Open Personal Foreign Currency Accounts (PFCA) Sri Lanka

PFCA

Personal Foreign Currency Accounts

Ethera Udana

PFCA Minors’ Accounts

SFNFDA

Senior Foreign Nationals’ Fixed Deposit Account

SFNRA

Senior Foreign Nationals’ Rupee Account

Personal Foreign Currency Account - PFCA

Eligibility
Special Benefits
Foreign Currency
Required documents
Contact

Eligibility

An individual including a minor who is a Sri Lankan national.
An individual of Sri Lankan origin including a minor who is a resident outside Sri Lanka.
A non-national resident in Sri Lanka including a minor.
A non-national either on temporary visit to Sri Lanka or intending to visit Sri Lanka.
An administrator or executor of the estates of a deceased person, who maintained a Personal Foreign Currency Account (PFCA) with an Authorized Dealer (AD) until the completion of the administration of the deceased person’s estate

Special Benefits

Attractive Interest Rates
Please refer to https://www.peoplesbank.lk/interest-rates/ for latest interest rates.
International Master or Visa Debit Card issued free of charge with a range of benefits.
International Master or Visa Credit Card facilities are available against the funds in the Account.
Monthly Higher Interest for Savings Accounts.
Inward Remittances are credited to Accounts free of charge.
Convenient Outward Remittances facilities for approved transactions.
Instant loans up to 90% of the Personal Foreign Currency Account balances.
Personal Loan facilities.
Home Loans at Low Interest Rates.
Concessional Pre-Departure Loans for first foreign employment.
Convenient Banking through Internet Banking and Mobile Banking facilities
Insurance cover (Minimum balance of USD 250/- should be maintained for 6 months continuously prior to the incident)

Accident insurance cover up to Rs. 1,000,000/- for death /permanent disability
Medical cover up to Rs.100,000/- on Hospitalization
Baggage insurance cover up to Rs. 50,000/-
* Applicable according to the eligibility and the a/c holder and and subject to other Terms and Conditions.

General

PFCAs can be opened and maintained as Savings, Current (without cheque drawing facility) or Fixed Deposit accounts in any designated foreign currency, i.e. USD,GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, CHF, THB and INR in the domestic banking unit.
PFCAs may be held as joint accounts with another eligible person. However, non- nationals either on temporary visit to Sri Lanka or intending to visit Sri Lanka are not eligible to open and maintain these accounts as joint accounts.

Us Dollars

Singapore
Dollars

Canadian
Dollars

Sterling Pounds

Australian dollar

Euro

Swiss Francs

Hong Kong
Dollars

Japanese yen

New Zealand
Dollars

Swedish
Kroners

Danish
Kroners

Norwegian
Kroners

Chinese
Yuan (Renminbi)

Indian
Rupees

Thai
Baht

Required documents and information

Full name, nationality, address and contact details.
A copy of National Identity Card or Passport (photo and detailed page).
A photocopy of Birth Certificate, if a Minor.
Account Opening Application.
FATCA Declaration.
Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign address and contact details.
A copy of the Passport (photo and detailed page).
A photocopy of Birth Certificate, if a Minor.
Date of Departure from Sri Lanka.
Citizenship or nature of visa granted by a foreign Government.
Account Opening Application.
FATCA Declaration.
Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign address and contact details.

Address of workplace in Sri Lanka and Designation, if any.

A copy of the employment contract and salary particulars.

A copy of the Passport (photo and detailed page) and visa granted by the Dept. of Immigration & Emigration.

Account Opening Application.

FATCA Declaration.

Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign address and contact details.
A copy of the Passport (photo and detailed page).
Account Opening Application.
FATCA Declaration
Any other documents stipulated by the Bank from time to time.

Full name, nationality, address and contact details.
A copy of National Identity Card or Passport (photo and detailed page).
Account Opening Application.
FATCA Declaration.
A copy of Letter of Administration or Probate issued by the Courts.
Any other documents stipulated by the Bank from time to time.

Key Fact Document

Personal Foreign Currency Accounts (PFCA)

Dowload the Required Application Forms

Account Opening Application

Eligibility

Minors resident outside Sri Lanka who are nationals of Sri Lanka or of Sri Lankan origin.
Minors resident in Sri Lanka, whose parents / guardians are employed abroad.
Minors resident in Sri Lanka, who are non-nationals.

The account should be opened by crediting inward remittances received from their parents/ guardians or transferring of funds from existing PFCA accounts of parents/ guardians.

Special Benefits

Additional Interest Rate for “Ethera Udana” Minors’ Savings Accounts held in USD, with a minimum monthly balance of USD 2,501/- and above in incremental slab basis.
Additional Interest Rate for “Ethera Udana” Minors’ Savings Accounts held in other designated currencies with a minimum monthly balance equivalent to USD 2,501/- and above.

Pls refer https://www.peoplesbank.lk/interest-rates/ for existing Interest Rates.

Completely waive off the bank commission when effecting outward fund transfers pertaining to educational purpose of the minor account holder, only if monthly minimum balance of USD 2,500 or above is maintained in the PFC Minor’s Account at the time of the transaction. This waive off of commission is applicable in the following instances, of TT/Draft issuance by;

debiting in “Ethera Udana” PFC Minors’ Accounts held in any designated foreign currency.
debiting PFCA / LKR Account of the Parent, who maintains a PFC Minors’ Account for his/her child.

