BB increases interest rate of NFDC

Bangladesh Bank (BB) has increased and fixed the interest rate of non-resident foreign currency deposit (NFCD) accounts to encourage inward foreign currency.

For one year and up to three years of deposit, NFCD account holders, with the regular interest rate, will get 2.25 per cent interest and for three years and up to five years of deposit, with the regular interest, they will enjoy 3.25 per cent interest, as per a BB circular issued on Monday.

Other instructions in this regard will remain unchanged till further notice.

Earlier on July 17, the central bank allowed the banks across the country to raise fresh deposits under NFDC accounts without any reference to the euro currency interest rate.