Banks propose passport-based accounts for overseas Bangladeshis

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Bank executives have urged Bangladesh Bank to ease the NID requirement for expatriates opening bank accounts and raise the existing loan limit against deposits to encourage more non-resident Bangladeshis to use the country’s banking services.

The proposals were raised at a meeting between Bangladesh Bank Governor Md Mostaqur Rahman and managing directors of several banks at the central bank’s head office on Monday. Deputy Governors Kabir Ahmed and Md Sarwar Hossain also attended.

Bankers proposed allowing expatriates to open Non-Resident Taka Accounts (NRTAs) using their passports instead of National Identity Cards. They said many Bangladeshis living overseas do not have NIDs, creating difficulties in accessing local banking services.

They also recommended reconsidering the current Tk 10 lakh borrowing limit against deposits in expatriate accounts to make the facility more useful.

Another proposal involved introducing a fully digital account-opening process modelled on Pakistan’s Roshan Digital Account (RDA), which enables overseas citizens to access banking services without visiting a branch.

Bangladesh Bank spokesperson Arif Hossain Khan said participants discussed ways to simplify banking services for expatriates and increase foreign currency inflows. He said the bankers would submit their recommendations in writing, after which the central bank would review them and issue updated guidelines if necessary.

The discussion also covered measures to attract foreign currency and maintain stability in the US dollar exchange rate. Bank representatives emphasised the importance of accurately forecasting foreign currency demand and managing dollar reserves to prevent sudden pressure on the market.

Bangladesh Bank had earlier introduced a related facility through a circular issued on June 23, 2026, allowing expatriates to open Non-Resident Convertible Current, Savings and Fixed Deposit Accounts.

Under the rules, account holders can deposit money sent through formal banking channels and repatriate their principal, along with any interest or investment earnings, without restriction.

The accounts can also be used for domestic payments, transfers to foreign currency accounts, foreign direct investment and portfolio investments, subject to applicable regulations.

The central bank has also authorised domestic banking units to provide loans against deposits in these accounts to expatriates or their nominated beneficiaries. Such loans may be used for personal or business purposes, but not for investments in agriculture, forestry or housing.

These measures are intended to bring more foreign currency into the formal banking system and expand opportunities for expatriates to participate in Bangladesh’s economy.