PFC Minors’ Account holders are eligible for the Insurance cover under the existing Insurance Policy for PFCA where a medical insurance cover up to LKR 100,000/- for hospitalization, where a monthly balance of USD 250 or its equivalent in any designated foreign currency in the PFCA of the Parent’s account has been maintained for 06 months prior to the detection of the illness in the child.

Hospitalization Cover applies to the following illnesses;

Lens implants
Dengue fever
Brain fever
Japanese encephalitis
Myocardial infarction
Cancer and Leukemia
Kidney Failure
Pneumonia

The results of above exams conducted after 1st of October 2024 until further notice shall be considered.

To avail this benefit, the candidate should have been maintaining a balance of USD 5,000 in the PFC minors’ account for one year at the time of the commencement of the respective examination.

The cash prizes can be claimed with appropriate documentation proof under the following instances.

Cash price of Rs. 10,000/- for the achievement of highest grade per subject at the Local/ London Advanced Level Examination (Maximum for 3 subjects).
Cash price of Rs. 5,000/- for the achievement of highest grade per subject at the Local/ London Ordinary level examination (Maximum for 5 subjects).
‘A’ Passes in Local O/L and A/L while either ‘A’ or ‘A* ’ Passes in London O/L and A/L are eligible.

Bank shall provide funds for the air ticket for the PFC Minor account holder for Education purpose under the following conditions.

The Monthly minimum balance in the PFC minor’s account should have been USD 2,501/- or more for a minimum of 2 years preceding / prior to the date of the air ticket issuance.
Branch may pay 5% of the balance of the account to a maximum of LKR 100,000/- per PFC Minor account holder.
One child is eligible for funds for only one air ticket. Funds for multiple air tickets shall not be paid for the same child even where multiple eligible accounts are maintained.
Relevant funds should be credited to an LKR account of the child or the parent.

General

PFCA Minors’ accounts can be opened and maintained in the form of Savings accounts or Fixed Deposit accounts in any designated foreign currency, i.e. USD, GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, CHF, THB and INR.
Credit facilities should not be granted against these accounts

Us Dollars

Singapore
Dollars

Canadian
Dollars

Sterling Pounds

Australian dollar

Euro

Swiss Francs

Hong Kong
Dollars

Japanese yen

New Zealand
Dollars

Swedish
Kroners

Danish
Kroners

Norwegian
Kroners

Chinese
Yuan (Renminbi)

Indian
Rupees

Thai
Baht

Required documents and information

Account opening mandate .
A photocopy of the passport of parent/ guardian (pages depicting details, alterations and visa).
Date of departure of the parent/ guardian from Sri Lanka.
Citizenship/ nature of visa granted by a foreign government of the parent/ guardian.
A photocopy of the Birth Certificate of the Minor.
A photocopy of the Passport of Minor, if separate passport has been issued (pages depicting details, alterations and visa).

Inward remittances received from overseas through the banking channel.
Fund transfer from parent’s/ guardian’s existing PFCA accounts.
Interest earned on the funds held in the account.

Key Fact Document

“Ethera Udana” Personal Foreign Currency Minors’ Accounts

Senior Foreign Nationals’ Fixed Deposit Account

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

Eligibility

Senior foreign nationals over 55 years of age who apply for visa under the “Sri Lanka - My Dream Home Programme” scheme.

Special Benefits

Inward Remittances credited to Accounts free of charge
100% protection on your investments

Required documents and information

(a) 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.
(b) Documents evidencing their eligibility to open Senior Foreign Nationals’ Fixed Deposit Accounts (SFNFDA).

General

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 Senior Foreign Nationals’ Fixed Deposit Accounts (SFNFDA).

Minimum initial deposit of USD 15,000 or its equivalent in any other foreign currency brought into the country by the applicant in either of following mechanisms:

Remittances in foreign exchange received from outside Sri Lanka through the banking system in favour of the account holder; or
Foreign exchange brought into Sri Lanka by the account holder upon declaration, for upkeep in Sri Lanka; or
Transfers from Inward Investment Accounts or accounts maintained in the Offshore Banking Unit of the same account holder

Interest earned in foreign currency on the funds held in the account.

Senior Foreign Nationals’ Rupee Account

Eligibility
Special Benefits
Foreign Currency
Required documents
Permitted Credits
Permitted Credits
Contact

Eligibility

Senior foreign nationals over 55 years of age who apply for visa under the “Sri Lanka - My Dream Home Programme” scheme.

Special Benefits

100% trust on your deposit
Opening of accounts in any designated foreign currency

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 Senior Foreign Nationals’ Rupee Accounts (SFNRA).

General

SFNFDAs shall be opened as a fixed deposit account with a minimum initial deposit of USD 15,000 or its equivalent in any other foreign currency. This minimum deposit shall be maintained as long as the applicant stays in Sri Lanka under the resident visas.
SFNRAs may be opened and maintained as a current account in Sri Lanka Rupees with monthly remittances of USD 1,500 or its equivalent in any other foreign currency for the principal applicant and USD 750 or its equivalent in any other foreign currency for each accompanying spouse or dependent child for their upkeep in Sri Lanka.
Persons eligible to open special accounts under these Directions shall only maintain one SFNFDA and SFNRA in the banking system and such accounts may be held as joint accounts with the accompanying dependents.

