A A A
A A A

Foreign
Currency A/C

IIA

Inward Investment Accounts

OIA

Outward Investment Account

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
  • FCAD Official WhatsApp No= +94701750294
  • nrfc@peoplesbank.lk
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Director

Mr. A M P M B Atapattu

Mr. A M P M B Atapattu currently serves as a Secretary to the Ministry of Trade, Commerce and Food Security and he has over 28 years of work experience in Banking, Finance and Business Administration.

He graduated from the University of Sri Jayawardenapura with a BSc in Management (Public Administration) Second Class Upper Division Degree. He also holds a Master’s Degree in International Development from Flinders University, Australia, and has completed two postgraduate diplomas: Economic Development from the University of Colombo and Development Economy from the Institute of Development Economies, Japan. His research topic for his Master’s Degree in International Development awarded by Flinders University in 2004 was “Rationalisation for Industrial Development in Sri Lanka”. In addition, holds a Licentiate Certificate from the ICASL, Sri Lanka.

Before assuming the current position he worked as a Senior Additional Secretary to the President of Sri Lanka and was assigned the duties of economic reforms in the section of Stabilisation Recovery and Growth of the economy. As the Director General, (Planning) of the Ministry of Education he was in charge of preparing the Capital Budget of the Ministry and monitoring the development projects of the Ministry. Further, as a Deputy Secretary to the Treasury, he was in charge of donor funding projects, implementation of trade and tariff policies of the Government, and monitoring of the national budget. Also, he has initiated the ‘Enterprise Sri Lanka Subsidiary Loan & Development Programme’ as a national budget proposal of the Government.

Mr. Atapattu has also functioned as Director General of the Department of Development. In that capacity, he has initiated warehouse receipts financing system for grain farmers and fertiliser cash subsidy scheme for farmers. Further, he has implemented Refinance Loan Schemes called “Small and Medium Enterprise Regional Development Project” (SMERDP) funded by the Asian Development Bank, “Small and Medium Enterprise Development Facility Project” (SMEDeF) funded by the World Bank, and “Small and Medium Enterprises Line of Credit (SMELoC) funded by the Asian Development Bank. In addition, he has executed the SME Development Programme funded by the German International Cooperation (GIZ) as well as the “Rooftop Solar Power Generation Line of Credit Project” (RSPGLoC) funded by the Asian Development Bank.

Mr Atapattu has also performed his duties as the Treasury Representative on the Board of Investments, People’s Bank, Sri Lankan Airline Limited, Sri Lanka Tea Board, National Lotteries Board, Sri Lanka Savings Bank, Lankaputhra Development Bank, Cooperative Wholesale Establishments, University of Vocational Technology and the Insurance Regulatory Commission of Sri Lanka.

Chairman

Mr. Sujeewa Rajapakse

Mr Sujeewa Rajapakse is a Managing Partner of BDO Partners, a firm of Chartered Accountants. A Fellow of The Institute of Chartered Accountants of Sri Lanka (FCA) and a Fellow of the Institute of Chartered Management Accountants of Sri Lanka (FCMA) and a Member of the Association of Chartered Certified Accountants (ACCA). 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 (CA Sri Lanka), Former Chairman of Auditing Standards Committee of CA Sri Lanka, 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). Currently he is serving as the Board Member at Haycarb PLC, Dipped Products PLC, Hayleys Agriculture Holdings Ltd. and Lanka Holdings (Pvt) Ltd. Also, he is a Council Member of the University of Sri Jayewardenepura.

He was the Chairman of People’s Leasing & Finance PLC. He has served in the directorates of National Development Bank PLC, NDB Capital Holdings Ltd. – Bangladesh, The Finance Company PLC (appointed by the CBSL under the restructuring programme) Unidil Packaging Ltd. & Unidil Packaging and Solutions Ltd., and Deputy Chairman of Softlogic Life Insurance PLC.

His expertise includes all accounting and auditing standards and practices, Government regulations related to financial disciplines and ethics, human resource management and overall management practices and principles in both private and public sectors.

Corporate Credit Card




People’s Corporate Credit Card provides a robust business related expenses management tool for companies. The Corporate Credit Card enables companies to easily track and control expenses while providing real-time expense management. It is not just a Card, it is an all-access permit to the premier level of living, enhancing your corporate life to the next level.
With People’s Corporate Credit Card, you enjoy convenience, efficiency and control in the palm of your hand. This Card is tailor made to put you in complete control of your company’s financial necessities.
Benefits & Features
  • Free SMS alerts to every POS / ATM and Online transactions
  • Free e-statement facility for a company designated email accounts
  • Enjoy complete control over your Corporate expenses.

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.

