Mercantile Bank PLC.

Maximize Your Wealth with Mercantile Offshore Banking

Maximize your financial potential with Mercantile Bank’s Offshore Banking Units (OBU). Take advantage of competitive interest rates, tax-free income, and flexible account management options. Whether you're an individual or a corporate entity, Mercantile Bank offers seamless, efficient offshore banking tailored to your global needs.

Attractive Interest Rates on Deposits

Tax-Free Earnings on Deposit

No Account Maintenance Fees, No Hidden Charges

No Deposit Limits

Effortless Fund Transfers to Onshore, Offshore and International Accounts

Choose from our wide range of offshore banking solutions, whether you're an individual or a corporation. Enjoy easy access and management of your funds, with the added benefit of tax-free interest.

Open Your Offshore Banking Deposit Account Today

Invest with confidence and enjoy attractive returns on your offshore deposit account. Choose from:

Mercantile OBU FC Account

Mercantile OBU IB Account

Eligibility

Non-Resident Bangladeshi Nationals (Age 18 years & above)
Foreign Nationals Living Abroad (Age 18 years & above)
Companies/Firms Registered and Operating Abroad
Foreign Institutional Investors
Type-A Units / Industrial Enterprises in EPZs, EZs, PEPZs, or Hi-Tech Parks

Deposit Type

Individual Account:

Savings Account

Open an OBU Savings Account from anywhere in the world—either online or by visiting us in person. With no minimum balance required, enjoy the flexibility of withdrawing funds anytime. All transactions are securely remittable abroad through trusted banking channels. (Note: No cash or over-the-counter transactions allowed.) Apply online

Fixed Deposit Receipt Account (OB FDR)

Open a Fixed Deposit Account (FDR) easily from anywhere in the world. Start with as little as USD 1,000 or its equivalent in EUR/GBP. Choose from flexible terms of 3, 6, or 12 months, or 2, 3, or 5 years. Earn tax-free interest on your deposits. Apply online

Non-Individual/Corporate Account:

Current Account

Global businesses can open an OBU Current Account with our Offshore Units. With no minimum balance required, enjoy the freedom to withdraw funds anytime. All transactions are securely remittable abroad through reliable banking channels.

Special Notice Deposit Account (OBU SND)

Businesses can be benefited from attractive interest rates with an OBU Special Notice Deposit (SND) Account. Open with zero balance, access funds at any time, and remit securely abroad.

Fixed Deposit Receipt Account (OBU FDR)

Open an FDR Account with a minimum USD 1,000 or its equivalent in EUR/GBP. With flexible deposit terms ranging from 3 months to 5 years, corporate clients can enjoy tax-free interest on deposits.

Currencies Accepted:

USD
EURO
GBP

Currencies Accepted

USD
EURO
GBP

Required Documents

For Individual Accounts:

Copy of passport or foreign country ID for both the account holder/applicant and nominee.
Proof of residence through a second Photo ID (e.g., Driver’s License, Citizenship Card, Insurance Card, or other documents supporting residency status abroad).
Passport-sized photographs: 2 copies of the applicant, 1 copy of the nominee (attested by the applicant).
Address verification documents if the declared address differs from the Photo ID (e.g., utility bill, driver's license issued by the country of residence).
Proof of income/source of funds.
For U.S. citizens, residents, or Green Card holders: FATCA declaration.

For Non-Individual/Corporate Accounts:

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 proving shareholding information and the names and designations of the Board of Directors.
Photo identification and two passport-sized photos of shareholders.
Top 5 shareholders' details if there are more than 5 shareholders. If the shareholders are fewer than 5, all shareholders details

Ready to open an Offshore Account

Deposit Rates

Deposit Type	Rate
OBU Savings Deposit	2.00% for any amount
OBU Current Deposit	Nil
OBU SND Deposit	Negotiable
OBU Fixed Deposit Rates	3/6/12 Months : Benchmark Reference Rate + 1.50% 2/3 Years : Benchmark Reference Rate + 2.25% 4/5 Years : Benchmark Reference Rate + 3.25%

*Benchmark Reference Rates:

USD : SOFR (Secured Overnight Financing Rate)
GBP : TRR (Term-SONIA Reference Rate)
EURO : ESTR (Euro Short Term Rate)

click here to view today's Benchmark reference rates.