Remittances in foreign exchange received from outside Sri Lanka through the banking system in favour of the account holder or foreign exchange brought into Sri Lanka by the account holder for upkeep in Sri Lanka as required in Paragraph 4.1 (b) below.
Interest paid on the funds in the SFNFDA of the account holder as per Paragraph 2 . 2 (b), converted into Sri Lanka Rupees.

BFCA

Persons eligible to open Business Foreign Currency Accounts (BFCA

Business Foreign Currency Accounts

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

Eligibility

The following persons resident in, Sri Lanka who earn foreign exchange from a resident outside Sri Lanka:

An individual resident in Sri Lanka.
A sole proprietorship or partnership registered in Sri Lanka where the proprietor or a majority of partners are resident in Sri Lanka (in case of a partnership with two partners, at least one partner shall be a resident in Sri Lanka).
A company incorporated in Sri Lanka
A company incorporated outside Sri Lanka which is registered as an overseas company under the Companies Act No 7 of 2007.
A State Institution with the recommendation of the Secretary to the relevant line Ministry or appropriate Authority.
• An administrator or executor of the estate of a deceased person, who maintained a BFCA with the Bank, until the completion of the administration of the deceased person's estate; and
A receiver or liquidator, of a company that maintained a BFCA with the Bank, until proceedings are concluded.

An administrator or executor of the estate of a deceased person, who maintained a Business Foreign Currency Account (BFCA) with that authorized dealer or restricted dealer, until the completion of the administration of the deceased persons’ estate. A receiver or liquidator, in the name of a Company that maintained a Business Foreign Currency Account (BFCA) with that authorized dealer or restricted dealer, until proceedings are concluded.

Special Benefits

Attractive Interest Rates
100 % protection on your investment
Inward remittances credited to Accounts free of charge

Required documents and information

For individuals, account opening application, a photocopy of National Identity Card or Passport (Pages depicting photo, details and alterations), KYC Forms, FATCA Declaration and any other documents stipulated by the Bank from time to time.
In respect of Sole Proprietorships, Partnerships and Companies, account opening application and identification documents as appropriate, KYC Forms, FATCA Declaration and any other documents stipulated by the Bank from time to time.
Documents evidencing their eligibility to open Business Foreign Currency Account (BFCA) as relevant.

Remittances received in foreign exchange from abroad through the banking system in respect of, export of goods and services, entrepot trade, overseas projects undertaken by the account holder and goods and services supplied locally to a person resident outside Sri Lanka;
Foreign exchange accepted by the account holder in Sri Lanka in respect of goods and services supplied by such person to a person resident outside Sri Lanka;
Foreign exchange brought into Sri Lanka by the account holder on a declaration to the Department of Customs where such foreign exchange exceeds USD 15,000 or its equivalent in other foreign currencies or an appropriate declaration to the AD where such foreign exchange is less than or equals USD 15,000 or its equivalent in other foreign currencies;
Transfers from a Personal Foreign Currency Account (PFCA), BFCA or an account maintained in the Offshore Banking Unit (OBU) of the same account holder;
Transfers from an account maintained in the OBU of a person resident outside Sri Lanka in respect of a current transaction;
Where the account holder is a local shipping/ airline company; transfers from PFCA of a citizen of Sri Lanka working abroad (employee) in vessels/ aircrafts owned by the account holder being overpayment of crew salaries/ wages and other related payments due from such employee;
Transfers from a Diplomatic Foreign Currency Account of a person resident outside Sri Lanka, in respect of the supply of goods and services;
Where the account holder is a shipping agent or a GSA in Sri Lanka; remittances received in foreign exchange through the banking system from the respective foreign principal or a designated third party on behalf of the foreign principal for the purposes under the respective agency agreements;
Where the account holder is a shipping agent or a GSA in Sri Lanka; freight and passenger fares are collected in foreign exchange by the agent on behalf of the foreign principal, by way of a bank transfer or bank draft issued by the Bank in Sri Lanka against a BFCA or an account maintained in the OBU;
Where the account holder is a company incorporated in Sri Lanka that has arrangements with an overseas employer for disbursement of wages and/or earnings to Sri Lankan citizens who are rendering services outside Sri Lanka; remittances received in foreign exchange from abroad through the banking system from the respective overseas employers or transfers from an account maintained in the OBU of such overseas employer;
Payments received in foreign exchange by the account holder who is carrying permitted business under duty-free concessions, being considered for goods or services supplied to passengers (irrespective of the residential status) arriving in or departing from Sri Lanka at a port or airport in Sri Lanka;
Any income or capital proceeds of any foreign asset of the account holder, where such asset had been acquired by debiting the BFCA;
Transfers from an Outward Investment Account (OIA) being any income or capital proceeds received from outward investments, where such investments had been made by debiting the BFCA of the same account holder or by utilizing the funds transferred to an OIA from the BFCA of the same account holder, proportionately to the contributions;
Transfers from an OIA of another person (i.e. buyer) being proceeds from the sale of a permitted investment in overseas to such buyer, where the original investment had been made by debiting the same BFCA of the account holder;
Coupon income, sale/ maturity proceeds and any other related receipts arising from investments made in Sri Lanka Development Bonds (SLDBs) in foreign currency, if the original investment in SLDBs had been made by debiting the BFCA of the account holder;
Unutilized foreign currency obtained by the account holder debiting the BFCA in terms of the items (e), (f) and (g) of paragraph 9.
The unutilized balance remaining in the Foreign Travel Card (FTC) of the account holder, up to the amount such FTC had been funded from the same BFCA of the account holder;
Where the account holder is an Insurance company regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL); insurance premia received on foreign currency denominated insurance policies issued to eligible customers and co-insurers and claims received from re-insurers and National Insurance Trust Fund (NITF);
Where the account holder is an employer; transfers from a PFCA of a non-national or a dual citizen employed in Sri Lanka (i.e. employee) being overpayment of salaries, employment and retirement benefits or any other payment due from such employee;
Where the account holder is a property developer; transfer of funds from an Inward Investment Account (IIA) of a person resident outside Sri Lanka (i.e. investor) being payments received from sale of immovable property to such investor;
Where the account holder is a property developer; transfer of funds from a Foreign Currency Loan Account (FCLA) being payments received from a Sri Lankan resident outside Sri Lanka on a Permanent Residency visa in another country or a dual citizen, as permitted by the Directions No. 11 of 2021 dated 18 March 2021;
Remittances originating outside Sri Lanka from the account holder in terms of Section 8(3) of the FEA;
Transfers from other BFCAs or accounts maintained in the OBU in respect of the supply of goods and services by the account holder being a category of persons listed in Annex II
Interest earned in foreign currency on the funds held in the account.

