name : ……………………
2. Through which banks can remittances be sent to City Bank PLC?
You can send remittance from any bank in the world to the account in City Bank.
When you are sending the remittance, if your bank from where you are sending the fund requests for bank account information of City Bank i.e., the correspondent foreign banks (intermediary bank) of City Bank, you can share the bank details from this link for convenience: here.
3. What will be the conversion rate if a customer wants to convert the foreign currency balance to BDT to an on-shore bank account?
The bank will use the prevailing TT clean Buying rate of the bank on the date of the conversion. The exchange rates are available here
4. Is the balance in OBU account freely transferable abroad?
Yes, the entire balance of OBU account is freely transferable abroad. Please find remittance request form here
5. If I have OBU account in one currency, can I send outward remittance in other currency?
Yes, you can. In such cases the cross currency conversion will take place.
6. Can customers transfer the balance of OBU account to another of his OBU account?
Yes, the customer can transfer the balance of OBU account to another OBU account.
7. Is remittance incentive paid by the government applicable for OBU deposits?
No, remittance incentive is not applicable to OBU deposits or encashment.
8. What is the SWIFT code of City Bank PLC?
Our SWIFT Code is CIBLBDDH. It is also known as BIC (Bank Identification Code).
1. Is there any tax or any duty applicable on the deposit or interest?
As per new Offshore Banking Act passed by National Parliament of Bangladesh on 14 March 2024, depositors are exempted from any tax on the balance of OBU account and on any interest paid. Also no excise duty is applicable on the balance of the account.
1. How is City Bank offering such high-interest rates on OBU account deposits?
Offshore banking basically is dependent on foreign borrowings @ 2%-3% margin on SOFR/benchmark rates. City Bank aims to expand its long-term customer deposit base by providing competitive deposit rates aligned with regulatory guidelines. Therefore, City Bank is offering these competitive rates instead of borrowing from abroad and it will save cost to the bank as well as reduce market dependency.
2. Is there any possibility to obtain Commercially Important Person (CIP) status from government of Bangladesh by maintaining funds in an OBU account?
Since this is an investment in an OBU account, this is out of the scope of non-resident remittance category which is considered for CIP status by the government.
1. What is City Bank International Banking (IB) Account?
The International Banking (IB) account is an account that can be opened by resident Bangladeshi individual or any Corporate/Firm in foreign currency in Offshore Banking Unit (OBU) of the bank on behalf of someone living abroad (a non-resident). In such cases the account holder will act as a facilitator to their non-resident remitter. The IB account holder and the remitter must have a bonafide relationship.
2. Who can open IB Account?
The following individuals or entities having bonafide relations with non-residents can open/operate International Banking (IB) Accounts:
- Any Resident Bangladeshi individual (aged 18 years & above)
- Bangladeshi Corporates/Firms
- Type A, Type B, Type C industrial enterprises operating in EPZs (Export Processing Zones)/EZs (Economic Zones)/HTPs (High Tech Parks)
3. Can a foreign national open IB account?
A foreign national does not need to open IB account as he/she can open OBU account directly. Please refer to the OBU account FAQ for further details.
4. Do I need to share any proof of bonafide relation with the remitter?
Proof of bonafide relationship is not mandatory. However, City Bank for its internal compliance purpose is required to obtain a Letter of Indemnity form (bank’s prescribed format) duly signed by the non-resident Remitter before sending any remittance to the account.
5. What is the function of IB Account holder?
IB Account holder will act as the facilitator of the non-resident remitter and utilize the funds accordingly. The facilitator will operate the account as the sole account holder.
6. Documents are required to open IB Account:
Document check list for Individuals:
- Copy of Valid Photo ID for Applicant, i.e., National ID, Passport, Birth Certificate etc.
- Passport sized photograph. Applicant – 2 Copies, and Nominee 1 copy attested by applicant.
- Address Verification Document only if the declared address is different from the applicant’s Photo ID document. This can be Utility Bill, Driving license etc.
- An Undertaking Form (bank’s format) duly signed by the non-resident remitter. This will be required before crediting any foreign currency into the account.
Document checklist for Corporates/Firms:
- Extract of Resolution/Board Resolution
- Trade License or alternative document
- Certificate of Incorporation
- Memorandum and Articles of Association
- Updated Form X & XII
- Photo Identification of shareholder
(Top 5 shareholder's details when the number of shareholder is more than 5. If the number of shareholder is less than 5, then all shareholder’s/all authorized signatories for the account/the beneficial owners of the company) - 2 copy Passport size photo of each of the shareholders
(Top 5 Shareholder's details when the number of shareholder is more than 5. If the number of shareholder is less than 5 then all shareholder’s/all authorized signatories for the account/the beneficial owners of the company) - An Undertaking Form duly signed by the Remitter. This will be required before crediting any foreign currency into the account.
