- Permitted Credits/Debits
What is it?
Resident Foreign Currency Accounts scheme is for citizens or non-citizens residing in Sri Lanka. It enables them to keep their foreign currency in Sri Lanka.
- Individuals who are citizens or non-citizens residing in Sri Lanka and in a position to deposit foreign currency with a minimum of USD 100 or its equivalent in other designated currencies
Types of Accounts
- An account can be opened in the form of a Savings or a Fixed Deposit Account
- Initial deposit – a minimum of USD 100 or its equivalent in other designated foreign currencies
- Inward remittances received
- Acceptance of any amount in designated foreign currencies as subsequent deposits without Customs confirmation on the passport or the Custom Declaration Card
- Interest earned in foreign currency on funds held in the account
- Payments within Sri Lanka are offered to account holders maintaining a minimum balance of USD 100 or its equivalent per person.
- Issuing of Traveller’s Cheques and currency notes against funds held in accounts for travelling abroad following submission of Air Tickets
What are the benefits?
- 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