Any outward remittances made outside Sri Lanka.
Disbursements in Sri Lanka in Sri Lanka Rupees.
Withdrawal in foreign currency notes up to USD 10,000 (or equivalent in any other foreign currency) for travel purpose as permitted by directions issued by the Central Bank.
Withdrawal in foreign currency notes up to USD 50,000 (or equivalent in any other foreign currency) at a time by gem and jewellery dealers for the purpose of purchasing cut and polished or rough gem stones and other raw materials abroad upon submission of confirmation obtained from the National Gem and Jewellery Authority.
Where the account holder is a shipping agent or a general sales agent in Sri Lanka, withdrawal in foreign currency notes up to USD 50,000 (or equivalent in any other foreign currency) per vessel per call as Cash-to-Masters, against inward remittance received from the foreign principal or from designated third parties on behalf of the foreign principal, on a request with the reasons acceptable to the authorized dealer.
Where the account holder is a shipping agent or a general sales agent in Sri Lanka, repatriation of the surplus funds to the foreign principal, provided that a confirmation in writing is obtained from the account holder (i.e., Agent) to the effect that adequate funds have been retained in the account, to meet all local liabilities of the foreign principal in Sri Lanka including tax payable to the Government and the agency commission.
Transfers to Business Foreign Currency Accounts, Personal Foreign Currency Accounts or accounts maintained in the Offshore Banking Unit, irrespective of the account holder.
Transfers to an Outward Investment Account (OIA) of the same account holder.
Transfers to an Inward Investment Account (IIA) of a resident outside Sri Lanka for the purpose of repayment of a foreign currency loan obtained from such foreign lender by the account holder.
Transfer of funds for uploading a Foreign Travel Card.
Debt servicing expenses and repayment of foreign currency loans obtained by the account holder from authorized dealers or restricted dealers.
Transfers in respect of any investment permitted to be made in Sri Lanka in foreign currency utilizing funds in the Business Foreign Currency Account.
Payments of claims to eligible customers and co-insurers in respect of foreign currency denominated policies, premier to local or overseas re-insurers and National Insurance Trust Fund and brokerage by insurance companies registered with the Insurance Board of Sri Lanka.
Payments to residents in foreign exchange in respect of transactions or categories of transactions, to the extent such transactions have been permitted by directions issued by the Central Bank.
Transactions or Transfers to any other category of accounts that may be permitted to maintain by the Central Bank from time to time, to the extent such transactions or transfers have been permitted by directions issued by the Central Bank

General

Business Foreign Currency Accounts can be opened and maintained in the form of Savings, Current (without cheque drawing facility) or Fixed Deposit accounts in any designated foreign currency, i.e. USD, GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, and CHF.
Shall obtain documentary evidence including the authorization by the relevant authority/ies, if any, at the time of opening a BFCA to determine the applicant’s eligibility to open and maintain a BFCA in respect of earnings in foreign exchange from a person resident outside Sri Lanka.
Under no circumstances Sri Lanka Rupees shall be converted into foreign currency and be credited into a Business Foreign currency Account (BFCA).

IIA

Inward Investment Accounts

OIA

Outward Investment Account

SDA

Special Deposit Accounts

Inward Investment Accounts

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

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

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.

