Open Personal Foreign Currency Accounts (PFCA) Sri Lanka

PFCA

Personal Foreign Currency Accounts

Ethera Udana

PFCA Minors’ Accounts

Visa Programme Accounts

” Visa Programme Accounts “– Special Accounts

Personal Foreign Currency Account - PFCA

Eligibility
Special Benefits
Foreign Currency
Required documents
KFD
Contact

Eligibility

An individual including a minor who is a Sri Lankan national.
An individual of Sri Lankan origin including a minor who is a resident outside Sri Lanka.
A non-national resident in Sri Lanka including a minor.
A non-national either on temporary visit to Sri Lanka or intending to visit Sri Lanka.
An administrator or executor of the estates of a deceased person, who maintained a Personal Foreign Currency Account (PFCA) with an Authorized Dealer (AD) until the completion of the administration of the deceased person’s estate

Special Benefits

Attractive Interest Rates
Please refer to https://www.peoplesbank.lk/interest-rates/ for latest interest rates.
International Master or Visa Debit Card issued free of charge with a range of benefits.
International Master or Visa Credit Card facilities are available against the funds in the Account.
Monthly Higher Interest for Savings Accounts.
Inward Remittances are credited to Accounts free of charge.
Convenient Outward Remittances facilities for approved transactions.
Instant loans up to 90% of the Personal Foreign Currency Account balances.
Personal Loan facilities.
Home Loans at Low Interest Rates.
Concessional Pre-Departure Loans for first foreign employment.
Convenient Banking through Internet Banking and Mobile Banking facilities
Insurance cover (Minimum balance of USD 250/- should be maintained for 6 months continuously prior to the incident)

Accident insurance cover up to Rs. 1,000,000/- for death /permanent disability
Medical cover up to Rs.100,000/- on Hospitalization
Baggage insurance cover up to Rs. 50,000/-
* Applicable according to the eligibility and the a/c holder and and subject to other Terms and Conditions.

General

PFCAs can be opened and maintained as Savings, Current (without cheque drawing facility) or Fixed Deposit accounts in any designated foreign currency, i.e. USD,GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, CHF, THB and INR in the domestic banking unit.
PFCAs may be held as joint accounts with another eligible person. However, non- nationals either on temporary visit to Sri Lanka or intending to visit Sri Lanka are not eligible to open and maintain these accounts as joint accounts.

Us Dollars

Singapore
Dollars

Canadian
Dollars

Sterling Pounds

Australian dollar

Euro

Swiss Francs

Hong Kong
Dollars

Japanese yen

New Zealand
Dollars

Swedish
Kroners

Danish
Kroners

Norwegian
Kroners

Chinese
Yuan (Renminbi)

Indian
Rupees

Thai
Baht

Required documents and information

Full name, nationality, address and contact details.
A copy of National Identity Card or Passport (photo and detailed page).
A photocopy of Birth Certificate, if a Minor.
Account Opening Application.
FATCA Declaration.
Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign address and contact details.
A copy of the Passport (photo and detailed page).
A photocopy of Birth Certificate, if a Minor.
Date of Departure from Sri Lanka.
Citizenship or nature of visa granted by a foreign Government.
Account Opening Application.
FATCA Declaration.
Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign address and contact details.

Address of workplace in Sri Lanka and Designation, if any.

A copy of the employment contract and salary particulars.

A copy of the Passport (photo and detailed page) and visa granted by the Dept. of Immigration & Emigration.

Account Opening Application.

FATCA Declaration.

Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign address and contact details.
A copy of the Passport (photo and detailed page).
Account Opening Application.
FATCA Declaration
Any other documents stipulated by the Bank from time to time.

Full name, nationality, address and contact details.
A copy of National Identity Card or Passport (photo and detailed page).
Account Opening Application.
FATCA Declaration.
A copy of Letter of Administration or Probate issued by the Courts.
Any other documents stipulated by the Bank from time to time.

Key Fact Document

Personal Foreign Currency Accounts (PFCA)

Dowload the Required Application Forms

Account Opening Application

Eligibility

Minors resident outside Sri Lanka who are nationals of Sri Lanka or of Sri Lankan origin.
Minors resident in Sri Lanka, whose parents / guardians are employed abroad.
Minors resident in Sri Lanka, who are non-nationals.

