- Permitted Credits/Debits
What is it?
The Non-Resident Foreign Currency (NRFC) accounts scheme is for Sri Lankans who are employed abroad. It is an incentive given to them to remit their earnings to Sri Lanka and maintain accounts in designated foreign currencies.
- Nationals of Sri Lanka, who are or have been employed abroad (Having been employed abroad, returned to Sri Lanka within 90 days)
- Non-Nationals of Sri Lankan Origin, who are residing outside Sri Lanka (subject to terms and conditions termed by the Controller of Exchange from time to time)
Types of Accounts
- Accounts in the form of Savings or Fixed Deposit Accounts
- Inward Remittances in foreign currency received through any Authorised Dealer
- Acceptance of any amount of designated foreign currencies brought by the account holder without the confirmation of the customs on the passport or customs declaration card
- Interest earned in foreign currency on funds held in the account
- Debits are freely allowed for remittances abroad
- Payments in Sri Lanka.
- Issuing of Traveller’s Cheques and currency notes against funds held in accounts for travel abroad, subject to submission of air tickets.
What are the Benefits Available?
- Earned interest is free of withholding tax.
- Free initial ATM card and free SMS ALERTZ service during the first year.
- High interest rates.
- Competitive exchange rates.
- Loan and Overdraft facilities.
- Ability to transfer funds in any currency between own NRFC accounts, from NRFC to RFC accounts in the same bank or different banks.
- An additional interest of 0.25% for Sanhinda Saver Accounts (only for USD).
* Conditions apply