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

(2) Permitted Currencies

• 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
  Sri Lanka Rupees

(3) Tax Exemption :

• SFIDA accounts are exempted from Government Taxes.

(4) Permitted credits:

• 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.

(5) Permitted debits:

• Outward Remittances, Transfers to other SFIDAs, local 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.

(7) Rate of Interest

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

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 respect of Corporate Bodies incorporated outside Sri Lanka and Foreign Institutional investors, other relevant documents should be provided.

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

• By providing a reference from a reputed Bank in your resident country
• If unable to obtain a reference from a reputed Bank, an affidavit duly certified by an Authorized Officer of the Sri Lankan Embassy in the country in which the A/c holder is domiciled with the confirmation of the identity of the customer, through the Embassy.

Click here to download the account opening application form