• Age: 18 years or above
• Nationality: Bangladeshi residing in Bangladesh
• Other: Valid Freelancer ID

Two accounts opened in one visit to the branch

• Freelancer ERQ Account: Non-interest bearing current account with USD currency
• Freelancer Savings Account: Interest bearing savings account with BDT currency
• Bundle deposit product with foreign currency ERQ a/c & BDT savings a/c
• Retention of foreign currency from freelancing income (as permissible by Bangladesh Bank) in your foreign currency a/c and rest in BDT savings a/c
• No account maintenance fee on ERQ a/c
• Free International Debit Card with ERQ a/c for bonafide business and legitimate personal expenses abroad
• Free Dual Currency Debit Card against your savings a/c
• Free half yearly Remittance Certificate for seamless incentive claim
• Credit Card and Retail Loan facility
• Smooth processing of remittance into accounts
• Annual fee of Credit Card is waived for first year*

*Conditions applied

Please see the details here

• NID/Birth certificate/Passport
• Valid Freelancer ID
• Passport sized photograph – 2 Copies
• Nominee photograph – 1 Copy
• Nominee’s NID/Birth certificate/Passport
• E-TIN

1. What is the Freelancer Deposit Product of City Bank PLC?

The Freelancer Deposit Product is a bundled account solution designed for Bangladeshi freelancers to receive, retain, and utilize foreign inward remittances in compliance with the prevailing regulations and guidelines of Bangladesh Bank. The product facilitates the formal banking of freelancing income, including incentive-eligible foreign remittances, through a structured combination of local and foreign currency accounts.

2. Where can customers open the Freelancer Deposit Product accounts?

Customers may open the Freelancer Deposit Product at all branches and sub-branches of City Bank PLC across Bangladesh, subject to fulfillment of applicable documentation, verification, and regulatory requirements.

3. What accounts are included in the Freelancer Deposit Product?

The Freelancer Deposit Product consists of the following two accounts:
a) Freelancer Savings Account (BDT), which is an interest-bearing savings account maintained in local currency.
b) Freelancer ERQ Account (USD), which is a non-interest-bearing foreign currency current account.

4. Who is eligible to avail the Freelancer Deposit Product?

Any Bangladeshi individual who is at least 18 years of age, resides in Bangladesh, and holds a valid Freelancer ID is eligible to avail the Freelancer Deposit Product, subject to compliance with Bangladesh Bank regulations and City Bank PLC’s internal policies.

5. What documents are required to open the Freelancer Deposit Product?

To open the Freelancer Deposit Product with City Bank PLC, the following documents are required, subject to regulatory verification and the Bank’s internal compliance requirements:

For the account holder:

• Valid photo identification document (NID/Birth certificate/Passport)
• Two recent passport-size photographs
• Valid Freelancer ID

For the nominee:

• Valid photo identification document
• One recent passport-size photograph
• All documents must be valid, complete, and acceptable to the Bank as per prevailing regulations.

6. What is a Freelancer ID card and where can a customer obtain it?

A Freelancer ID is an official identification that certifies an individual’s status as a freelancer. Freelancer IDs issued by the Government of Bangladesh through the ICT Division are accepted for availing the Freelancer Deposit Product. In addition, Freelancer ID cards issued by the Bangladesh Freelancer Development Society (BFDS) are also accepted, subject to verification and regulatory compliance.

7. Is joint operation allowed for Freelancer accounts?

No. Both the Freelancer Savings Account and the Freelancer ERQ Account are strictly maintained as single-operation individual accounts. Joint operation is not permitted under this product.

8. Is there any minimum balance requirement to open the accounts?

No initial deposit or minimum opening balance is required to open either the Freelancer Savings Account or the Freelancer ERQ Account.

9. How is interest calculated on the Freelancer Savings Account?

Interest on the Freelancer Savings Account is calculated on a EOD balance and credited monthly, in accordance with the prevailing interest rate approved by ALCO. Interest is payable only if the end-of-day balance is at least BDT 10,000, subject to applicable regulations.

10. What is the interest rate of the Freelancer Savings Account?

The interest rate applicable to the Freelancer Savings Account is determined by City Bank PLC in line with its prevailing deposit rate structure and may be revised from time to time. The latest and applicable interest rates for the Freelancer Savings Account are published on City Bank PLC’s official website and can be accessed through the following link:
https://www.citybankplc.com/conventional-banking-products

11. Does Freelancer ERQ Account earn any interest?

No. The Freelancer ERQ Account is a non-interest-bearing foreign currency current account and does not earn any interest.

