1) Who Can Open Mudaraba International Term Deposit (MITD) Account in OBU?

The following Individuals/company can open the MITD account in OBU:

• Person Resident Outside Bangladesh (NRBs)
• Resident Bangladeshi Individual (Age 18 years and above)
• Any Bangladeshi registered Company/Firm
• Foreign National (Age 18 years and above)
• Company/Firms registered and operating abroad
• Persons of Bangladesh Origin (Age 18 years and above)
• Foreign Institutional Investors
• Type-A, Type-B and Type-C Industrial enterprises operation in EPZs/EZs/HTPs having bonafide relations with non-residents.

2) In which Currencies customer can Open MITD account in OBU?

Customer can open MITD account in the following Bangladesh Bank approved foreign currency:

• USD (US Dollar)
• EUR (Euro)
• GBP (Great British Pound)
• JPY (Japanese Yen)
• AUD (Australian Dollar)
• CAD (Canadian Dollar)
• CHF (Swiss Franc)
• SGD (Singapore Dollar)
• CNY (Chinese Yuan)

 

3) Can Customer open Joint MITD account in OBU?

MITD account can be open jointly. Here both the applicants must comply question no. 2.

4) Is there any minimum deposit threshold required to open MITD account in OBU?

No minimum deposit is required for current account. But for Term Deposit account the minimum deposit amount is USD or equivalent USD 500.00

5) What is the minimum and maximum tenor of the MITD account

The tenor is minimum 03 months to maximum 05 (Five) years.

6) What would be the Profit rate for the MITD account in OBU?

Period of Deposit	Ceiling Rate
Upto 1 year not less than 3 months	Benchmark reference rate+1.5%
Above 1 year and upto 3 years	Benchmark reference rate+2.25%
Above 3 years and upto 5 years	Benchmark reference rate+3.25%

Note: Rate will be adjusted time to time.

7) Document Checklist for Opening MITD account

Individual:

• Applicant valid photo ID copy (NID, 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.
• Utility Bill issued by foreign authority for address verification document if the declared address is different from the address in the applicant’s Photo ID document.
• Passport sized photograph: applicant – 1 copy and a nominee 1 copy verified by applicant.
• An E-mail authentication form (provided by SIBPLC-OBU) duly signed by the applicant/account holder.

Non-Individual/Company/Firm/Foreign National:

• Board Resolution Copy or Extract (for Company/Firm/Non-Individual)
• Trade License (for Company/Firm/Non-Individual)
• Permission from BIDA/BEPZA/EPZ/EZ/HTP (for Company/Firm/Non-Individual/Foreign National)
• Certificate of Incorporation (for Company/Firm/Non-Individual)
• Valid Photo ID of shareholder (Passport, Driving License, NID, etc.)
• NID, Passport copy, citizen card, insurance card, green card, Office ID, Visiting Card (authorize Signatories/Foreign National) which will be evidence to proof as country of residence.
• Proof of income (Foreign National) (Pay slip, Salary Certificate, Tax Return Copy)
• Memorandum and Articles of Association (for Company/Firm/Non-Individual)
• Updated Shareholder information (Schedule X & Form XII) (for Company/Firm/Non-Individual)
• Passport size photo of each shareholder, authorized signatories and company beneficial owner
• NID, proof of address, passport size photo of the facilitator (International Banking (IB) Account)
• An introductory form and Indemnity duly sign by Remitter introducing Facilitator. (IB account)
• An E-mail authentication form (provided by SIBPLC-OBU) duly signed by the applicant/account holder. (for all kinds of OBU account)

8) What is the MITD account opening Process? Or, How to open MITD account?

• Step 1: Customer can approach in Branch or applied through E-mail or use SIBL NOW app
• Step 2: Complete KYC as per mentioned in question 8 (Branch/Email/SIBL Now app)
• Step 3: Forward/Submitting all documents to the SIBPLC-OBU through respective Branch/Email/SIBL Now app
• Step 4: After receiving all necessary documents as per regulatory and internal policy, OBU may generate account no. and provide to the customer. In addition, OBU will give NOSTRO details to the applicant for remitting fund to the account.

