Overview of Freelancer Matrix
Account:
It is an ERQ account that is designed especially for the freelancing professionals of Bangladesh.
It is a bundle offer combining a Retail ERQ (Exporter’s Retention Quota) account and a Local
Currency Deposit Account.
Features:
- Opening of the account with zero balance;
- The convenience of banking from branches and avail fast-tracks services of Internet Banking, Call Center, SMS Banking, and e-statement;
- ATM withdrawal using International Debit Card at BRAC Bank ATM booths;
- International and local debit cards.
Benefits:
- Zero Account Maintenance Fee;
- Free Debit Card in the 1st Year;
- Seamless remittance in both USD and BDT;
- Conversion from USD to BDT with the competitive rate;
- Hassle-free international transactions;
- Astha Mobile App features.
Freelancer Matrix Savings Account (BDT)
It is a local currency account, designed to cater to the needs of freelancing professionals in
Bangladesh. It offers you to grow your deposit at a higher savings rate with an opportunity to
enjoy a wide range of alternate channel services and the convenience of branch banking.
Features:
- Opening of the account with BDT 500 only;
- Earn a higher interest rate every month than most savings accounts;
- The convenience of banking from branches and avail fast-track services of Internet Banking, Call Center, SMS Banking, and e-statement;
- Earn reward points and avail gift vouchers by using our Visa Debit card;
- ATM withdrawal limit of BDT 400,000 per day.
Benefits:
- No account maintenance for customers maintaining the required balance;
- No charge is applicable for the counter transaction;
- Cheque book available (upon request);
- Excellent alternative channel services;
- SMS Banking, e-Statement, SMS-Statement, 24 Hour Call Center, ATM, and CDM facility are available;
- The monthly interest is accrued and credited to the account every month.
Freelancer Matrix Current Account (BDT)
It is a local currency account, designed to cater to the needs of freelancing professionals in
Bangladesh. It offers you the freedom of unlimited transactions with the convenience of branch
banking and alternate channels.
Features:
- Opening of the account with BDT 1,000 only;
- No intercity online transaction fee;
- The convenience of banking from branches and avail alternative channel services of Internet Banking, Call Center, SMS Banking, and e-statement;
- Earn reward points and avail of gift vouchers by using our Visa debit cards.
Benefits:
- No account maintenance for customers maintaining the opening balance requirement.
- No counter transaction fee.
- Cheque book available (upon request);
- Astha Banking App: Bank Smart with our newly launched Internet Banking app 'Astha' to execute all banking requests without stepping feet in branches.
- SMS Banking, e-Statement, SMS-Statement, 24 Hour Call Center, ATM, and CDM facility are available.
- ATM withdrawal limit of BDT 400,000 per day.
FAQ for Freelancer Matrix Account (ERQ)
- What is a Matrix account?
Answer: The proposition is a bundle offer by combining Retail ERQ (Exporter’s Retention Quota) account and a Local Currency Deposit Account. International Debit Card and Local Currency Debit Card are offered respectively. Customer will open a Foreign Currency (USD) ERQ account and Local Currency CASA. If a customer already has a CASA BDT account with BBL then that account can be tagged with the ERQ account.
- Who can open the ERQ matrix account?
Answer: Individual Freelancers involved in service export business and Bangladeshi by citizen or by birth. Foreign Nationals and Blacklisted persons cannot open ERQ matrix account.
- What is the minimum deposit requirement?
Answer: There is no minimum deposit requirement. However, debit card fee will be marked as lien, as per banks existing policy.
- Will customer earn interest on the account balances?
Answer: Customer will earn interest in the local currency account as per the policy of BRAC bank. No interest applicable for the ERQ (USD) account.
- Can inward Remittance be received in Freelancer Matrix account?
Answer: The inward remittance of freelance work will be deposited in USD and BDT. Maximum 35% of the inward remittance will be in USD in the ERQ account as per the regulations of Bangladesh Bank. Minimum 65% of the inward remittance will be parked to the linked local currency account in BDT.
- Can outward remittance be made from Freelancer Matrix account?
Answer: The customer can make outward remittance from the ERQ account through wire transfer for bonafide business purposes.
- What is the spending (transaction) and withdrawal limit for Matrix Debit card?
Answer: Matrix cardholders can withdraw cash from BBL ATMs. BBL ATM cash withdrawal limits:
|
Particulars
|
BDT limit for BBL ATM
|
|
Cash Withdrawal limit per day from BBL ATM
|
BDT 100,000/=
(Equivalent amount of USD will be deducted from A/C balance)
|
|
No. of cash withdrawal limit from BBL ATM
|
5
|
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Single Cash withdrawal limit from BBL ATM
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BDT 40,000/=
(Equivalent amount of USD will be deducted from A/C balance)
|
- Which branches can open the Matrix account?
Answer: CASA BDT account can be opened by the collecting branches. ERQ Account can only be opened from an AD Branch & limited AD Branch.
- What are the required documents for opening matrix account?
Answer: The required documents are as follows:
- 2 Personal Account Opening Form (Regular & ERQ)
- National ID/Passport of Account holder and Nominee
- 12 Digit e-TIN certificates
- Photo of Account holder and Nominee – (Account holder-2 photos,Nominee-1 photo for each account to be opened)
- FATCA form
- Utility bill copy/CPV
- Work Order or Email/Communication containing work order of last 5 items worked on must be obtained as proof of his/her source of fund.
- Freelancer ID from Bangladesh Government/Freelancer’s Profile Screenshot of the Marketplace
- General Instructions which include the list of frequent remittance sources (clients, freelancing platforms), linking of BDT CASA a/c and T&C for interim period until the AOF is updated. Customer should update the bank if a source of remittance is changed.
- Should the 35%-65% ratio always be maintained in accounts?
Answer: No, 35%-65% split is only done when there is an inward remittance of minimum of $10. Customer can convert the rest of the USD to BDT as per process (using Branch, ATM Booth, Astha, etc).If the inward remittance is below $10, the entire amount will be transferred to BDT CASA account.
- How can a customer convert USD to Local CASA?
Answer: The customer can visit any branch and request to convert USD to BDT. Or, Customer can use BBL ATM to withdraw BDT by using Matrix card. Customers can also do the same using Astha App.
- How can a customer withdraw money from ERQ matrix account?
Answer: Customer may visit any BBL ATM and use her/his Matrix Card to withdraw BDT as per available USD balance where conversion rate of that day will be applied.
- Can a customer use Matrix card in local POS/ECOM?
Answer: No.
- What are the charges for the ERQ Matrix Account?
Answer: The charges are as follows:
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Particulars
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Amount in USD
|
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Minimum Opening Deposit
|
0
|
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Account Maintenance Fee
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Free
|
|
VISA Debit Card Fee (Annual)
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Free for first year. Upto USD 10 from second year onwards
|
|
Cash Withdrawal Charges for ATMs outside Bangladesh
|
Upto USD 3 (Including VAT)
|
|
Debit Card Replacement Fee
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Upto USD 3
|
|
PIN Reissuance Fee (Through Branch and Call Center)
|
Upto USD 2
|
- Can Matrix accountholders use BBL Astha App?
Answer: Yes.
- What is the procedure to close the account?
Answer: : Linked CASA account cannot be closed without closing the ERQ account. If a customer has taken a BBL locker facility, the locker needs to be closed as well before closing CASA account. Banks existing account closure policies and practices should be strictly adhered.
