Qard Foreign Exchange Retention Account A and B
Non-interest-bearing foreign currency account which is maintained to credit the proceeds of export made through the Bank to enable the customer use the hard currency for import of goods related to the export business.
Product Features
- No check book is issued
- Credit of FCY received from exporters through SWIFT
- Regular remittance recipients can also open the account
- Crediting from local source is prohibited
- Easier access for import of goods without the need for waiting on queue
- No exchange commission is levied upon foreign transfer.
- Deposit of foreign cash notes
- It is not interest-bearing account
- Upon presentation of valid custom declaration
- Hotels and other establishments upon presentation of renewed License issued by NBE
- Deposit amount (ACT “A”) : FCY 30{9ca276297407f1f9317007fb0e484f93d654bb51e7d3e3bec5f9354b897c3139} of the export proceed indefinitely
- Deposit amount (ACT “B”) : FCY 70{9ca276297407f1f9317007fb0e484f93d654bb51e7d3e3bec5f9354b897c3139} of the export proceed up to 28 days
- Initial deposit: FCY, No Limit
- Maximum deposit amount: No Limit
- Withdrawal Limit: No Limit
- To import goods/effect service payment related to the business
Eligibility Requirements
- Present letter of application to open and operate the account and one recent photograph (3×4)
- Tin registration certificate, Renewed trade license and commercial registration certificate (For Exporters)
