Foreign Currency Accounts
These accounts can be operated foreign national and Pakistani National. The foreign currency department deals with the following types of accounts:
- Dollar Khushali account
- Current account
- Saving bank account
- Term deposit
- Prime Currency Scheme
Foreign accounts are convertible on floating rate available to the bank. The account holder is free to operate the account. To the extent of available balance, for remittance any where in the world in the world and for whatever purpose. Remittances in any convertible foreign currency can be accepted, these remittances will however be converted into US $, pound sterling, DM and Japanese Yen at the ruling rate before crediting to these foreign currency accounts.
Travelers cheques, drafts, telegraphic transfers and pay orders are accepted for deposit. The interest earned on these deposits (saving accounts and term deposits) is credited in foreign currency and is also remittal freely. The interest earning is exempted from income tax and no Zakat deductions are made from the account. The balances in these accounts are freely transferable anywhere. No permission for the remittances from State Bank of Pakistan is required. Traveler cheques can be issued to the extent of deposit in the account.
Term Deposit Accounts
- Issued in US $ and sterling
- Duration of 3 months
- Interest in paid at maturity
Dollar Khushali Account
This scheme is introduced by MCB is 1994. It is service oriented scheme is US dollar Currency. This account can be opened by all Pakistani and Foreign national residing in Pakistan or abroad.
Features
- Profit is paid on daily basis.
- Conversion in Rs. From dollar through FEBC.
- No restriction on number of withdraw
- No Deduction of Zakat & Income tax
- Minimum balance to open US $ 100.
Prime Currency Scheme
Prime Currency Scheme is a saving account of MCB which can be opened for four types of currencies these are US ($), UK (t), Japanese Yen (Y), Douche Mark (DM). Remittances from abroad traveler Cheque, foreign currency notes and foreign exchange generated by encashing FEBC may be deposited in these accounts.
Features
- Can be opened under single/joint names
- Six months profits are paid
- Facility of FREX notes and travelers Cheque
- Foreigner and Foreign companies can open it
- Profits is given in foreign currency
- No restriction by SBP to open it
- No implementation of income tax
- No Wealth tax and Zakat deduction.
- A/c have the facility to take loan in Pak rupees
