Learn More About NRFC Savings Accounts

Benefits Of NRFC Savings Accounts

You can apply for Sri Lanka Rupee Loans or Overdrafts at concessional rates. This facility enables you to retain the foreign currency deposits intact.

NRFC Accounts can be freely operated even after your return to the island for permanent residence.

Arrangements can be made for a member of your family or friend to operate this account on your behalf.

You will receive the option of appointing a nominee, to whom the funds in the account are to be paid, in the event of death of the account holder.

Standing orders are effected without any commission.

You can switch from one currency to another at competitive exchange rates.

Above all you will receive our personalized service.

Opening A NRFC Account
AYou can visit a branch of your choice and discuss your requirement along with the period of deposit with an officer of the branch.

Interest rate applicable for Foreign Currency Savings can be viewed from the Rates and Tariffs page of this site.

Please fill the relevant application form and hand over to the branch. Remember to take your passport with the VISA copy to confirm your Non Residency Status This Is necessary for us to identify you.

You may open a NRFC Savings Account with us in any of the following currencies and earn competitive rates of interest.

Currency
 
Minimum Deposit
   US DOLLARS     USD 25
   STG. POUNDS     GBP 25
   SWISS FRANCS     CHF 500
   JAPANESE YEN     JPY 10, 000
   AUSTRALIAN DOLLARS     AUD 25
   SINGAPORE DOLLARS     SGD 25
   CANADIAN DOLLARS     CAD 40
   HONG KONG DOLLARS     HKD 200
   EURO     EUR 25
   NEW ZEALAND DOLLAR     NZD 50
   SWEDISH KRONER     SEK 150
   NORWEGIAN KRONER     NOK 150
   CHINESE YUAN     CNY 100


Interest

Interest will be calculated on the daily balance and credited to your account quarterly. The interest earned on NRFC Accounts is free of all taxes even after your return to Sri Lanka. NRFC funds are freely transferable. (in accordance with the Exchange Control Regulations)

Deposits

All types of inward remittances in foreign currency, as given below, will be accepted in credit to NRFC accounts.

• Telegraphic or SWIFT transfers
• Bank Drafts drawn in favor of Commercial Bank of Ceylon PLC
• USD Drafts payable at local Banks or issued by local Banks. Credit on which will be given within 4 working days without any charge
• Foreign currency notes
• Traveller's cheques  issued overseas and personal cheques
• Bank Drafts drawn on foreign currency in the currency of the respective countries
eg: USD drafts drawn on New York,  GBP drafts drawn on London

Withdrawals

You can make withdrawals from NRFC accounts on the following basis.

•  Calling over personally and on production of your passport or national identity card
•  Through any ATM displaying cirrus or visa logo in the currency of the country
•  On your written instructions to pay another party; eg. For the upkeep of your family
•  Written instructions for the purpose of remitting abroad in any foreign currency
•  For obtaining traveller's cheques and currency notes for travel abroad

If you require further details please contact our NRFC Department on + 94 11 2330408 ,+94 11 2486075/83 or your nearest Commercial Bank branch. Email:- This email address is being protected from spambots. You need JavaScript enabled to view it.
 

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.