7. Can a customer go to any City Bank branch or sub-branch or agent points to open a IB account?
Yes, all our branches and sub branches have the facility available to open IB accounts. A customer just needs to visit any of our branches or sub-branches with the necessary documents to open the IB account.
The Agent points do not have the facility to open IB accounts at the moment.
8. Can an existing City Bank customer open IB account?
Yes, any existing City Bank customer can open IB account if he or she qualifies for IB account as per question 1 or 2 above.
9. What types of accounts are available for a customer?
A customer can open a Fixed Deposit account in foreign currency (USD or EUR) under this program. To credit the funds for the Fixed Deposit account, the customer has to open a current account first. The current account will help to facilitate fund transfers, remittances and other account operations. So, basically the customer will have to have both Current and Fixed Deposit account(s) in OBU.
10. What are the currency options for customers of IB accounts?
Currently at City Bank, customers can open IB accounts in USD & EUR currency only.
11. What are the tenors available to open Fixed deposit account?
The available tenors are 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
12. How will the customer use the balance of the account?
The balance of the accounts can be used for any of the following purposes:
- Transferring to on-shore banking BDT accounts to meet necessary payments and investments
- Making outward remittances of the entire balance as and when necessary to the person who remitted the funds (Remitter).
13. Can a customer open a joint IB account?
No. Customers cannot open a Joint IB account.
14. Can a customer open a fixed deposit account without opening a current account?
To open a Fixed deposit account, opening a current account is a mandatory requirement.
15. Is nominee mandatory for IB account?
Yes. Nominee is required for Individual accounts (both current and fixed deposit) only.
16. Can a customer add multiple nominees to the IB account?
Yes, the customer can add multiple nominees to the account. For each nominee, we will need photo identification document and one copy passport sized photograph.
17. Is passport mandatory to open an IB account?
Passport is not mandatory. Any kind of photo ID such as National ID or Birth Certificate can be used for account opening.
18. Is there any minimum deposit threshold required to open the account?
For maintaining a current account, no minimum balance is required. For Fixed deposit account, the minimum deposit amount is USD/EUR 5000.
19. Is there any maximum deposit limit for IB account?
No. There is no maximum deposit limit for IB account.
20. Can customers avail any Credit card or Debit card against IB account?
Since IB account is opened for the purpose of Fixed Deposit only, the bank will not issue any debit/credit card against this account.
21. Can a customer open IB account in different banks?
Yes. A customer is free to open multiple IB accounts in any bank they desire.
22. Can a customer open multiple currency IB account for same remitter?
Yes. A customer can open IB accounts in both USD and EUR for the same remitter as per their requirement.
23. Can an IB account have multiple remitter?
No. Remittance has to be sent by the one declared remitter only. However, IB account holder can open multiple accounts for different remitters.
24. Can a facilitator open multiple IB accounts?
Yes. A facilitator can open multiple IB accounts if the remitter is different.
25. Can a customers open IB account in Islamic module?
No. Currently this option is not available with City Bank.
1. How can account holder credit the fund in his accounts?
Fund can be credited through foreign inward remittances received from the remitter through official banking channels only.
2. Is there any cheque book facility available against IB account?
No. There is no cheque book facility available. The account can be operated by sending remittance or transfer instructions to the bank.
3. Is it possible to deposit Dollar/EUR in cash form?
Cash deposit is not possible in IB account. Funds can only be credited by inward remittances received through official channels.
4. Is it possible to withdraw amount from the account in cash form?
Cash withdrawal is not possible from IB account.
5. Can a customer transfer the balance of IB account to another of his/her IB account?
Since each IB account has one remitter on whose behalf the account is opened, customers are only allowed to transfer to IB account of another currency of the same remitter. Customers are not allowed to transfer the balance to a IB account related with a different remitter.
6. Is foreign currency endorsement in passport allowed while traveling against available balance in IB account?
No. Foreign currency endorsement in passport while traveling against available balance in IB account is not allowed.
7. Are IB customers allowed to avail Citytouch, the internet banking app of City Bank?
Yes. Citytouch can be used by individual account holders for viewing purpose only. No transaction can be done through Citytouch. They may use it for sending some instructions to the bank.
8. Is there any limit on the number of transactions to a single IB account?
No. There is no limit on the number of transactions in the account.
9. What is the procedure to transfer the balance from foreign currency IB account to a local currency account onshore?
IB customers can transfer funds from foreign currency IB account to any local currency account by applying to the bank through the remittance request form.
10. What is the process for Fixed Deposit Encashment?
You have to visit your nearest City Bank Branch/sub-branch and fill up the Fixed Deposit encashment request form to encash the Fixed Deposit.
However, if you have already given instruction for encashment at time of opening the Fixed Deposit in the Fixed Deposit opening Form, the deposit will be encashed as per your instructions.
