Eligible Investors to open an account

• Citizens of foreign states
• Sri Lanka citizens resident outside Sri Lanka
• Corporate bodies incorporated outside Sri Lanka
• Foreign institutional investors ( eg. Country funds, mutual funds, regional funds)

Note: Joint accounts held by two or more eligible investors too are allowed.

Type of accounts

• Time Deposits
• Savings Deposits

Permitted Currencies

Any designated foreign currencies or Sri Lanka rupees.

Tax Exemption

Exempted from Withholding Tax and Debit Tax

Rate of Interest

• For foreign currency deposits prevalent interest rates applicable to NRFC accounts
• For Sri Lanka Rupee accounts prevalent interest rates stipulated in the Treasury Notice.
• For larger deposits interest rates will be negotiated by the Treasury Divisiion.

     Time deposits for all durations (interest only at maturity and no monthly interest)
 

Permitted Credits

1. Proceeds of inward remittances received from abroad through banking system
2. Travellers cheques issued outside Sri Lanka
3. Foreign currency notes brought into the country by account holder and tendered in person to the authorized dealer
4. Bank draft endorsed in the name of the account holder
5. Interest accruing on the funds held in the account

(Credits under 2nd and 3rd rows will be accepted only if declared to the Sri Lanka Customs, on their arrival in Sri Lanka )

Permitted Debits

• Outward remittances
• Transfers to other SFIDAs
• Disbursements of the account holder in Sri Lanka
• Relevant statutory payments such as debit tax

Minimum account balance

• US$ 10,000/-or its equivalent in any of the designated foreign currencies or equivalent amount of Sri Lanka Rupees.

Download Application

Application Personal/Joint (Domestic/Foreign Currency)