Special Foreign Investment Deposit Account (SFIDA)

Special Foreign Investment Deposit Account (SFIDA) is a specially designed account to accept investments in deposits from persons resident/Institutions incorporated outside Sri Lanka.

Eligibility

• Citizens of foreign states,
• Sri Lankan citizens resident outside Sri Lanka,
• Corporate Bodies incorporated outside Sri Lanka
• Foreign Institutional Investors such as Country Funds, Mutual Funds and Regional Funds.

Accounts may also be held jointly with two or more eligible investors.

Product Features

(1) Types of accounts:

• Fixed Deposit Accounts
• Savings Accounts

• USD, GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, CHF or in Sri Lanka Rupees (LKR).

(3) Tax Exemption :

• SFIDA accounts are exempted from Government Taxes (Income Tax, Withholding of Income Tax and Debit Tax).

• Proceeds of Inward Remittances received from abroad through the banking system for the purpose of investment in such deposits.
• Foreign Currency in the form of Travellers’ Cheques, Bank Drafts or Currency Notes brought into the Country by the account holder upon declaration to Sri Lanka Customs as applicable during his/her temporary visits to Sri Lanka and tendered in person to the Authorized Dealer, provided that the Travellers’ Cheques have been issued outside Sri Lanka and the Bank Drafts issued in the name of the account holder.
• Interest accruing on the funds held in the account.

• Outward Remittances, Transfers to other SFIDAs, disbursements of the account holder in Sri Lanka

(6) Minimum balance:

• US$ 10,000 or equivalent in other designated foreign currencies or Sri Lanka Rupees.

The rates of interest in case of these deposits are negotiable.

Please contact Mr. Manatunga, (Mobile: +94 714 788437), email: nrfc@peoplesbank.lk (For Foreign Currency Deposits)

Mr. Waduge (Mobile: +94773219663, +9412481531), (For LKR Deposits)

(8) Procedure for Opening of Accounts

Documents required to be submitted

For Foreign Currency Deposits

• Application to open the account - Please use the Normal NRFC account opening Form (Specimen is available at People's Bank web site.) Please mention the a/c type as SFIDA– a separate Application for SFIDA will be available soon.
• A copy of Valid Passport for Individuals (pages carrying photo, signature and validity period)

For LKR Deposits

Same as above Necessary forms will be available in the People's Bank web site - www.peoplesbank.lk

Note :

In case of Non-face to face customers, signature verifications and identification should be established by providing the following procedure;

• By providing the reference from a reputed Bank in your resident country
• If unable to obtain a reference from a reputed Bank, an affidavit certified by Justice of Peace, Lawyer or Authorized Embassy officials should be provided.

For further information, please contact :

NRFC Department
People's Bank, Overseas Customer Services,
59, D.R. Wijewardena Mawatha,
Colombo 10.
Tel : +94-11-2332745, +94-11-2437622
Fax : +94-11-2332753, +94-11-5338459
SWIFT : PSBKLKLX
Telex : 21486 PBFMS CE
E-mail : nrfc@peoplesbank.lk

“Special Foreign Investment Deposit Account (SFIDA)”