A A A
A A A

Foreign
Currency A/C

CTRA

Capital Transactions Rupee Accounts

ERIA

Emigrant’s Remittable Income Accounts

NRRA

Non Resident Rupee Accounts

Capital Transactions Rupee Accounts

Eligibility

  • An emigrant, resident in or outside Sri Lanka.
  • A Non- National resident in or outside Sri Lanka including minors of such person.
  • An individual Sri Lankan resident in or outside Sri Lanka who has obtained Temporary Resident visa in another country, aged 18 years or above.
  • An individual Sri Lankan resident in Sri Lanka who is a prospective migrant under the parent migration scheme.
  • An administrator or executor of the estate of a deceased person who was an emigrant.

Special Benefits

  • 100% protection on your investments

Opening and Maintaining the Accounts

  • The CTRA may be opened and maintained in the form of Savings or Current (without overdrawing facility) account, in Sri Lanka Rupees.
  • Eligible persons shall open only one CTRA in the banking system and shall be held as sole account.
  • Both CTRA and ERIA shall be opened and maintained with the same Bank.

Required documents and information

  • Duly completed Account opening Application (Annexure 1)
  • Address verification doc.
  • Sl passport/s (all pages of the sl pp after obtaining pr)
  • Foreign pp (if available-identification page, alternative and observation pages of current pp)
  • Permanent residency (endorsement or other documentary evidence to prove pr date & country
  • Certificate of citizenship or dual citizenship
  • Identity document (nic/dl etc.)
  • Request to open ctra/eria (Annexure 2)
  • Affidavit confirming migration (Annexure 3)
  • Power of attorney (if available)
  • If the emigrant has been born outside sri lanka, a copy of the birth certificate
  • Source of funds confirmation document
  • Any other document stipulated by the bank

  • Where the account holder is an emigrant, resident in or outside Sri Lanka;
    • Remittances in foreign exchange received from outside Sri Lanka in favour of the account holder through the banking system, for the purpose of local disbursements in Sri Lanka.
    • Any proceeds realized from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets), owned by the emigrant while being a resident in Sri Lanka or acquired by utilizing funds through such emigrant’s Sri Lanka rupee accounts prior to the regulations coming into effect.
    • Any proceeds derived from any assets in Sri Lanka (including movable, immovable, tangible and intangible assets) that are inherited by an emigrant, from a person resident in Sri Lanka.
    • Any proceeds derived from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets) that are received as a gift by the emigrant, from an immediate family member who is a person resident in Sri Lanka.
    • Any proceeds realized from any asset in Srilanka [including movable, immovable, tangible and intangible assets, excluding funds held in the Personal Foreign Currency Accounts (PFCA) or Inward Investment Accounts (IIA)] that are inherited or received by way of a gift to or by the emigrant from another emigrant who is an immediate family member (i.e. transferor) out of the investments, made while being a resident in Sri Lanka or made through his or her Sri Lanka Rupee Accounts prior to the regulations coming into effect to inherited by the transferor or received as a gift by the transferor or made through a Non Resident Rupee Account (NRRA) of the transferor as permitted in the Foreign Exchange (Classes of Capital Transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka) Regulations No.02 of 2021.
    • Monetary gifts received by the emigrant from an immediate family member, being funds realized from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets)
    • Any income derived from the investments owned or acquired or inherited or received by way of a gift by the emigrant as mentioned under 2 (a) (ii) to 2 (a) (v) above.
    • Superannuation benefits of the account holder [including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and pensions or any other retirement benefits].
    • Transfers from NRRA of the account holder.
  • Where the account holder is a Non- National resident in or outside Sri Lanka including a minor;
    • Any income and any capital proceeds of the investments as permitted under subparagraph 4 (5) (c), 4 (5) (d) and 4 (7) under heading A of Schedule I of the Foreign Exchange (Classes of Capital Transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka) Regulations No. 02 of 2021 in Extra ordinary Gazette No. 2213/35 of 2021.02.03
    • Superannuation benefits of the account holder [including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and pensions or any other retirement benefits].
  • Where the account holder is an individual Sri Lankan who has obtained Temporary Resident visa in another country, aged 18 or above; funds equivalent to maximum of USD 30,000, to obtain foreign exchange, as permitted under the regulations.
  • Where the account holder is an individual Sri Lankan who is a prospective migrant under the parent migration scheme; funds equivalent to the amount of the payment to be made to overseas authorities for obtaining visa under the parent migration scheme, as permitted under the regulations.
  • Where the account holder is an administrator/executor of the estate of a deceased person who was an emigrant;
    i. Transfers from CTRA or NRRA or Emigrant’s Remittable Income Account (ERIA) of such deceased person
    ii. Any income or capital proceeds receivable to such deceased person as referred under paragraph 2 (a) excluding 2 (a) (vi) above.
  • Income received for the services provided by the accountholder.
  • Interest earned in Sri Lanka Rupees on the funds held in the account.

Note

  • Migration Allowance
    • Limits applicable on Migration Allowance are stipulated in subparagraph 3 (1) and 3 (2) in Schedule I of Regulation No. 03 of 2021 (Extra ordinary Gazette No. 2213/36 of 2021.02.03)
    • However, these limits have been further curtailed by Order made under section 22 of the FEA No. 12 of 2017 under Gazette Extraordinary No. 2182/37 dated 2020.07.02 and by Gazette Extraordinary No. 2234/49 dated 2021.07.02
  • If further clarification is required in this regard, please contact Manager - Travel Department (OCS) - Tel. No. 011-2433140 or Chief Manager (OCS) – Tel 011-2433146

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.