1. Is there any fees and charges for maintaining IB account?
There are no fees and charges for maintaining OBU account and there is no hidden fee also. Details of the fees and charges are given below:
Type of Charge |
Amount |
Account Maintenance Fee |
Free |
Closing of Account |
Free |
SMS Alert (Annual Fee FCY Account) |
Free |
Foreign Telegraphic Transfer |
Free |
SWIFT Charge for remittance |
Above USD $1000/ GBP 700/ SGD |
Correspondent Bank Fee |
At Actual |
Duplicate Statement |
Free |
Various Purpose Certificate |
Free |
Solvency Certificate with Balance |
Free |
Solvency Certificate without Balance |
Free |
Certificate of Inward Remittance |
Free |
1. Is IB account an interest bearing account?
Yes. The bank is offering attractive interest rates on Fixed Deposit accounts. However, Current account is a non-interest bearing account. Please click here to know the current offers of Fixed Deposit accounts.
2. Is interest rate fixed in IB Fixed deposit account?
The interest rate is based on the benchmark rate of the respective currencies which may change on daily basis. Based on the benchmark rate of the respective currencies, the interest rate may vary.
For the Fixed Deposit, the interest rate on the date of booking will be applicable till the maturity of the deposit. Our prevailing deposit interest rates are available in our website
3. What is a “Benchmark Rate”?
Benchmark or reference rate is a rate that reflects the cost of borrowing in a particular currency based on international demand and supply.
4. What are the benchmark rates of the respective currencies?
Currency Code |
Benchmark |
US Dollar |
Secured Overnight Financing Rate (SOFR) |
Euro |
Euro Short-Term Rate (ESTR) |
5. How can I find out the interest rate for fixed deposits?
To know the interest rates of different tenors that are applicable today, please click here .
6. What interest rate will be applied for premature encashment of IB fixed deposit?
If the deposit is kept for less than 3 months, no interest will be paid. For premature encashment after 3 months, applicable rate will the interest rate corresponding to the nearest/immediate
lower tenor’s prevailing published interest rate or the FD booking interest rate, whichever is lower.
For example, if you open a Fixed Deposit for 3 years at 8% and want to encash/close after 1 year, 1 year’s prevailing fixed deposit rate will be applicable. But if at that time the 1-year interest rate is
higher than 8%, then it will encashed at 8%.
1. What information is required to send remittances to any City Bank account from abroad?
To send remittances, please use below information for beneficiary-
SWIFT Code of City Bank : CIBLBDDH
Bank Name : City Bank PLC
Customer’s IB Account Number : ……………….
Account Name : ……………………
2. Through which banks can remittances be sent to City Bank PLC?
You can send remittance from any bank in the world to the account in City Bank.
When you are sending the remittance, if your bank from where you are sending the fund requests for bank account information of City Bank i.e., the correspondent foreign banks (intermediary bank) of City Bank, you can share the bank details from this link for convenience: here
3. Is the balance in IB account freely transferable abroad?
Yes. Both the interest and principal can be freely transferable abroad. However, the funds can only be sent to the remitter of funds on whose behalf the account is opened. The remittance form can be found here.
4. What will be the conversion rate if a customer wants to convert the foreign currency balance to BDT to an on-shore bank account?
The bank will use the prevailing TT clean Buying rate of the bank on the date of the conversion. The exchange rates are available in our website.
5. Is remittance incentive paid by the Government applicable for IB account?
No. Remittance incentive is not applicable for IB account deposits or encashment.
6. What is the SWIFT code of City Bank PLC?
Our SWIFT Code is CIBLBDDH. It is also known as BIC (Bank Identification Code).
7. If I have IB account in one currency, can I send outward remittance in other currency?
Yes. In this case, cross currency conversion will take place for the outward remittance.
1. Is there any tax or any duty applicable on the deposit or interest?
As per new Offshore Banking Act passed by National Parliament of Bangladesh on 14 March 2024, depositors are exempted from any tax on the balance of IB account and on any interest paid. Also no excise duty is applicable on the balance of the account.
1. How is City Bank offering such high-interest rates on IB account deposits?
Offshore banking basically is dependent on foreign borrowings @ 2%-3% margin on SOFR/benchmark rates. City Bank aims to expand its long-term customer deposit base by providing competitive deposit rates aligned with regulatory guidelines. Therefore, City Bank is offering these competitive rates instead of borrowing from abroad and it will save cost to the bank as well as reduce market dependency.
2. Is there any possibility to obtain Commercially Important Person (CIP) status from government of Bangladesh by maintaining funds in an IB account?
Since this is an investment in an IB account, this is out of the scope of non-resident remittance category which is considered for CIP status by the government.
Write to us for any queries at city.obu@citybankplc.com
SWIFT CODE: CIBLBDDH
Bangladesh Bank Circular, Offshore Banking Law & NBR Circular
*Priority Pass is available for IB account holders only.