Any outward remittances in favor of the accountholder.
Disbursements in Sri Lanka in Sri Lanka Rupees.
Transfers to Personal Foreign Currency Accounts or IIAs or Diplomatic Foreign Currency Accounts or Diplomatic Rupee Accounts or accounts maintained in the Offshore Banking Unit, of the same account holder.
Payments relating to capital transactions undertaken in Sri Lanka by the account holder, in terms of the permissions granted under the regulations or the provisions of FEA, to;
Transfer of proceeds of the loan granted under the regulations or the provisions of the FEA, to a licensed commercial banks or licensed specialized banks or the Government of Sri Lanka or State-Owned Enterprises (i.e. borrower), to a rupee account, of the borrower.
Transfer of proceeds of the loan granted under the regulations or the provisions of the FEA, to a licensed commercial banks or licensed specialized banks (i.e. the borrower) to an Outward Investment Account of the borrower, if such borrowings are made for the purpose of financing outward investment of the borrower under the regulations or the provisions of the FEA.
Transfer of proceeds of the loans granted under the regulations or the provisions of the FEA, to an External Commercial Borrowing Account of the person resident in Sri Lanka (i.e. borrower).
Payments relating to the investments in shares, debt securities issued by a company incorporated in Sri Lanka (i.e. investee) under the regulations or the provisions of FEA, to an Outward Investment Account of the investee, if such proceeds of the investment are to be utilized for the purpose of financing outward investment of the investee under the regulations or the provisions of FEA.
Settlement charges under a court Order related to the capital transactions made through the IIA.
Claims to be paid by the accountholder as determined by the Central Depository Systems (Private) Limited and Colombo Stock Exchange.
Where the account holder is an administrator/executor of the estate of a deceased person or a receiver/liquidator of a company;

Outward remittances in favour of the beneficiary or administrator/executor or receiver/liquidator of the company, outside Sri Lanka.
Transfers to the IIA of the beneficiary.
In the case of beneficiary is a resident person in Sri Lanka, transfers to a Sri Lanka Rupee account or existing Personal Foreign Currency Accounts of the beneficiary.

Outward Investment Account

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

Eligibility

For individuals, account opening application, a photocopy of National Identity Card or Passport (pages depicting photo, details and alterations) KYC forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
For partnerships and companies, account opening application and identification documents as appropriate, KYC forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
Any other documents and Information required by the bank.

Special Benefits

Companies incorporated in Sri Lanka under the Companies Act, No. 7 of 2007 other than a company limited by guarantee.
A Licensed Commercial Bank or Licensed Specialized Bank, in terms of the Banking Act No. 30 of 1988.
Regulated/ licensed entities (excluding the eligible investors under (a) and (b) above), under the Central Bank, Securities Exchange Commission, Insurance Regulatory Commission of Sri Lanka.
Employees’ Provident Fund established under the Employees’ Provident Fund Act No. 15 of 1958 or Approved Provident Funds declared by the Commissioner General of Labour.
A partnership registered in Sri Lanka; and
An individual resident in Sri Lanka or/with a sole proprietorship registered in Sri Lanka by such individual (as applicable).

Required documents and information

For individuals, account opening application, a photocopy of National Identity Card or Passport (pages depicting photo, details and alterations) KYC forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
For partnerships and companies, account opening application and identification documents as appropriate, KYC forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
Any other documents and Information required by the bank.

Opening and Maintaining the Accounts

OIA can be opened and maintained as Savings or Fixed Deposit (out of the returns derived from an outward investment) or Current (without overdrawing facility and cheque drawing facility) accounts, as a foreign currency account in any designated foreign currency i.e. USD,GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, and CHF.

Sri Lanka Rupees converted into foreign currency, to the extent such limits specified for outward investments, in the regulations or the special permissions granted in terms of the provisions of the repealed Exchange Control Act or FEA.
Transfers from Business Foreign Currency Accounts or Personal Foreign Currency Accounts or OIA, of another person (i.e., buyer), being sale proceeds of an outward investment made through the same OIA.
Transfers of proceeds of the loans obtained from a foreign lender by the account holder through an External Commercial Borrowing Account of the accountholder, for the purpose of financing outward investments permitted in terms of the provisions of the repealed Exchange Control Act or the FEA.
Transfers of proceeds of the loans obtained from a foreign lender by licensed commercial banks/ licensed specialized banks/ State Owned Enterprises, from an account outside Sri Lanka or an Inward Investment Account or an account maintained in the Offshore Banking Unit (OBU), of the lender, for the purpose of financing outward investments permitted in the regulations or in terms of the provisions of the repealed Exchange Control Act or FEA.
Transfer of proceeds of the loans obtained from a foreign lender by licensed commercial banks/ licensed specialized banks, from the Nostro Account of the borrower for the purpose of financing outward investments permitted in the regulations or in terms of the provisions of the repealed Exchange Control Act or FEA.
Remittances, as any income and any capital proceeds of the outward investments, made through the same OIA, as permitted in the regulations or in terms of the provisions of the repealed Exchange Control Act or the FEA.
Remittances, as settlement chargers under a court Order related to the outward investment made through the OIA.
Remittances, as any income and any capital proceeds received from any asset/investment in overseas acquired/held by the accountholder, for no consideration, as permitted in the regulations or the repealed Exchange Control Act.
Remittances, as any income and any capital proceeds of shares received under an Employee Share Ownership Plan or Employee Share Option Scheme where the outward remittances for such investment was made by a company or branch office established in Sri Lanka (i.e., employer) on behalf of the accountholder (i.e., employee), as permitted in the regulations or the repealed Exchange Control Act.
Remittances, as any income and any capital proceeds of any investment made through an OIA of another person which has been inherited to the accountholder from such person, subject to the regulations.
Transfers from an Inward Investment Account of another person (i.e., investor) being proceeds of investments in shares, debt securities issued by a company incorporated in Sri Lanka (i.e., accountholder), if the accountholder intends to utilize such funds for an outward investment permitted under the regulations or the provisions of the repealed Exchange Control Act or the FEA.
Transfers from an OIA of another person, being outstanding balance of the OIA received by way of inheritance subject to the inheritance and succession laws in Sri Lanka.
Proceeds of non-materialized Outward Investments made under the regulations, for which the funds were remitted through the same OIA, within three months from the date of payment made for the investment.
Management fees, consultancy fees and commissions in relation to the outward investments.
Interest earned on the funds held in the account.

