Foreign Currency Denominated Accounts commonly referred to us FCDA’s are accounts maintained in foreign currencies.
FCDA’s are available to individuals, businesses or NGOs that have a foreign currency income stream. Deposits into FCDA’s can only be made from external sources; FCDA holders cannot purchase foreign currency from money bureaus and deposit into an FCDA.
Features:
- The Central Bank (RBM) currently allows FCDA holders to retain 60 % of their Foreign Currency export proceeds into their FCDA.
- Customers with FCDA’s can retain up to 100% of the Forex received from other sources like donations
- FCDA’s are available in the following currencies: US dollars, Euros, British Pounds and South African Rand.
Benefits:
- Competitive interest rates are payable in line with international money market rates..
Current Interest rates on FCDA’s are as below:
Currency |
|
RATE |
POUND STERLING |
GBP |
0.50% |
US DOLLAR |
USD |
2.75% |
RSA RAND |
ZAR |
5% |
EURO |
EUR |
0.50% |
Apply now: click here to download foreign currency denominated account application form
In order to download the Form, right click on the link above and click "Save Target As..." or, left click to open with Adobe Acrobat Reader. (may take a few minutes).
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