Modes of Deposit

Please use the following details for sending remittances:

SWIFT Code: MBLBBDDH
Bank Name: Mercantile Bank PLC.
Customer’s OBU Account Number: [Your Account Number]
Account Name: [Your Name]

Frequently Asked Questions (FAQ): OBU FC Account

Account Opening

What is the Mercantile Offshore Banking (OBU) FC Account?
The Mercantile OBU FC account is a foreign currency account (excluding BDT) for non-resident Bangladeshi (NRB) nationals, persons of Bangladeshi origin, foreign nationals, companies/firms registered and operating abroad, foreign institutional investors, and more.
Who can open an OBU Account?
- Non-resident Bangladeshi (NRB) nationals
- Foreign nationals residing abroad
- Companies/firms registered and operating abroad
- Foreign institutional investors
- Type-A units/industrial enterprises in Export Processing Zones (EPZs), Economic Zones (EZs), or Hi-Tech Parks (HTPs)
  Note: Applicants must be 18 years or older.
What types of accounts can be opened?
Customers can open Savings, Current, SND, and Fixed Deposit accounts under Offshore Banking.
In which currencies can an OBU account be opened?
Accounts can be opened in USD, EUR, or GBP. If funds are sent in other nominated currency as per Bangladesh Bank guidelines, they will be converted to USD at the applicable cross-currency exchange rate on that day.
Can a Fixed Deposit Account be opened without a Savings or Current account?
Yes, a Fixed Deposit account can be opened without a Savings or Current account.
Is there a minimum deposit requirement?
- OBU Savings/Current accounts: No minimum deposit (can be opened with zero balance).
- OBU Fixed Deposit accounts: Minimum deposit of USD 1,000 or its equivalent in EUR/GBP.
Is there a maximum deposit limit?
No, there is no maximum limit for OBU deposit accounts.
What are the available tenors for Fixed Deposit accounts?
Fixed Deposit tenors are: 3 months, 6 months, 12 months, 2 years, 3 years, 4 years, and 5 years.
What documents are required to open an OBU FC account?

For Individual Accounts:
- Copy of passport or foreign country ID (for account holder/applicant and nominee)
- Proof of residence (e.g., driving license, citizenship card, or other residency documents)
- Passport-size photographs (applicant: 2 copies, nominee: 1 copy attested by the applicant )
- Address verification (if different from the ID document)
- Proof of income/source of funds
- FATCA declaration (for US citizens/residents/Green Card holders)
For Non-Individual/Corporate Accounts:
- Board Resolution/Extract of Resolution
- Trade License
- Certificate of Incorporation
- Memorandum and Articles of Association
- Updated Schedule X & Form XII (or any recent document showing shareholding and board details)
- Photo identification and two passport-sized photos of shareholders.
- Top 5 shareholders' details if there are more than 5 shareholders. If the shareholders are fewer than 5, all shareholders details
Can an existing Mercantile Bank customer open an OBU account?
Yes, existing customers can open an OBU account if they meet the eligibility criteria.
Is a nominee mandatory for OBU accounts?
Yes, a nominee is required for individual Savings and Fixed Deposit accounts.
Can a customer open multiple currency OBU accounts?
Yes, customers can open accounts in USD, GBP, and EUR as needed.
Can customers open a joint OBU account?
Yes, but both applicants must individually qualify to open the account.
How can an OBU deposit account be opened?
- Visit any Offshore Banking Unit or MBPLC branch to submit the completed forms and documents.
- Alternatively, apply online for OBU deposit accounts [Click here].
Can an OBU account be opened at any branch?
No, accounts can only be opened by Offshore Banking Units. However, customers can submit documents at any Mercantile Bank branch for onward submission to OBU.

Account Operations

How can funds be deposited into the account?
Funds can only be credited via inward remittances through official banking channels (e.g., SWIFT).
How can the balance in Savings/Current accounts be used?
- Transfer to onshore accounts for payments or investments
- Make outward remittances, including interest/profit
Is there any cheque book facility for OBU accounts?
No, account management is via remittances and transfer instructions only.
Are cash deposits allowed?
No, cash deposits are not permitted. Only inward remittances can be credited to the account.
Can cash withdrawals be made?
No, cash withdrawals are not allowed from OBU accounts.
Can OBU customers use the MBL RAINBOW app?
No, but the feature will be updated soon.
Is there any transaction limit for OBU accounts?
No, there is no transaction limit.
How can foreign currency be transferred to a local BDT account?
By submitting a remittance request.
What is the procedure for Fixed Deposit encashment?
Upon maturity, the amount and interest will be credited to the Savings/Current account or as per the customer’s instructions.