Remittances relating to an outward investment undertaken by the account holder in terms of the regulations or the provisions of the repealed Exchange Control Act or the FEA.
Transfers to an OIA or Personal Foreign Currency Accounts or Business Foreign Currency Accounts of another person (i.e., seller), to purchase a permitted investment in overseas from the seller which was made through the same OIA or Personal Foreign Currency Accounts or Business Foreign Currency Accounts in terms of regulations or the provisions of the repealed Exchange Control Act or the FEA.
ayments for current transactions of the account holder.
Transfers to Personal Foreign Currency Accounts or Business Foreign Currency Accounts or an account maintained in the OBU, of the account holder, being any income and any capital proceeds received from an outward investment, where such investments had been made by debiting such Personal Foreign Currency Accounts or Business Foreign Currency Accounts or account in OBU, or by utilizing the funds transferred from such accounts into the OIA, proportionately to the contributions.
Transfers to OIAs of the same account holder.
Transfers to External Commercial Borrowing Account of the account holder, for the purpose of repayment of loans obtained from an overseas lender.
Transfers of the outstanding balance to an OIA of a beneficiary/heir, subject to the inheritance and succession laws in Sri Lanka.
Withdrawal in foreign currency notes or transfer of funds for uploading a Foreign Travel Card, up to the limits specified in the Directions No. 02 of 2021 on current transactions (or equivalent in any other foreign currency), for travel purpose of the account holder and/or immediate family members.
Disbursements in Sri Lanka in Sri Lanka Rupees.

Opening and Maintaining the Accounts

OIA can be opened and maintained as Savings or Fixed Deposit (out of the returns derived from an outward investment) or Current (without overdrawing facility and cheque drawing facility) accounts, as a foreign currency account in any designated foreign currency i.e. USD,GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, and CHF.

Documents and Information Required

For individuals, account opening application, a photocopy of National Identity Card or Passport (pages depicting photo, details and alterations) KYC forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
For partnerships and companies, account opening application and identification documents as appropriate, KYC forms, FATCA declaration and any other documents stipulated by the Bank from time to time.
Any other documents and Information required by the bank.

Special Deposit Accounts (SDA)

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

Eligibility

Sri Lankan individuals resident in or outside Sri Lanka.
Dual Citizens.
Citizens of other States with Sri Lankan origin.
Non-nationals resident in or outside Sri Lanka.
Funds, corporate bodies, associations incorporated/registered outside Sri Lanka.
Any other well-wishers.

Opening and Maintaining SDAs

SDAs shall be opened during the twenty four months period from 2020.04.08. (i.e. from 2020.04.08 to 2022.04.07)
SDAs shall be opened and maintained only in the form of Fixed Deposits with tenure of six (06) months and twelve (12) months only.
SDAs shall be opened and maintained only in the form of Fixed Deposits with tenure of six (06) months and twelve (12) months only. Further, SDAs in the form of Savings Accounts can be opened as operational accounts only for the purpose of receiving funds to be placed in SDA Fixed Deposits, to repatriate funds lying in the SDA Fixed Deposits to the depositors, and for local disbursements. Any other transactions shall not be permitted. The SDA Savings Accounts must be closed at the time the SDA Fixed Deposit is closed.
SDAs shall be opened and maintained either in any designated foreign currency, (i.e. USD, GBP, EUR, AUD, CAD, SGD, JPY, HKD, NZD, CHF, SEK, DKK, NOK and CNY) or in Sri Lanka Rupees (LKR).
Freely convertible and repatriable outside Sri Lanka on the maturity of Fixed Deposits.

Currency	Interest Rate for 6 months at maturity	Interest Rate for 12 months at maturity
USD	7.50%	8.61%
GBP	5.50%	7.00%
EUR	5.50%	7.00%
AUD	5.50%	7.00%
CAD	3.15%	4.25%
SGD	2.30%	3.50%
NZD	4.00%	5.10%
LKR	15.75%	16.50%

Required documents and information

Full name, nationality, foreign & local address and contact details.
A copy of National Identity Card or Passport (photo and detailed page).
Account Opening Application.
FATCA Declaration.
Risk categorization.
Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign/local address and contact details.
A copy of the Passport (photo and detailed page).
Dual Citizenship Certificate.
Account Opening Application.
FATCA Declaration.
Risk categorization.
Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign address and contact details.

A copy of the Passport (photo and detailed page).

