'RANKEKULU' (RKFC) For Children
- Foreign Currency Savings Account

• Children  who are below 18 years (resident in Sri Lanka or abroad) whose parents are employed abroad
• The account could  be converted to NRFC or RFC account after 18 years of age.

Benefits

• Interest paid in foreign currency
• The accounts which carries a balance of USD 1000 as at 31st December will be entitled to a bonus interest *
• Exempted from Income Tax and Withholding Tax

Designated currencies

• Euro                             
• USD                   
• Sterling Pounds
• Swiss Francs
• Australian Dollars
• Japanese Yen
• Singapore Dollars
• Canadian Dollars
  
  

How to open a RKG account

• With an Initial deposit of USD 25/- or its equivalent in any of the above currencies.

• Applications should be made either by the minor (if he is a competent minor) or by a Parent/Guardian of the minor.
  
  

Documents we need

• a Copy of the birth certificate of the child
• a Copy of the Pass – port of the parent
• a Mandate form duly completed
  
  

Deposits to the RKG A/C could be in any of the following forms

• Drafts, International Money Orders
• Personal Cheques
• Transfer from parents NRFC Accounts
• TT / Swift (BCEYLKLX) / BOC e-Cash / Xpress Money
  
  

Withdrawal of funds

Premature withdrawals* are permitted only in special circumstances such as sickness, marriage educational purposes

The Bank reserves the right to amend and/or to introduce additional rules and regulations for operation of this Foreign Currency Savings Scheme.

* (Conditions apply)

Click here to download - RKFC Application ( pdf format )

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Recent Liberalization of Exchange Control Regulations to Facilitate Foreign Currency Inflows