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.
Resident Guest Foreign Currency Accounts
Eligibility
- An investor is required to remit or bring a sum of United States Dollars (USD) 250,000 or its equivalent in any designated foreign currency for investment in Sri Lanka.
Special Benefits
- 100% protection on your investments
Required documents and information
- Account opening application, a photocopy of valid passport (Pages depicting photo, details, Visa and endorsements for alterations), KYC Forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
Documents evidencing their eligibility to open Resident Guest Foreign Currency Accounts (RGFCA)
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Permitted Credits
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Permitted Debits
- Remittances in foreign exchange received from outside Sri Lanka through the banking system in favour of the account holder.
- Foreign exchange brought into Sri Lanka by the account holder upon declaration.
- Interest on the unutilized funds held in the account initially for a period of two years (No interest shall be paid after the expiry of the initial two years period without having prior approval of the Implementing Agency, to that effect).
- Withdrawal of funds for investment in the following “approved projects” subject to production of documentary proof of obtaining relevant approvals. New ventures approved by the Board of Investment in Sri Lanka or a relevant authority.
- New ventures approved by the Board of Investment in Sri Lanka or a relevant authority.
- Existing or new companies engaged in projects approved by a relevant authority.
- Shares listed in the Colombo Stock Exchange.
- Existing or new companies engaged in projects approved by a relevant authority.
- Shares listed in the Colombo Stock Exchange.
- Transfer of funds in excess of USD 250,000 or its equivalent in other designated foreign currencies brought into the country and held in the account as unutilized; to an account maintained outside Sri Lanka in the name of the same investor.
- Transfer of interest earned on the uninvested funds held in the account as stated in Paragraph 4.2 (b) above, to the RGRCA of the same investor.
Resident Guest Rupee Current Accounts - Investors
Eligibility
- Investors who open a RGFCA should also open and maintain a RGRCA with a minimum sum of USD 35,000 or its equivalent in any other foreign currency per person for living expenses (upkeep) in Sri Lanka of such investor and each dependent accompanied by him/her (including spouse) and converted into Sri Lanka Rupees.
Special Benefits
- 100% protection on your investments
Required documents and information
- Account opening application, a photocopy of valid passport (Pages depicting photo, details, Visa and endorsements for alterations), KYC Forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
- Documents evidencing their eligibility to open Resident Guest Rupee Current Accounts (RGRCA) as relevant.
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Permitted Credits
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Permitted Debits
- Sri Lanka Rupee proceeds of remittances in foreign exchange received from outside Sri Lanka through the banking system or foreign exchange brought into Sri Lanka by the account holder upon declaration as required by the Paragraph 3 (b) above, for living expenses (upkeep) in Sri Lanka of the investor and each dependent accompanied by him.
- Interest paid on the funds in the RGFCA of the investor as per Paragraph 4.2 (c) above, converted into Sri Lanka Rupees.
- Income (dividends, profits) and sale proceeds from investments acquired utilizing funds in the RGFCA.
- disbursements in Sri Lanka in Sri Lanka Rupees of the investor and his dependents.
- investments in approved projects mentioned in Paragraph 4.2 (a) above.
- remittances for payments in respect of current transactions of the investor or his dependents residing in Sri Lanka.
Resident Guest Rupee Current Accounts - Professionals
Eligibility
- A professional is required to remit or bring into Sri Lanka a minimum sum of USD 2,000 or its equivalent in any other foreign currency per month for the professional intending to reside in Sri Lanka and a further sum of USD 1,000 or its equivalent in any other foreign currency per month for each dependent accompanied by him/her, (including spouse), for living expenses in Sri Lanka, and converted into Sri Lanka Rupees.
Special Benefits
- 100% protection on your investments
Required documents and information
- Account opening application, a photocopy of valid passport (Pages depicting photo, details, Visa and endorsements for alterations), KYC Forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
- Documents evidencing their eligibility to open Resident Guest Rupee Current Accounts (RGRCA) as relevant.
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Permitted Credits
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Permitted Debits
- Sri Lanka Rupee proceeds of remittances in foreign exchange received from outside Sri Lanka through the banking system or foreign exchange brought into Sri Lanka by the account holder upon declaration as required by the Paragraph 3(c) above, for living expenses (upkeep) in Sri Lanka of the professional and each dependent accompanied by him.
- Salary, consultancy fees, etc. received from provisioning of professional services in Sri Lanka by the account holder.
- Disbursements in Sri Lanka in Sri Lanka Rupees of the account holder and his/her dependents.
- Remittances for payments in respect of current transactions of the professional or his dependents residing in Sri Lanka.
- Withdrawal of any unutilized funds held in the account or transfer of such unutilized funds to an account maintained outside Sri Lanka in the name of the same professional, at the time of departure.
Manager - Foreign Currency Department , People’s Bank, Overseas Customer Services
+94 112332745
0112332746 / 2334278 / 2437621 / 2446409
nrfc@peoplesbank.lk