Account Opening Application.

FATCA Declaration.

Risk categorization.

Any other documents stipulated by the Bank from time to time.

Full name, nationality, foreign/local address and contact details.
A copy of the Passport (photo and detailed page) and visa granted by the Dept. of Immigration & Emigration. (if resident in Sri Lanka)
Account Opening Application
FATCA Declaration.
Risk categorization.
Any other documents stipulated by the Bank from time to time

Account Opening Application
If individual: full name, nationality, foreign address and contact details.
A copy of the Passport (photo and detailed page).
FATCA Declaration.
Risk categorization.
In respect of companies incorporated outside Sri Lanka, Foreign Institutional investors, etc., account opening application as appropriate.
Any other documents stipulated by the Bank from time to time depending on the individual/entity.

Inward remittances in foreign currency received from outside Sri Lanka in favour of the account holder through the banking system.
Transfers from Inward Investment Accounts (IIA) or accounts maintained in the Offshore Banking Unit by the account holder, out of the proceeds received as inward remittances during the twenty four months period from 2020.04.08 in favour of the account holder and can only be channeled through the following accounts held in the account holder’s name;
Note: The funds credited to Personal Foreign Currency Accounts (PFCA) by way of inward remittances after 2020.04.08 can be accommodated to be credited to SDAs only through an IIA, provided that such applicants are eligible to open IIA. (As per email by Director, DFE on Clarifications on Special Deposit Accounts (SDA) dated 2020.06.23) Therefore, please refrain from utilizing proceeds received as inward remittances to any other accounts other than the accounts mentioned above. [Eg. Business Foreign Currency Accounts (BFCA) and other accounts]
Foreign Exchange legitimately acquired and brought by the account holder who arrived into Sri Lanka on or after 01 January, 2020 subject to a declaration made to the Customs Department at the port of arrival, as prescribed by the Minister by an Order published in the Gazette under section 8 of FEA.
Foreign exchange equal or less than USD 15,000 or an equivalent amount in any designated foreign currency legitimately acquired and brought by the account holder who arrived into Sri Lanka after 2020.01.01, subject to an appropriate declaration to the AD.
Foreign Currency notes in possession of any persons resident in Sri Lanka up to such limits and subject to such terms and conditions as prescribed by the Minister by an Order published in the Gazette under section 8 of FEA, subject to a declaration on source of funds to the AD.

Mandate can be downloaded from the below link

SDA FD/SA (Individual/Join) Mandate

FATCA Form

Fixed Deposits From (Non Individual) Mandate

CTRA

Capital Transactions Rupee Accounts

ERIA

Emigrant’s Remittable Income Accounts

NRRA

Non Resident Rupee Accounts

Capital Transactions Rupee Accounts

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

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.

Where the account holder is an emigrant resident outside Sri Lanka or an emigrant leaving Sri Lanka (initially or subsequently);

Remittance/ transfer eligible migration allowance to a PFCA or IIA or an account maintained in the Offshore Banking Unit (OBU) or an account maintained outside Sri Lanka, of the account holder.
Remittance/ transfer of funds which was credited under paragraphs 2 (a) (vii) and 2 (a) (viii) above to a PFCA or IIA or ERIA or an account maintained in the OBU or an account maintained outside Sri Lanka, of the account holder.
Transfers to a CTRA of the children, grandchildren, spouse or siblings of the account holder as a gift, subject to the regulations.
Transfers to a NRRA of the account holder.

Where the account holder is an emigrant resident in Sri Lanka;

Withdrawal in foreign currency notes up to the maximum limit specified in the Directions on Current Transactions or transfer of funds for uploading a Foreign Travel Card for travel purpose of the account holder who is a resident in Sri Lanka.
Remittance for the purpose of living expenses of immediate family member/s (who is/are dependent/s living outside Sri Lanka) of the account holder who is a resident in Sri Lanka.

Where the account holder is a Non-National resident in or outside Sri Lanka including a minor;

Remittance/ transfer of USD 30,000 per annum out of the funds credited under subparagraph 2(b) (i), to IIA or PFCA or an account maintained in the OBU or an account maintained outside Sri Lanka, of the account holder.
Remittances/ transfer out of the funds credited under subparagraph 2 (b) (ii) above, to IIA or PFCA or an account maintained in the OBU or an account maintained outside Sri Lanka, of the account holder.
Where the account holder is an individual Sri Lankan who has obtained Temporary Resident visa in another country, aged 18 or above; issuance of foreign exchange up to a maximum of USD 30,000.
Where the account holder is an individual Sri Lankan who is a prospective migrant under the parent migration scheme; payments to overseas authorities for obtaining visa under the parent migration scheme.
Where the account holder is an administrator or an executor of the estate of a deceased person who was an emigrant, transfer of funds to the CTRA of beneficiary/s of estate of the deceased person.
Disbursements in Sri Lanka in Sri Lanka rupees.

Emigrant’s Remittable Income Accounts

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

Eligibility

An emigrant.

