Non Resident Rupee Accounts
Eligibility
- An emigrant resident in or outside Sri Lanka.
- A firm or a company established/incorporated outside Srilanka
Special Benefits
- 100% protection on your investments
Opening and Maintaining the NRRAs
- NRRAs may be opened and maintained in the form of Savings or Current (without overdrawing facility) or Fixed Deposit account, in Sri Lanka Rupees (LKR).
- NRRAs shall be held as sole account and NRRAs maintained by emigrants may be held as joint accounts with another emigrant.
- A firm or a company established/incorporated outside Sri Lanka who expect to execute transactions permitted under subparagraph 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 (Extraordinary Gazette No. 2213/35 dated 2021.02.03) shall only be eligible to open one NRRA in the banking system, for such purpose.
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Permitted Credits
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Permitted Debits
- Remittances in foreign exchange received from outside Sri Lanka in favor of the account holder through the banking system, for the purpose of local disbursements in Sri Lanka.
- Where the account holder is an emigrant;
- Any proceeds derived from any assets 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 or acquired by funding through the account 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 (Extraordinary Gazette No. 2213/35 dated 2021.02.03 - Refer attachment).
- 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 an emigrant, from an immediate family member who is a person resident in Sri Lanka.
- Any proceeds realized from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets) 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 or inherited by the transferor or received as a gift by the transferor or made through an NRRA of 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. (Refer attachment)
- Any income derived from the investments owned or inherited or received as a gift by the emigrant as mentioned under subparagraph 5 (b) (i) to 5 (b) (iv) referred to above.
- 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 a firm, or a company established/incorporated outside Sri Lanka;
- Local income derived from a current transaction, subject to the verification of the documentary evidence and upon establishing bona-fide of the transactions.
- Any income and any capital proceeds of the investments as permitted under subparagraph 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
- Interest earned on the funds held in the account.
- Where the account holder is an emigrant;
- Payments relating to the investments as permitted the Foreign Exchange (Classes of Capital transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka) Regulations No. 02 of 2021. (Refer attachment)
- Transfers to the CTRA of the accountholder.
- Transfer out of current income of the account holder credited under paragraph 5 (b) (v), to the Emigrant’s Remittable Income Account (ERIA) of the account holder.
- Transfer of funds to the CTRA of the administrator / executor of the estate of a deceased person (i.e. account holder).
- Where the account holder is a firm, or a company established or incorporated outside Sri Lanka
- Remittances out of the funds credited under paragraph 5 (c) i. and 5 (d) above.
- Out of the funds credited under paragraph 5 (c) ii. referred above, remittance / transfer of USD 30,000 per annum, to Inward Investment Account (IIA) or an account maintained in the Offshore Banking Unit or an account maintained outside Sri Lanka, of the account holder.
- Disbursements in Sri Lanka in Sri Lanka Rupees.
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
Manager - Foreign Currency Department , People’s Bank, Overseas Customer Services
+94 112332745
0112332746 / 2334278 / 2437621 / 2446409
nrfc@peoplesbank.lk