Fund Transfer

What information is needed to send remittances to Mercantile Bank from abroad?
- SWIFT Code: MBLBBDDH
- Bank Name: Mercantile Bank PLC
- Customer’s OBU Account Number: …
- Account Name: …
What is the conversion rate for foreign currency to BDT?
The bank will use the prevailing TT clean Buying rate on the date of conversion.
Can the balance in OBU accounts be freely transferable abroad?
Yes, the full balance is freely transferable.
Can customers transfer funds between OBU accounts?
Yes, funds can be transferred to another OBU account.
Is the government’s remittance incentive applicable to OBU deposits?
No, remittance incentives are not applicable.
What is the SWIFT code of Mercantile Bank PLC?
The SWIFT Code/BIC is MBLBBDDH.

Deposit Rate

Does an OBU account offer interest?
- OBU Savings Deposit: 2.00%
- OBU Current Deposit: Nil
- OBU Fixed Term Deposit:
  - 3/6/12 months: Benchmark rate + 1.50%
  - 2/3 years: Benchmark rate + 2.25%
  - 4/5 years: Benchmark rate + 3.25%
    *Benchmark rates: USD (SOFR), GBP (TRR), EUR (ESTR)
What is a “Benchmark Rate”?
A benchmark rate reflects the financing rate for a currency, influenced by international demand and supply.
What are the current benchmark rates?
- USD: Secured Overnight Financing Rate (SOFR)
- EUR: Euro Short Term Rate (ESTR)
- GBP: Term-SONIA Reference Rate (TRR)
Are OBU Fixed Deposit interest rates fixed?
No, the interest rates are based on benchmark rates and are updated regularly. However, for 3–6 month tenors, the rate remains fixed until maturity.

Fees & Charges

Account Maintenance Fee : Free
Account Closure : Free
Outward Remittance via SWIFT : USD 10 + SWIFT charges at actual
Correspondent Bank Fee : At actual
Duplicate Statement : Free
Various Certificates : Free

Tax & Excise Duty

Are taxes or duties applicable to OBU accounts?
No taxes or excise duties applicable to OBU deposit account balances or interest earned under the Offshore Banking Act 2024.

Frequently Asked Questions (FAQ): OBU IB Account

Account Opening

What is Mercantile OBU International Banking (IB) Account?
A foreign currency account (excluding-BDT) for resident Bangladeshi individuals, corporate entities, and industrial enterprises (Type-A, B, C) in EPZs, EZs, or HTPs with bonafide relations to non-residents. In such case, the account holder will act as a facilitator to their non-resident remitter.
Who can open an OBU IB Account?
- Resident Bangladeshi individuals (Age 18 years and above)
- Bangladeshi corporate entities
- Type-A, B, C enterprises in EPZs/EZs/HTPs
What is the role of an IB account holder?
The IB account holder acts as a facilitator for the non-resident remitter and manages the funds as per the remitter’s instructions.
Can foreign nationals open an IB account?
No, they can open an OBU FC account or request a resident with a bonafide relationship to open an IB account.
Is proof of bonafide relationship required?
Proof of bonafide relationship is not mandatory. An undertaking (bank’s prescribed format) regarding the bonafide relationship with the resident duly signed by the non-resident remitter is necessary before sending any remittance to the account.
What types of IB accounts are available?
Savings, Current, and Fixed Deposit accounts.
In which currencies can an OBU IB account be opened?
USD, EUR, GBP. Other nominated currencies as per Bangladesh Bank guidelines will be converted to USD at the current cross-currency exchange rate.
Can a Fixed Deposit be opened without a Savings or Current account?
Yes.
Is there any minimum deposit requirement to open an account?
- Savings/Current: Zero balance
- Fixed Deposit: USD 1,000 or equivalent in EUR/GBP
Is there a maximum deposit limit?
No.
What Fixed Deposit tenors are available?
3 months, 6 months, 12 months, 2 years, 3 years, 4 years and 5 years.
What documents are required to open an OBU IB account?
For Individuals:
- Copy of valid Photo ID for the account holder/applicant and nominee (e.g., Passport, National ID, or Birth Certificate).
- Passport-sized photographs: 2 copies of the applicant and 1 copy of the nominee (attested by the applicant).
- Address verification documents if the declared address does not match the Photo ID (e.g., utility bill).
- Signed undertaking form from the remitter declaring a bonafide relationship with the resident account holder (required before crediting any foreign currency into the account).
For Non-individual/Corporate Entities:
- Extract of Resolution/Board Resolution.
- Trade License or alternative document.
- Certificate of Incorporation.
- Memorandum and Articles of Association.
- Updated Form X & XII or any recent document proving shareholding information and the names and designations of the Board of Directors
- Photo identification and two passport-sized photos of shareholders.
- Top 5 shareholders' details if there are more than 5 shareholders. If the shareholders are fewer than 5, all shareholders details
- Signed Undertaking Form from the remitter declaring a bonafide relationship with the resident account holder (required before crediting any foreign currency into the account).
Can existing Mercantile Bank customers open an OBU IB account?
Yes, if eligible.
Is a nominee required?
Yes, for individual accounts.
Can multiple currency accounts be opened?
Yes, in USD, EUR, and GBP.
Are joint accounts allowed?
No.
Where to open an OBU IB account?
- Visit any Offshore Banking Unit or MBPLC branch to submit the completed forms and documents.
- , apply online for OBU deposit accounts [Click here].