People’s Elegance Visa Infinite

Your People’s Bank Elegance VISA Infinite credit card sets a new standard for personalized service while providing access to unique benefits, a premium travel experience with free lounge key access membership, Complimentary Lounge Visits , and Concierge services.
Visa Infinite Cards are offered through invitations only,

Minimum Credit Limit: LKR 1.5 Mn
Benefits & Features
  • Free Joining Fee
  • 1st year annual Fee waived-off
  • Great Deals & Offers throughout the year
  • Complimentary LoungeKey Access Membership
    • As a People’s Bank Visa Infinite Cardholder, you are eligible for a complimentary membership of Lounge Key. to access over 1,000 airport lounges in more than 130 countries. With your Prestigious Credit card membership, you can conveniently access Wi-Fi, conference space, and a wide range of pre-flight snacks and beverages to select from.
  • Two FREE Visits for Airport Lounges per calendar year.
    • Any excess visit over the complimentary entitlement will be charged (USD 35 per visit per person)
    • Please use the following link to visit LoungeKey Website for more details

    • www.loungekey.com/Peoplesbankelegance

  • Unmatched Overseas Travel Insurance Cover up to USD 500,000/-
    • Cardholders are eligible when their Credit Card is used /charged for a minimum of Rs.100,000/- in the month of travel or in the month of prior travel.
  • Exclusive VISA Infinite Concierge Services
    • Enjoy 24/7 personalized assistance for travel planning, dinner reservations, sports, entertainment tickets, and more. Available 365 days a year from home or abroad.

    • Concierge Service
      +94 (0) 11 2027106
      SriLankaInfinite@concierge-asia.visa.com

      How do I access Visa Concierge?
      Visit: Visa Concierge | Visa


    • Instalment Payment Plans
    • Supplementary cards for your family members
    • Multiple credit card bill repayment options through People’s Pay mobile banking App, Internet Banking, Cash Deposit Machines, Standing Order & Branch Network
    • Interest-free credit period of up to 51 days for all your purchases
    • Minimum payment of 5% of the outstanding balance
    • SMS notification for every transaction made
    • 3D secure service offers added security to your credit card when shopping online
    • FREE e- statement Service
    • FREE Missed Call Balance service via 0716490400

Director

Mr. Dushan Soza

Dushan Soza is a highly accomplished professional with a diverse background in the BPO industry, banking sector, and community service. He served as the Managing Director of WNS Global Services Sri Lanka for 15 years, successfully building the business from scratch to over Rs 1 billion in revenue, serving marquee global customers. As a founding member of SLASSCOM, he played a vital role in shaping the IT/BPO industry in Sri Lanka.

Dushan has also served on the board of Softlogic Finance, chairing the IT and Risk committees. Currently, he runs BPMOne, a company specializing in transformation and process reengineering. His key skills in banking include core banking, workflows, FinTechs, and digital technologies. He has also made contributions in consumer affairs, serving on the Consumer Affairs Board.

Additionally, Dushan holds board positions in Phoenix Pvt Ltd and PrintCare Digital, and he advises the Port City Economic Commission. He is a dedicated member of the Rotary community, serving as the District Governor for Sri Lanka and Maldives and as a member of the Strategic Committee at Rotary International.

Director

Mr. Udeni Samararatne

Udeni. K. Samarararatne is an experienced senior finance professional with a career spanning over 35 years. He has worked in senior finance positions in quoted companies such as Sri Lanka Telecom PLC. which is one of Sri Lanka’s largest companies where he worked as the Chief Financial Officer. He has also worked at leading local companies such as Lanka Ashok Leyland PLC., Kelani Tyres PLC. , ACME PLC., Richard Pieris PLC. and multinational companies such as Noritake of Japan one of the world’s largest porcelain ware manufacturers, Ferrero of Luxembourg one of the world’s largest chocolate manufacturers, CEAT of India which is in a joint venture agreement for producing tyres with Kelani Tyres PLC of Sri Lanka.

He is qualified in ACCA U.K and CIMA U.K. He also holds an MBA from the Swiss Business School in Zurich Switzerland, a Higher Diploma in International Relations from the Bandaranaike Centre for International Studies and a Diploma in Professional Diplomacy and World Affairs from the Bandaranaike International Diplomatic Training Institute. He also holds a Master’s qualification from the Colombo University in Financial Economics.

Director

Mr. Dushmantha Thotawatte

Mr Dushmantha Thotawatte was appointed to the Board of Directors with effect from 8 July 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 Jayawardenepura & 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. He counts over 40 years of experience and possesses a successful track of holding positions such as Chief Executive Officer, Chief Financial Officer, and Chief Internal Auditor in many state-owned enterprises and private organisations.