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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