12. What is an ERQ account?

ERQ stands for Exporters’ Retention Quota. An ERQ account is a foreign currency account permitted under Bangladesh Bank regulations that allows eligible exporters, including freelancers, to retain a prescribed portion of their inward foreign remittances in foreign currency for approved purposes.

13. What are the benefits of the Freelancer ERQ Account?

The Freelancer ERQ Account allows freelancers to retain a portion of eligible inward foreign remittances in foreign currency in accordance with Bangladesh Bank regulations. Funds held in the ERQ account may be used for bona fide business expenses and permissible personal expenses through approved banking channels. The balance may also be used through an international debit card for eligible foreign currency transactions or converted into local currency at an Authorized Dealer branch at the prevailing exchange rate, subject to regulatory requirements.

14. Are all freelancing income funds retained in the Freelancer ERQ Account?

No. For inward remittances received from freelancing platforms approved by Bangladesh Bank under FE Circular No. 07 dated 30 January 2022, a prescribed portion may be retained in the ERQ Account, while the remaining portion is encashed and credited to the linked Freelancer Savings Account. Freelancing income is not retained in full in the Freelancer ERQ Account. Retention is permitted only up to the portion prescribed by Bangladesh Bank, while the remaining amount is mandatorily encashed and credited to the linked Freelancer Savings Account in local currency.

15. What happens to freelancing income received from different websites or platforms?

All freelancing income is initially credited to the Freelancer ERQ Account. For inward remittances received from freelancing platforms approved by Bangladesh Bank under FE Circular No. 07 dated 30 January 2022, a prescribed portion may be retained in the ERQ Account, while the remaining portion is encashed and credited to the linked Freelancer Savings Account. Freelancing income received from other websites or platforms that are not listed as Bangladesh Bank-approved platforms is fully encashed and transferred to the linked Freelancer Savings Account, with no retention permitted in the ERQ Account.

16. What conversion rate is applied when funds are transferred to the Freelancer Savings Account?

The prevailing exchange rate of the day is applied when foreign currency funds are transferred from the Freelancer ERQ Account to the linked Freelancer Savings Account. The daily exchange rate is published on the official website of City Bank PLC.

17. What portion of freelancing income can be retained in the Freelancer ERQ Account?

As per prevailing Bangladesh Bank regulations, currently 35 percent of eligible freelancing income may be retained in the Freelancer ERQ Account. The remaining 65 percent is encashed and credited to the linked Freelancer Savings Account in local currency. This ratio is subject to change based on future regulatory directives.

18. How can funds in the Freelancer Savings Account be used?

Funds in the Freelancer Savings Account may be used in the same manner as a regular savings account, including deposits, withdrawals, and fund transfers, subject to the laws of Bangladesh and applicable regulations. The associated debit card may be endorsed for foreign currency usage and used for permissible international transactions.

19. Can a customer open Fixed Deposit or DPS from the Freelancer Savings Account?

Yes. A customer may open term deposit products such as Fixed Deposit or DPS using funds from the Freelancer Savings Account, in the same manner as applicable for regular Savings or Current Accounts. Such term deposits will be governed by City Bank PLC’s standard product terms, conditions, and prevailing policies.

20. Are debit cards available with the Freelancer accounts?

Yes. A dual-currency debit card is available with the Freelancer Savings Account, and the first debit card issued under the product is provided free of charge for lifetime. An international debit card is available with the Freelancer ERQ Account for permissible foreign currency transactions. A valid passport is required to avail this card, and the card is also issued free of charge for lifetime.

21. Are cheque books available for Freelancer accounts?

Cheque book facilities are available for the Freelancer Savings Account only. Cheque books are not available for the Freelancer ERQ Account.

22. Are Citytouch and SMS services available for Freelancer accounts?

Yes. Citytouch internet banking and SMS alert services are available for both Freelancer accounts. Citytouch functionality for the Freelancer ERQ Account is limited. SMS charges for the Freelancer Savings Account apply as per the prevailing Schedule of Charges, while SMS service for the Freelancer ERQ Account is provided free of charge.

23. Will tax on interest and excise duties be applied to the Freelancer accounts?

Yes. Applicable taxes, excise duties, VAT, and other statutory charges are applied in accordance with the prevailing laws and regulations of the Government of Bangladesh and directives issued by Bangladesh Bank. Any tax on interest earned is deducted at source as per applicable regulations.

24. Are remittance certificates provided to Freelancer customers?

Yes. Four remittance certificates are issued free of charge each year on a quarterly basis and are sent to the customer’s registered mailing address.