Special Benefits

100% protection on your investments

Opening and Maintaining ERIAs

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

Account Types

ERIA – Savings Account
ERIA – Current Account (without overdrawing facility)

For Whom

Emigrant’s Remittable Income Accounts (ERIAs) is opened for the purpose of repatriation of current income derived in Sri Lanka by an emigrant only if there is a regulatory requirement in the country where the emigrant is residing permanently, to identify the current income globally derived by such emigrant,

Required documents and information

A/C 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

Annexure 1 Annexure 2 Annexure 3

Any income 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.
Any income derived from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets) that are inherited by the emigrant, from a person resident in Sri Lanka.
Any income 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 income realized from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets) that are inherited or received as 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/her Sri Lanka rupee accounts prior to the regulations coming into effect or inherited by the transferor or received as a gift to the transferor or made through Non Resident Rupee Account 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 (as amendments thereto) - Extraordinary Gazette No. 2213/35 dated 2021.02.03.
Income received for services provided by the accountholder.
Superannuation benefits of the account holder [including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and pensions or any other retirement benefits].
Transfers being current income of the accountholder, from a Non Resident Rupee Account (NRRA) or Capital Transaction Rupee Account (CTRA) of the accountholder.
Interest earned for the funds held in the account.

Remittances in favor of the account holder.
Transfers to Inward Investment Account (IIA) or Personal Foreign Currency Account (PFCA) or an account maintained in Offshore Banking Unit or an account maintained outside Sri Lanka, of the same accountholder.
Transfer of funds to the Capital Transaction Account of the administrator/executor of the estate of a deceased person (i.e. account holder).
Payments in relation to the loan obtained by the accountholder under the Direction No. 11 of 2021 (as amendments thereto). (e) Payments for the settlements of the Electronic Fund Transfer Cards of the account holder issued in terms of the Directions No. 02 of 2021 (as amendments thereto).
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

Emigrant’s Remittable Income Accounts

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

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.

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.

DFCA/DRA

Diplomatic Foreign Currency Accounts (DFCA) and Diplomatic Rupee Accounts (DRA)

ECBA

External Commercial Borrowing Account

RGFCA

Resident Guest Foreign Currency Accounts

RGRCA - Investors

Resident Guest Rupee Current Accounts Investors

Resident Guest Rupee Current Accounts - Professionals

Diplomatic Foreign Currency Accounts (DFCA) and Diplomatic Rupee Accounts (DRA)

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

Eligibility

Persons eligible to open Diplomatic Foreign Currency Accounts (DFA) and Diplomatic Rupee Accounts (DRA)

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.

Diplomatic Foreign Currency Accounts (DFA)

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.

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.

External Commercial Borrowing Account

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

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

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.

Resident Guest Foreign Currency Accounts

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

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 and a further sum of USD 35,000 per person for the upkeep in Sri Lanka of the investor and dependents accompanied by him/her.

Special Benefits

100% protection on your investments

Opening and Maintaining the Accounts

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)

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).

Resident Guest Rupee Current Accounts Investors

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

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.

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.

Resident Guest Rupee Current Accounts - Professionals

Eligibility
Special Benefits
Required documents
Permitted Credits
Permitted Credits
Contact

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.

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.

Foreign Currency Accounts

PFCA

Ethera Udana

SFNFDA

SFNRA

Personal Foreign Currency Account - PFCA

Eligibility

Special Benefits

General

Required documents and information

An individual including a Minor who is a Sri Lankan national

An individual of Sri Lankan origin including a minor who is a resident outside Sri Lanka

A non-national resident in Sri Lanka

A non-national either on temporary visit to Sri Lanka or intending to visit Sri Lanka

An Administrator or Executor of the estates of a deceased person, who maintained a Personal Foreign Currency Account (PFCA)

Key Fact Document

Dowload the Required Application Forms

”Ethera Udana” PFCA Minors’ Accounts

Eligibility

Special Benefits

Granting additional interest rates for “Ethera Udana” PFCA Minors’ Accounts

Exclusion of TT/Draft commission

Insurance Cover

Cash prices on excellence in O/L and A/L exams

Waive off “Balance Confirmation charges”

Bank may consider granting “People’s Wisdom Loan” for overseas studies for the education of these children under the Terms and Conditions of the “People’s Wisdom Loan” scheme.

General

Required documents and information

Permitted Credits

Permitted Debits

Key Fact Document

Senior Foreign Nationals’ Fixed Deposit Account

Eligibility

Special Benefits

Required documents and information

General

Permitted Credits

Permitted Debits

Senior Foreign Nationals’ Rupee Account

Eligibility

Special Benefits

Required documents and information

General

Permitted Credits

Permitted Debits

BFCA

Business Foreign Currency Accounts

Eligibility

The following persons resident in, Sri Lanka who earn foreign exchange from a resident outside Sri Lanka:

Special Benefits

Required documents and information

Permitted Credits

Permitted Debits

General

IIA

OIA

SDA

Inward Investment Accounts

Eligibility

Special Benefits

Required documents and information

General

Permitted Credits

Permitted Debits

Outward Investment Account

Eligibility

Special Benefits

Required documents and information

Opening and Maintaining the Accounts

Permitted Credits

Permitted Debits

Opening and Maintaining the Accounts

Documents and Information Required

Special Deposit Accounts (SDA)

Eligibility

Opening and Maintaining SDAs

Currency

Interest Rate for 6 months at maturity

Interest Rate for 12 months at maturity

USD

Foreign
Currency Accounts