BOC promotes no-questions asked Special Deposit Account (SDA)
View(s):With the objective to encourage foreign income earners in the country, Bank of Ceylon (BOC) is promoting the Special Deposit Account (SDA) including those who receive their foreign remittances both in foreign currency and/or in Sri Lankan Rupees.
The duration allowed to open SDA account will be available only for a period of first six months commencing from April 8, 2020 as per instructions issued by the Central Bank. Sri Lankans residents in or outside Sri Lanka, dual citizens, citizens of other states with 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, the bank said in a media release.
SDAs will be opened and maintained as six month or 12-month fixed deposits from the date of opening the account from the funds received as inward remittances. As for 6-month deposits additional interest rate of 1 per cent per annum above the listed rate of respective currency will be offered whereas 2 per cent per annum above the listed rate of respective currency will be offered for twelve months SDA maintained in deposit currency.
The bank said these SDAs will be exempted from any procedural requirements specified in the foreign exchange regulations. On maturity the SDA account will be automatically transferred to a normal fixed deposit in the respective currency with the same tenure and can be freely convertible to any currency and repatriated to a destination outside Sri Lanka if required.