9) How can a customer deposit Money /Foreign Currency to the MITD account?

Fund in MITD account MUST be credited through foreign Inward remittance by official banking channel only.

10) Is customer deposit money to MITD account from bank branch cash counter inside Bangladesh?

NO, Customer cannot deposit foreign currency in MITD account from any bank branch cash counter inside country.

11) Does the Bank provide/issue cheque book, debit card, credit card, Prepaid Card, Gift Card against MITD account?

No, SIBPLC-OBU do not issue any cheque book, debit/credit/prepaid/gift card against MITD account.

12) What will be the profit rate for premature encashment?

If the account holder encash the account balance before 3 months NO PROFIT will be applicable for this account. After 3 months premature encashment applicable profit rate will be immediate lower tenor prevailing published profit rate.

13) Is there any TAX or any duty applicable on the deport as well as profit?

As per the National Board of Revenue, Income Tax Act 2023, (2023 Law 12) sec 76 subsection 1 Offshore Banking ACT 2024 (Law No.2) depositor are exempted from any tax or duty on the balance of IB account and on any profit paid.

14) What is the procedure to withdraw fund from MITD account?

Fund withdrawal is possible through following way:

• OBU account holder can transfer/outward remittance his entire fund to his designated account abroad from where the fund came from. (i.e. if the customer remits his fund from XYZ Bank, USA he can return his fund on this said bank account) by remittance request form.
• OBU account holder may transfer his fund to the onshore bank account to meet his expenditure or payment. (i.e. if the customer wants to transfer his fund any local bank branch OBU may do the needful according to the customer request).

15) Is account holder of MITD in one currency, can he outward remittance in other currency?

Yes, the account holder of MITD account can do this transaction. In that case, the cross-currency conversion rate is applicable.

16) Are there any charges for transferring amount from MITD account?

Yes, for transferring fund from MITD account a fee will be deducted as per schedule of charges.

17) What will be conversion rate if the customer wants to transfer his MITD balance from OBU to Onshore banking account?

The applicable rate should be that day TT Clean rate.

18) Suppose, I have some FC in a respective branch of SIBPLC/Other local bank branch or have FC in other local bank OBU, is it possible to open MITD account through transferring those FC?

No, MITD can be open by only remitting fund through foreign inward remittance in banking Channel Only.

19) What is the function of IB account holder or who will be the International Banking (IB) account holder?

Non-Resident remitter introduce IB account holder as a facilitator and the (facilitator) act as a IB account holder.

20) Can an IB account holder (facilitator) open multiple accounts for different/dissimilar remitter?

YES, if remittance send by dissimilar remitter the IB account holder (facilitator) have to open multiple accounts. It is also noted that Multiple Remitters cannot remit or sent money to a particular/same IB account.

21) Is there any remittance incentive applicable for FC and IB account holder?

No, till now no remittance incentive has been applicable for FC and IB account holder.

22) How to open MITD account by Freelancer in SIBPLC-OBU?

Yes, Freelancer can open MITD account in SIBPLC-OBU. However, FAQ 21 also applicable for Freelancer.

23) What is 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.

24) What are the Benchmark rates for the respective currencies?

Currency	Benchmark
US Dollar	SOFR (Secured Overnight Financing Rate)
EURO	ESTR (Euro Short Term Rate)
GBP	SONIA (Sterling Over Night Indexed Average)

25) How can customer know the profit rate for MITD account?

Customer can contact through email obu@sibl-bd.com to know the details profit rate for MITD account or please visit https://www.siblbd.com/remittance/offshore-banking-unit  for more information.

26) Is customer settle Letter of Credit (LC) through his MITD account balance?

No, customer cannot settle LC through MITD account (FC/IB).

Contact :

E-mail: obu@sibl-bd.com  

WhatsApp : +88 01713-139223

16491 (within Bangladesh)

+8809612001122 (from Abroad)