Victoria Benefit Account (‘B’ Account)

Product Overview

This account is available only to Jamaican non- residents. The account is maintained in Jamaican dollars; however deposits are only permitted in foreign currency. All deposits to the ‘B’ Account must originate from outside of Jamaica and must be made in British pounds, US or Canadian dollars. Withdrawals can either be in Jamaican or foreign currency.

Product Details

Debit Card Issue: No
Target Groups
  • Age range: 18 – 64 years
  • Gender: No restriction to gender
  • Characteristics:
    • Individuals living abroad wishing to retain savings in Jamaica
    • Persons wishing to gain tax advantages from holding funds in Jamaica
    • Individuals saving for investment in business or property in Jamaica
    • Overseas residents funding projects in Jamaica
  • Income level: None defined
  • A minimum of 10 units of foreign currency is required to open these accounts
  • Withholding tax is not deducted from the interest earned
  • Savers may opt for a regular Statement Account or Fixed Term Certificate Account.
  • Deposit may be made in foreign currency
  • Withdrawals can either be in Jamaican or foreign currency
  • Interest rates are paid based on the applicable rate for the period under consideration
  • Also offered as a Share Account except in the UK where the offering is a Deposit Account
Selling Points
  • Tax advantages for saving in Jamaica
  • Safe way to maintain funds in Jamaica
  • Ability to open and maintain accounts in the currency of choice
  • Safe option to fund projects in Jamaica
  • Benefit from currency conversions when completing transactions for projects in Jamaica

Victoria Benefit Account (‘B’ Account)

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