Highlights

The Government of Sri Lanka in consultation with the Monetary Board of the Central Bank of Sri Lanka (CBSL) has introduced a Special Deposit Account (SDA).

• Higher interest paid at maturity
• Personal & non personal accounts can be opened 
• You can save in a currency of your choice

Eligibility

Sri Lankan individuals resident in or outside Sri Lanka

Dual Citizens

Citizens of other States with Sri Lankan origin

Non- nationals resident in or outside Sri Lanka

Funds, corporate bodies, associations incorporated/registered outside Sri Lanka

Features

Minimum Tenure

Six (06) months

Type of Deposit

Fixed deposits only

Interest Rate

6 months deposits - Additional 1% p.a on the interest rate published by the Bank

12 months deposits - Additional 2% p.a on the interest rate published by the Bank

Eligible Currencies

The SDA could be opened In Sri Lankan Rupees or designated foreign currencies; USD, EUR, GBP, AUD, SGD, SEK, CHF, CAD, HKD, JPY DKK, NOK, RMB, NZD

Permitted Credits

Inward remittances in foreign currency received from outside Sri Lanka in favor of the account holder through the banking system.

Transfers from Inward Investment Accounts (IIA) or accounts maintained in the Offshore Banking Unit by the account holder, out of the proceeds received as inward remittances during the six months period from the date of the regulations in favor of the account holder.

Permitted Debits

Outward remittances of maturity proceeds upon maturity of the term deposit.

Transfer of maturity proceeds of Special Deposit Accounts term deposits to an Inward Investment Account or an account maintained in the Offshore Banking Unit by the same account holder.

Disbursements in Sri Lanka in Sri Lankan Rupees.

Documents required

Residents overseas:

1. Account mandate
2. Know Your Customer (KYC) form.
3. The Personal Data Page of your passport duly certified by the embassy/ Consulate office of Sri Lanka in your country or by your banker overseas.  
4. Visa page of your passport duly certified by the embassy/ Consulate office of Sri Lanka in your country or by your banker overseas.  
5. Copy of work agreement (If applicable) 
6. Address verification documents (If the address given to the bank is different from the National Identity Card / Driving License.) More info >>

Residents in Sri Lanka:

1. Account mandate.
2. Know Your Customer (KYC) form.
3. National Identity Card/ Valid Driving License/ Valid Passport that carries the NIC number.
4. Address verification documents (If the address given to the bank is different from the National Identity Card / Driving License.) More info >>

Opening an account

Special Deposit Accounts shall be opened and maintained only in the form of Fixed Deposits. SDAs in the form of savings accounts may be opened as operational accounts only for the purpose of receiving funds to be placed in SDAs. SDA Interim Savings Account could not be used for any transactions other than routing SDA funds.

Special Deposit Accounts shall be opened and maintained either in any designated foreign currency or in Sri Lankan Rupees.

Special Deposit Accounts may be held as joint accounts by eligible persons.

For further details please contact our Travel & NRFC Department on + 94 11 2330408  ,+94 11 2486075/85 or your nearest Commercial Bank branch. Email :- travel_nrfc@combank.net

Terms & conditions apply

Product information and terms & conditions are subject to change from time to time. Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditions.