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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%


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



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

Contact Us

  • +94 112332745
  • 0112332746/2334278/2437621/2446409
  • nrfc@peoplesbank.lk, newnrfc@peoplesbank.lk
About Us
Quick Links
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People's Bank
No.75, Sir Chittampalam A.
Gardiner Mawatha,
Colombo 2, Sri Lanka.
  • Telephone : +94 (0)11 2481481
  • Call Center : 1961
  • E-Mail : info@peoplesbank.lk
  • SWIFT Code : PSBKLKLX
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Chairman

Mr. Sujeewa Rajapakse

Mr. Sujeewa Rajapakse is a Managing Partner of BDO Partners which is the local representative of BDO - the fifth largest accounting network in the world. A Fellow of the Institute of Chartered Accountants of Sri Lanka (FCA) and a Fellow of Institute of Chartered Management Accountants of Sri Lanka (FCMA), Mr.Rajapakse holds a Master of Business Administration (MBA) from Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura. During his professional career that spanned nearly four decades, he held the honorary positions of President, Vice President and Council Member (elect) of the Institute of Chartered Accountants of Sri Lanka (ICASL), Former Chairman of Auditing Standards Committee of ICASL, President of Practicing Accountants Forum of Sri Lanka, Treasurer of Sri Lanka Cricket, Treasurer for Cricket World Cup 2011, Board Member and Technical Advisor to South Asian Federation of Accountants (SAFA), Technical Advisor to Confederation of Asia Pacific Accountants (CAPA) and Council Member of University of Sri Jayewardenepura. He has also served in the directorates of National Development Bank PLC, Softlogic Insurance PLC, Dipped products PLC, Heycarb PLC, Development Holdings (Pvt) Ltd, Lanka Holdings (Pvt) Ltd, NDB Capital Ltd – Bangladesh, The Finance Company PLC and Unidil Packaging.

Director

Mr. Dushmantha Thotawatte

Mr. Dushmantha Thotawatte was appointed to the Board of Directors with effect from 08.07 2022. Mr.Thotawatte is a fellow member of the Institute of Chartered Accountants of Sri Lanka with a Bachelor of Commerce (Special Degree) from the University of Sri Jayawardhanepura & a Master in Financial Economics from the University of Colombo. He is an accomplished leader who has extensive experience in the field of Financial Management, Corporate Governance, Strategic Management and Public Relations, together a successful track record as Chief Executive Officer, Chief Financial Officer and Chief Internal Auditor in many state owned enterprises and private organizations and counts over 38 years of experience.