SDA

Special Deposit Accounts

Introduction

A great investment opportunity from People’s Bank in the way of a rewarding Special Deposit Account (SDA) with highest interest rates for patriotic Sri Lankans home and overseas, and well-wishers to help rebuild Sri Lanka.

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 the Accounts

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. 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	6.25%	7.50%

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;

Outward remittances of maturity proceeds upon maturity of the Fixed Deposit.
Transfer of maturity proceeds of SDA Fixed Deposits to an Inward Investment Account (IIA) or an account maintained in the Offshore Banking Unit (OBU) by the same account holder.
Transfer of maturity proceeds including the interest of SDAs into an Inward Investment Account (IIA) of the same account holder provided that such SDA holder is eligible to maintain an IIA in terms of the Regulations No. 2 of 2021 published in the Gazette Extraordinary No. 2213/35 dated 03 February 2021.
Transfer of maturity proceeds including the interest of SDAs into a Personal Foreign Currency Account (PFCA) of the same account holder, provided that such SDA holder is eligible to maintain PFCAs in terms of the regulations No 05 of 2021 published in the Gazette Extraordinary No. 2213/38 dated 03 February 2021.
Disbursements in Sri Lanka in Sri Lanka Rupees

Required documents and information

The following information and documents shall be obtained prior to opening a SDA, as applicable;

	Eligible Persons	Information / Documents
i	Sri Lankan individuals resident in or outside Sri Lanka.	Full name, nationality, foreign/local address and contact details. A copy of National Identity Card or Passport (photo and detailed page). Risk categorization. Account Opening Application. FATCA Declaration. Any other documents stipulated by the Bank from time to time.
ii	Dual Citizens	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.
iii	Citizens of other States with Sri Lankan origin	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.
iv	Non-nationals resident in or outside Sri Lanka.	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.
v	Funds, corporate bodies, associations incorporated/registered outside Sri Lanka.	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. n 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.

Mandates can be downloaded from the below link

SDA FD/SA (Individual/Joint) Mandate
FATCA Form
Fixed Deposits Form (Non Individual) Mandate

For more information please visit the nearest branch of People's Bank or contact us

Nadeesha :+94 71 443 3579 (email :nadeeshadt@peoplesbank.lk)
Renuka : +94 71 666 3111 (email :renukadevi@peoplesbank.lk)
Manager - Foreign Currency Account Department, People’s Bank,
Overseas Customer Services