Agent's Retention Quota (ARQ) Account
FC Current A/C for SME & Corporate
Empowering eligible resident companies/firms working as agents or trade facilitators to open and maintain foreign currency current accounts (USD/GBP/Euro/Yen) with UCB’s Authorized Dealer (AD) branches, credited up to 10% of their foreign currency receipts.
Who Can apply?
- Resident companies/firms acting as agents of exporter/trade facilitators/buying houses/ indenting firms (SME & Corporate).
- Must hold valid permissions from sector-specific authorities (e.g., Department of Textiles).
- Active membership in relevant trade associations (e.g. BGBA).
- Earnings must be in foreign currency.
Note: Direct exporters of goods and services are entitled to open existing ERQ Account as usual.
Account features
- Account Type: Foreign currency current account (non-interest bearing).
- Operation: Singly/Jointly/Board resolution-based.
- Currency: USD, GBP, Euro, Yen (as per BB instruction).
- Retention amount: Max 10% of receipts in foreign currency.
- Transaction Limits: No transaction limit.
- Utilization: Bonafide foreign payments (e.g., business travel, raw material imports, foreign loan repayment) under GFET guidelines.
- Branches: Available at all UCB AD branches.
- Credit Card: International card (under lien), issued to max 3 top executives.
- No cheque book or debit card facility.
- Statement Cycle: Half-yearly
Fees & Charges
- No account maintenance, SMS banking, or internet banking charges.
- Other fees (e.g., dormant activation, closure) as per SME/Corporate practices.
- Excise duty, VAT & Tax as per GoB policy.