The account should be opened by crediting inward remittances received from their parents/ guardians or transferring of funds from existing PFCA accounts of parents/ guardians.

Special Benefits

Additional Interest Rate for “Ethera Udana” Minors’ Savings Accounts held in USD, with a minimum monthly balance of USD 2,501/- and above in incremental slab basis.
Additional Interest Rate for “Ethera Udana” Minors’ Savings Accounts held in other designated currencies with a minimum monthly balance equivalent to USD 2,501/- and above.

Pls refer https://www.peoplesbank.lk/interest-rates/ for existing Interest Rates.

Completely waive off the bank commission when effecting outward fund transfers pertaining to educational purpose of the minor account holder, only if monthly minimum balance of USD 2,500 or above is maintained in the PFC Minor’s Account at the time of the transaction. This waive off of commission is applicable in the following instances, of TT/Draft issuance by;

debiting in “Ethera Udana” PFC Minors’ Accounts held in any designated foreign currency.
debiting PFCA / LKR Account of the Parent, who maintains a PFC Minors’ Account for his/her child.

PFC Minors’ Account holders are eligible for the Insurance cover under the existing Insurance Policy for PFCA where a medical insurance cover up to LKR 100,000/- for hospitalization, where a monthly balance of USD 250 or its equivalent in any designated foreign currency in the PFCA of the Parent’s account has been maintained for 06 months prior to the detection of the illness in the child.

Hospitalization Cover applies to the following illnesses;

Lens implants
Dengue fever
Brain fever
Japanese encephalitis
Myocardial infarction
Cancer and Leukemia
Kidney Failure
Pneumonia

The results of above exams conducted after 1st of October 2024 until further notice shall be considered.

To avail this benefit, the candidate should have been maintaining a balance of USD 5,000 in the PFC minors’ account for one year at the time of the commencement of the respective examination.

The cash prizes can be claimed with appropriate documentation proof under the following instances.

Cash price of Rs. 10,000/- for the achievement of highest grade per subject at the Local/ London Advanced Level Examination (Maximum for 3 subjects).
Cash price of Rs. 5,000/- for the achievement of highest grade per subject at the Local/ London Ordinary level examination (Maximum for 5 subjects).
‘A’ Passes in Local O/L and A/L while either ‘A’ or ‘A* ’ Passes in London O/L and A/L are eligible.

Bank shall provide funds for the air ticket for the PFC Minor account holder for Education purpose under the following conditions.

The Monthly minimum balance in the PFC minor’s account should have been USD 2,501/- or more for a minimum of 2 years preceding / prior to the date of the air ticket issuance.
Branch may pay 5% of the balance of the account to a maximum of LKR 100,000/- per PFC Minor account holder.
One child is eligible for funds for only one air ticket. Funds for multiple air tickets shall not be paid for the same child even where multiple eligible accounts are maintained.
Relevant funds should be credited to an LKR account of the child or the parent.

General

PFCA Minors’ accounts can be opened and maintained in the form of Savings accounts or Fixed Deposit accounts in any designated foreign currency, i.e. USD, GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, CHF, THB and INR.
Credit facilities should not be granted against these accounts

Us Dollars

Singapore
Dollars

Canadian
Dollars

Sterling Pounds

Australian dollar

Euro

Swiss Francs

Hong Kong
Dollars

Japanese yen

New Zealand
Dollars

Swedish
Kroners

Danish
Kroners

Norwegian
Kroners

Chinese
Yuan (Renminbi)

Indian
Rupees

Thai
Baht

Required documents and information

Account opening mandate .
A photocopy of the passport of parent/ guardian (pages depicting details, alterations and visa).
Date of departure of the parent/ guardian from Sri Lanka.
Citizenship/ nature of visa granted by a foreign government of the parent/ guardian.
A photocopy of the Birth Certificate of the Minor.
A photocopy of the Passport of Minor, if separate passport has been issued (pages depicting details, alterations and visa).

Inward remittances received from overseas through the banking channel.
Fund transfer from parent’s/ guardian’s existing PFCA accounts.
Interest earned on the funds held in the account.

Key Fact Document

“Ethera Udana” Personal Foreign Currency Minors’ Accounts

” Visa Programme Accounts “– Special Accounts

Features
Eligibility
General
Required documents
KFD
Contact

Product Features

Product Name :

Visa Programme - Foreign Currency Accounts (VPFCA)
Visa programme – Sri Lanka Rupee Account (VPRA

Eligibility

Persons eligible to open Visa Programme – Foreign Currency Accounts (VPFCA) and Visa Programme – Sri Lanka Rupee Account (VPRA)

Foreign Nationals who wish to stay in Sri Lanka on resident visa under a particular visa scheme.

General

VPFCAs shall be maintained as savings or term deposits in any designated foreign currency and shall only maintain one account in the banking system and such account may be held as joint accounts with the accompanying dependents.
VPRAs shall be maintained as a current or savings account in LKR and shall only maintain one account in the banking system and such account may be held as joint accounts with the accompanying dependents.
Banks shall ensure that under no circumstances, any capital transaction made outside Sri Lanka be effected through VPFCA or VPRA.
Banks shall ensure that transactions/transfers permitted under these Directions specified in permitted Credits and Permitted Debits are carried out by the eligible account holders, in accordance with the terms and conditions of the respective Visa Scheme, and any other terms and conditions as may be prescribed by the Implementing Agency.
Banks shall require prior permission of the Director with the concurrence of the Implementing Agency of the scheme, for any transaction/transfer to/from VPFCAs or VPRAs for any purpose which falls outside the purview of these Directions.

Required documents and information

Account opening application, a photocopy of valid Passport(pages depicting photo, details, Visa and endorsements for alterations) KYC forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
Documents evidencing their eligibility to open Visa Program Foreign Currency Account (VPFCA) and Visa program Sri Lanka Rupee Account(VPRA).

Re designating the Existing Accounts

All existing Senior Foreign Nationals' Fixed Deposit Accounts - Foreign Currency, Resident Guest Foreign Currency Accounts and Golden Paradise Foreign Currency Accounts, respectively, shall be re-designated and continue to be operated as Visa Programme Foreign Currency Accounts (VPFCAs) in terms of these Directions.
All existing Senior Foreign Nationals' Rupee Accounts, Resident Guest Rupee Current Accounts - Investors and Resident Guest Rupee Current Accounts - Professionals, respectively, shall be re-designated and continue to be operated as Visa Programme Rupee Accounts (VPRAs) in terms of these Directions.

Key Fact Document

Visa Programme Accounts

Foreign Currency Accounts

PFCA

Ethera Udana

Visa Programme Accounts

Personal Foreign Currency Account - PFCA

Eligibility

Special Benefits

General

Required documents and information

An individual including a Minor who is a Sri Lankan national

An individual of Sri Lankan origin including a minor who is a resident outside Sri Lanka

A non-national resident in Sri Lanka

A non-national either on temporary visit to Sri Lanka or intending to visit Sri Lanka

An Administrator or Executor of the estates of a deceased person, who maintained a Personal Foreign Currency Account (PFCA)

Key Fact Document

Dowload the Required Application Forms

”Ethera Udana” PFCA Minors’ Accounts

Eligibility

Special Benefits

Granting additional interest rates for “Ethera Udana” PFCA Minors’ Accounts

Exclusion of TT/Draft commission

Insurance Cover

Cash prices on excellence in O/L and A/L exams

Waive off “Balance Confirmation charges”

Bank may consider granting “People’s Wisdom Loan” for overseas studies for the education of these children under the Terms and Conditions of the “People’s Wisdom Loan” scheme.

General

Required documents and information

Permitted Credits

Permitted Debits

Key Fact Document

” Visa Programme Accounts “– Special Accounts

Product Features

Product Name :

Eligibility

Persons eligible to open Visa Programme – Foreign Currency Accounts (VPFCA) and Visa Programme – Sri Lanka Rupee Account (VPRA)

General

Required documents and information

Re designating the Existing Accounts

Key Fact Document

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