A A A
A A A

Foreign
Currency A/C

IIA

Inward Investment Accounts

OIA

Outward Investment Account

SDA

Special Deposit Accounts

Inward Investment Accounts

Eligibility

  • A non- national, resident in or outside Sri Lanka.
  • A Sri Lankan dual citizen, resident in or outside Sri Lanka.
  • Sri Lankan national who has obtained Permanent Residency status or citizenship in another country, resident in or outside Sri Lanka
  • A Sri Lankan citizen employed abroad, resident outside Sri Lanka (excluding emigrants).
  • A company incorporated outside Sri Lanka.
  • A partnership registered outside Sri Lanka.
  • Country funds, Regional Funds, Mutual Funds, Unit Trusts and Foreign Institutional Investors established outside Sri Lanka.
  • An administrator or executor of the estate of a deceased person, who maintained an IIA with a Bank
  • A receiver or liquidator of a company that maintained an IIA with a Bank.

Special Benefits

  • Inward Remittances credited to Accounts free of charge
  • 100% protection on your investments

Required documents and information

  • For individuals, account opening application, a photocopy of valid Passport (Pages depicting details of the applicant, Visa and endorsements for alterations), KYC Form, FATCA declaration and any other documents stipulated by the Bank from time to time.
  • In respect of companies incorporated outside Sri Lanka, Foreign Institutional investors, etc., account opening application as appropriate, KYC Forms, FATCA declaration, other relevant documents stipulated by the Bank.
  • Information and documents evidencing the eligibility to open an IIA as relevant.

General

  • Inward Investment Accounts (IIA) can be opened and maintained in the form of Savings, Current (without overdrawing facility and cheque drawing facility) or Fixed Deposit accounts in Sri Lanka Rupees (LKR) or any designated foreign currency, i.e. USD,GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, CHF and LKR.
  • IIAs shall be held as sole accounts. IIAs may be held as joint accounts by eligible individuals with an immediate family member who is eligible under subparagraphs (a), (b) and (c) of the paragraph 1

  • Remittances in foreign exchange received from outside Sri Lanka in favor of the account holder through the banking system.
  • Foreign exchange brought into Sri Lanka by the account holder upon declaration to the Customs Department, subject to the Order issued under Section 8 of the FEA.
  • Transfers from Personal Foreign Currency Accounts or IIAs or Emigrant’s Remittable Income Account or Diplomatic Foreign Currency Accounts or Diplomatic Rupee Accounts or accounts maintained in the Offshore Banking Unit, of the account holder.
  • Transfers, as any income and any capital proceeds received from capital transactions in Sri Lanka of the account holder, as permitted under the regulations or provisions of the repealed Exchange Control Act or the FEA, from a Sri Lanka rupee account or Business Foreign Currency Account or an account maintained in the Offshore Banking Unit of another person (i.e. investee or tenant or lessee or buyer, who is a resident person).
  • In the case of the selling the investments made through the same IIA under the regulations or provisions of the repealed Exchange Control Act or the FEA to another person (i.e. buyer), transfers, as sale proceeds from an IIA of such buyer.
  • Settlement charges under a court Order related to the capital transactions made through the IIA.
  • Claims received by the accountholder as determined by the Central Depository Systems (Private) Limited and Colombo Stock Exchange.
  • Transfers from an External Commercial Borrowing Account of a person resident in Sri Lanka (i.e. the borrower), as recoveries of loans granted by the account holder to the borrower, as permitted in the regulations or in terms of the provisions of the repealed Exchange Control Act or the FEA.
  • Transfers, as repayments of the loans granted under the regulations or the provisions of the FEA, to licensed commercial banks or licensed specialized banks or the Government of Sri Lanka or State-Owned Enterprises (i.e. borrower), from a rupee account of the borrower.
  • Repayments of the loans granted during the period from the date of 20th November 2017 to the date of these Directions by the account holder through the same IIA to a person resident in Sri Lanka (i.e. the borrower), from a Sri Lanka rupee account or Business Foreign Currency Account or account maintained in the Offshore Banking Unit, of the borrower.
  • Any income or any capital proceeds derived from a residential property acquired by the accountholder utilizing a loan obtained under the Directions No. 11 of 2021, subject to the subparagraph of 6 (e).
    • [Directions No. 11 of 2021 – Loans to Sri Lankans Resident Outside Sri Lanka on Permanent Residency Visa (PR) in another country and Dual Citizens]
  • Proceeds of non-materialized capital transactions excluding the loans (including Initial Public Offering) in Sri Lanka under the regulations, for which the funds were remitted through the same IIA, within three months from the date of payment made for the investment. In case of the investment in a condominium property, such proceeds returned by the property developer from the Business Foreign Currency Account of the property developer, before the completion of such property due to any failure to meet the conditions in the agreement or termination of the agreements between parties.
  • Transfers of the migration allowance or current income from the Capital Transactions Rupee Account of the same account holder.
  • Where the accountholder is a non-national resident in or outside Sri Lanka;
    • Any income and any capital proceeds, received from capital transactions undertaken by the account holder in Sri Lanka while being a resident in Sri Lanka, utilizing the funds out of salaries, superannuation benefits of the account holder [including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and pensions or any other retirement benefits].
    • Transfers of USD 30,000 per annum from the Capital Transactions Rupee Account of the accountholder.
  • Where the accountholder is a company incorporated outside Sri Lanka; Transfers of USD 30,000 per annum from the Non Resident Rupee Account of the accountholder.
  • Where the account holder is an administrator/executor of the estate of a deceased person or a receiver/liquidator of a company.
    • Any income or any capital proceeds, received from capital transactions in Sri Lanka made by the deceased person or liquidating company as permitted in the regulations or provisions of the repealed Exchange Control Act or the FEA.
    • Funds transferred from IIAs of such deceased person or liquidating company.
  • Transfers from an IIA of an administrator/executor of the estate of a deceased person or a receiver/liquidator of a company, in the event of the accountholder is a beneficiary.
  • Interest earned on the funds held in the account.