Account Operations

How can funds be deposited into the account?
Funds can only be credited via inward remittances through official banking channels (e.g., SWIFT).
How can the balance in Savings/Current accounts be used?
- Transfer to onshore accounts for payments or investments
- Make outward remittances, including interest/profit
Is there any cheque book facility for OBU accounts?
No, account management is via remittances and transfer instructions only.
Are cash deposits allowed?
No, cash deposits are not permitted. Only inward remittances can be credited to the account.
Can cash withdrawals be made?
No, cash withdrawals are not allowed from OBU accounts.
Can OBU customers use the MBL RAINBOW app?
No, but the feature will be updated soon.
Is there any transaction limit for OBU accounts?
No, there is no transaction limit.
How can foreign currency be transferred to a local BDT account?
By submitting a remittance request.
What is the procedure for Fixed Deposit encashment?
Upon maturity, the amount and interest will be credited to the Savings/Current account or as per the customer’s instructions.

Fund Transfer

What information is needed to send remittances to Mercantile Bank from abroad?
- SWIFT Code: MBLBBDDH
- Bank Name: Mercantile Bank PLC
- Customer’s OBU Account Number: …
- Account Name: …
What is the conversion rate for foreign currency to BDT?
The bank will use the prevailing TT clean Buying rate on the date of conversion.
Can the balance in OBU accounts be freely transferable abroad?
Yes, the full balance is freely transferable.
Can customers transfer funds between OBU accounts?
Yes, funds can be transferred to another OBU account.
Is the government’s remittance incentive applicable to OBU deposits?
No, remittance incentives are not applicable.

Deposit Rates

Does an OBU account offer interest?
- OBU Savings Deposit: 2.00%
- OBU Current Deposit: Nil
- OBU Fixed Term Deposit:
  - 3/6/12 months: Benchmark rate + 1.50%
  - 2/3 years: Benchmark rate + 2.25%
  - 4/5 years: Benchmark rate + 3.25%
    *Benchmark rates: USD (SOFR), GBP (TRR), EUR (ESTR)
What is a “Benchmark Rate”?
A benchmark rate reflects the financing rate for a currency, influenced by international demand and supply.
What are the current benchmark rates?
- USD: Secured Overnight Financing Rate (SOFR)
- EUR: Euro Short Term Rate (ESTR)
- GBP: Term-SONIA Reference Rate (TRR)
Are OBU Fixed Deposit interest rates fixed?
No, the interest rates are based on benchmark rates and are updated regularly. However, for 3–6 month tenors, the rate remains fixed until maturity.

Fees & Charges

Account Maintenance Fee : Free
Account Closure : Free
Outward Remittance via SWIFT : USD 10 + SWIFT charges at actual
Correspondent Bank Fee : At actual
Duplicate Statement : Free
Various Certificates : Free

Tax & Excise Duty

Are taxes or duties applicable to OBU accounts?
No taxes or excise duties applicable to OBU deposit account balances or interest earned under the Offshore Banking Act 2024.

Why Choose Mercantile Bank Offshore Banking?

Mercantile Bank Offshore Banking Units

Since 2010, Mercantile Bank PLC has been providing comprehensive offshore banking services, strictly adhering to the regulations set forth by Bangladesh Bank. With two dedicated Offshore Banking Units, Mercantile Bank offers seamless and secure global financial solutions for both individuals and corporations.

Our Offshore Banking Locations: