The Bank of Ceylon (BOC) has launched a Special Deposit Account (SDA) to encourage foreign currency earners in the country, including those who receive remittances in foreign currency and/or in Sri Lankan Rupees.
The duration to open an SDA account will be available only for six months from April 8, 2020 as per instructions issued by the Central Bank. Sri Lankan residents in or outside Sri Lanka, dual citizens, citizens of other states of Sri Lankan origin, non-national residents in or outside Sri Lanka, funds, corporate bodies, associations incorporated/registered outside Sri Lanka are considered eligible to open SDA accounts with the BOC.
Any of the above eligible persons can open SDA accounts at any BOC branch of their choice except for non-national residents outside Sri Lanka and corporate bodies and funds who will have to open and maintain their accounts at the BOC Personal branch.
SDA s will be opened and maintained as; six months or twelve months fixed deposits from the date of opening the account from the funds received as inward remittances. As for six month deposits, an additional interest rate of 1% per annum above the listed rate of respective currency will be offered whereas 2% per annum above the listed rate of respective currency will be offered for twelve months SDA maintained in deposited currency.
The SDA account can also be operated as a joint account by eligible persons. These SDAs will be exempted from any procedural requirements specified in the foreign exchange regulations.