Contact Us

  • Manager - Foreign Currency Department , People’s Bank, Overseas Customer Services
  • +94 112332745
  • 0112332746 / 2334278 / 2437621 / 2446409
  • nrfc@peoplesbank.lk
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Chairman

Mr. Sujeewa Rajapakse

Mr. Sujeewa Rajapakse is a Managing Partner of BDO Partners which is the local representative of BDO - the fifth largest accounting network in the world. A Fellow of the Institute of Chartered Accountants of Sri Lanka (FCA) and a Fellow of Institute of Chartered Management Accountants of Sri Lanka (FCMA), Mr.Rajapakse holds a Master of Business Administration (MBA) from Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura. During his professional career that spanned nearly four decades, he held the honorary positions of President, Vice President and Council Member (elect) of the Institute of Chartered Accountants of Sri Lanka (ICASL), Former Chairman of Auditing Standards Committee of ICASL, President of Practicing Accountants Forum of Sri Lanka, Treasurer of Sri Lanka Cricket, Treasurer for Cricket World Cup 2011, Board Member and Technical Advisor to South Asian Federation of Accountants (SAFA), Technical Advisor to Confederation of Asia Pacific Accountants (CAPA) and Council Member of University of Sri Jayewardenepura. He has also served in the directorates of National Development Bank PLC, Softlogic Insurance PLC, Dipped products PLC, Heycarb PLC, Development Holdings (Pvt) Ltd, Lanka Holdings (Pvt) Ltd, NDB Capital Ltd – Bangladesh, The Finance Company PLC and Unidil Packaging.

Director

Mr. Kumar Gunawardana

Kumar Gunawardana was appointed to the Board of Directors of People’s Bank on 26.12.2019 as a non-executive director. He commands over 40 years of experience in diverse areas of banking. Having started his career with Commercial Bank PLC in 1979, he has moved on to Amsterdam Rotterdam Bank (Amro Bank), ABN Amro Bank and finally to National Development Bank PLC (NDB). He has served in Senior Management positions for over 20 Years having first appointed as an Assistant Vice President of ABN AMRO Bank in the year 2000. His areas of expertise is wide and varied and include Branch network management, Institutional banking, Trade finance, Operations, Administration and services. He has also served as a Member of the Board of Directors of Development Holdings (Pvt.) Ltd. which is an entity jointly owned by National Development Bank PLC (NDB) and Export Development Board (EDB) and Treasurer of Sri Lanka Tennis Association.

Director

Mr. Dushmantha Thotawatte

Mr. Dushmantha Thotawatte was appointed to the Board of Directors with effect from 08.07 2022. Mr.Thotawatte is a fellow member of the Institute of Chartered Accountants of Sri Lanka with a Bachelor of Commerce (Special Degree) from the University of Sri Jayawardhanepura & a Master in Financial Economics from the University of Colombo. He is an accomplished leader who has extensive experience in the field of Financial Management, Corporate Governance, Strategic Management and Public Relations, together a successful track record as Chief Executive Officer, Chief Financial Officer and Chief Internal Auditor in many state owned enterprises and private organizations and counts over 38 years of experience.