Additional 2% interest for NRFC special accounts in Sri Lanka

A special Gazette notification issued on 9th of April  to introduce a special accounts under special concessions for Sri Lankans living overseas and foreign nationals to deposit their savings and other funds in Sri Lanka.  Co-Cabinet Spokesman minister Bandula Gunawardena revealed this whilst addressing the cabinet media briefing in Colombo.

The foreign currency deposited into Non Resident Foreign Currency (NRFC) accounts must remain for a minimum period of 6 months and the government has decided to offer an additional interest for NRFC account holders when depositing their foreign currency. Additional 01% and 02% higer  interest rate than the rate offered by the Sri Lankan banks for normal fixed deposits, will be available for deposits over 6 months and 12 months respectively. However this Special Deposit Account (SDAs) need to be opened with inward remittances through banking system during the six months period from the date of the relevant Regulation.

Any Sri Lankan individual resident in or outside Sri Lanka, Dual Citizens, Citizens of other States with Sri Lankan origin,  A non- national resident in or outside Sri Lanka, Funds, corporate bodies, associations incorporated/registered outside Sri Lanka or Any other well-wisher can open an account according to the notice issued by the government

Eligible persons who wish to deposit funds in Sri Lanka may open and maintain a “Special Deposit Account (SDA)” with an Authorized Dealer (any Licensed Commercial Bank and National Savings Bank) in Sri Lanka.

This is an opportunity for Sri Lankans and well-wishers living in Sri Lanka and abroad to extend a gesture of goodwill towards Sri Lanka and its people during the Covid-19 outbreak

Funds freely convertible and remittable outside Sri Lanka upon maturity and will not be subject to any Foreign Exchange Regulations published in recent gazette notification.