Diplomatic Foreign Currency Accounts (DFCA) and Diplomatic Rupee Accounts (DRA)
Eligibility
- Foreign Diplomatic Missions.
- Diplomatic personnel who have been exempted from the requirement of obtaining resident visa issued by the Department of Immigration and Emigration.
- Family members of Diplomatic personnel in Sri Lanka who have been exempted from the requirement of obtaining resident visa issued by the Department of Immigration and Emigration.
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 photo, details, Visa and endorsements for alterations) KYC Form, FATCA declaration and any other documents stipulated by the Bank from time to time.
- For Diplomatic Missions, account opening application as appropriate, KYC Forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
- A Letter of Request signed by the Head of the Diplomatic Mission or an authorized official on a letterhead of the Mission, to open DFA / DRA.
General (DRA)
- Diplomatic Rupee Accounts (DRA) also may be opened and maintained as Savings, Current (without overdrawing facility) or Fixed Deposit Accounts in the domestic banking unit.
General (DFCA)
- DFCAs may be opened and maintained as Savings, Current (without overdrawing facility) or Fixed Deposit accounts in the domestic banking unit in any designated Foreign Currency, i.e. USD, GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY and CHF.
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Permitted Credits
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Permitted Debits
Diplomatic Foreign Currency Accounts (DFCA)
- 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 submission of adequate information / evidence to the Bank, enabling Banks to comply with Anti-Money Laundering & Countering the Financing of Terrorism (AML/CFT) laws.
- Transfers from an Inward Investment Account (IIA) or an account maintained in the Offshore Banking Unit (OBU) of the same account holder.
- Transfers from DFCAs and DRAs, irrespective of the account holder.
- Interest earned in foreign currency on the funds held in the account.
Diplomatic Rupee Accounts (DRA)
- 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 submission of adequate information / evidence to the Bank, enabling Banks to comply with Anti-Money Laundering & Countering the Financing of Terrorism (AML/CFT) laws.
- Transfers from an Inward Investment Account (IIA) or an account maintained in the Offshore Banking Unit (OBU) of the same account holder.
- Transfers from DFCAs and DRAs, irrespective of the account holder.
- Interest earned in foreign currency on the funds held in the account.
Diplomatic Foreign Currency Accounts (DFA)
- Any outward remittances made outside Sri Lanka.
- Withdrawals in foreign currency for travel purposes.
- Disbursements in Sri Lanka in Sri Lanka Rupees.
- Transfers to an IIA or an account maintained in the OBU of the same account holder.
- Transfers to DFCAs and DRAs, irrespective of the account holder.
Diplomatic Rupee Accounts (DRA)
- Disbursements in Sri Lanka in Sri Lanka Rupees.
- Outward remittances in respect of current transactions of the account holder including visa fees, refunds, reimbursements.
- Outward remittances in respect of sale proceeds of motor vehicles owned by the account holder.
- Transfers to an IIA of the same account holder.
- Transfers to DFCAs and DRAs, irrespective of the account holder.
- Any other transaction in foreign exchange as approved by the relevant line Ministry.
External Commercial Borrowing Account
Eligibility
- Companies incorporated in Sri Lanka under the Companies Act, No 7 of 2007.
Product Types
- ECBAs may be opened and maintained in the form of Savings or Fixed Deposit (only for the purpose of keeping it under lien) in any designated foreign currency or in Sri Lanka Rupees and shall be held as sole accounts. Accordingly, the facility has been made available in the SIB system to open accounts in USD, GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, CHF and LKR.
Special Benefits
- 100% protection on your investments
Required documents and information
- Account opening application for companies
- KYC forms
- Documents as specified under paragraph 5.1 above
- Beneficial ownership application
- FATCA declaration forms of Directors
- Any other documents required by the bank
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Permitted Credits
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Permitted Debits
- Remittances/ transfers of proceeds of the loan obtained by the accountholder from an overseas lender, from an account maintained outside Sri Lanka or an Inward Investment Account or an account maintained in the Off-shore Banking Unit, of such lender.
- Transfers from an Outward Investment Account or Business Foreign Currency Account, an account maintained in the Off-shore Banking Unit or Sri Lankan Rupee account, of the accountholder, for the purpose of servicing the loan.
- Transfers from another ECBAs of the same accountholder.
- Interest earned on the funds held in the account.
- Remittance/ transfers of funds to an account maintained outside Sri Lanka or an Inward Investment Account or an account maintained in the Off-shore Banking Unit, of the lender, for the purpose of servicing and repayments of the loan, in terms of the loan agreement.
- Transfers of loan proceeds, to a Sri Lanka Rupee account of the account holder.
- Transfers of loan proceeds, to an Outward Investment Account of the account holder, only if the loan has been obtained for the purpose of financing outward investments, as permitted in the Foreign Exchange (the Classes of Capital Transactions Undertaken Outside Sri Lanka by a Person Resident in Sri Lanka) Regulations No. 01 of 2021 (Extraordinary Gazette No. 2213/34 dated 2021.02.03) or in terms of the provisions of the repealed Exchange Control Act or the FEA.
- Remittances in respect of current transactions of the account holder.
- Transfers to the ECBAs of the same accountholders.
- Bank charges, fees, commissions, etc. payable with respect to the loan.
- Disbursement in Sri Lanka in Sri Lanka Rupees.
Manager - Foreign Currency Department , People’s Bank, Overseas Customer Services
+94 112332745
0112332746 / 2334278 / 2437621 / 2446409
nrfc@peoplesbank.lk