"Ethera Isura" NRFC Account from People's Bank is a special account exclusively for saving and earning interest on your hard-earned foreign exchange. Joint accounts could be opened provided all account holders have the eligibility requirements.

May be opened in the form of -

• Fixed
• Savings
Joint – provided all joint holders are eligible persons

Eligibility

• Sri Lankans employed abroad
• While working abroad
• Within 90 days after returning to the country.
• Non Nationals who had been at any time been a Sri Lankan National.
• Foreign Employment Agencies

NRFC Accounts can be opened in,

• US Dollars
• Singapore Dollars
• Canadian Dollars
• Sterling Pounds
• Australian Dollars
• Euro
• Swiss Francs
• Hong Kong Dollars
• Japanese Yens
• New Zealand Dollars
• Swedish Kroners
• Danish Kroners
• Norwegian Kroners

Permitted Credits (Deposits to Account)

• Inward remittances received through authorized dealers.
• Foreign currency brought into the country by the account holder with a declaration to the Sri Lanka customs (Authorised Dealers are now permitted to accept any amount of designated foreign currencies brought by the account holder to the NRFC without Customs confirmation on passport or customs declaration card – 2008 amendment)
• Interest earned on funds held in the A/c.
• Income received on investments in the shares of BOI Enterprises exempted from Exchange Control and Sale proceeds of such investments.
• Transfer from RANSI Accounts being the income received on investments made through RANSI Accounts.
• Transfers from another NRFC Account
• Foreign Employment Agencies :
• Inward remittances of commissions and services fees.
• Interest earned on such accounts.

Permitted Debits (Withdrawals From Account)

• Withdrawals in Rupees or in Foreign Currency Notes on Travel Documents
• Outward remittances
• Transfer from one NRFC Account to another.
• Transfer from NRFC to SIA
• DEBITS – freely allowed. Transfer from one account to another is also allowed. (However if the holder is a resident debits are subject to prevailing exchange control regulations).

Documents to be submitted

• Application Form together with KYC Form.
• Nationality, foreign address and the occupation of the person.
• A photocopy of valid passport – Details page, visa pages.
• Evidence of citizenship of Sri Lanka prior to obtaining the foreign nationality.
• In respect of Foreign Employment Agencies
• Certified copy of the registration issued by Foreign Employment Bureau.
• Certified copy of the business registration.
• Documentary evidence of the receipts of commissions or service payment fee in respect of recruitments done by the agency.
• Letter of approval to open account issued by the Central Bank of Sri Lanka.

Benefits

• Funds in the accounts are freely remittable.
• Income on NRFC funds are exempted from income tax.
• Credit Card facilities are available against the funds in the NRFC Accounts.
• Monthly Interest.
• Eligibility for “Ethera Isura” NRFC Vasana Draw.
• Internet facility (Inquiry).
• Granting loans against the pledge of the NRFC balances.

Click here to download the account opening application form