NTB introduces special account to attract foreign currency deposits

Nations Trust Bank (NTB) has launched a Special Deposit Account (SDA) to attract foreign currency deposits in support of the national effort in managing this crisis and under a government plan to garner more foreign exchange to boost local reserves.
Expressing solidarity to overcome the effects of the COVID-19 outbreak in the country, NTB offers all Sri Lankan non-residents, dual citizens, non-governmental organisations, foundations and trusts, associations, corporations and other entities registered outside Sri Lanka, and well-wishers an opportunity to invest their funds through remittances of foreign currency earnings, savings and also through investments.
“This gesture of goodwill not only supports the nation but offers an attractive higher interest of 1 per cent and 2 per cent above the bank’s published rates for 6 and 12-month tenures respectively. Applicable for all designated major currencies, the SDA can be operated as a joint account as well,” NTB said in a media release.
Deposit holders are assured that all funds under the SDA are free from taxation and no restrictions for repatriation of funds at maturity of the deposit. Additionally, reassurances have been given that the account is exempt from foreign exchange regulations. Regulations also permit funds to the SDA by transferring a direct foreign remittance or through an Inward Investment Account (IIA).
Explaining the launch of the new account, Sheahan Daniel, Senior Vice President - Branch Network said, “The COVID-19 pandemic continues to impact communities across our country and the broader economy. As a responsible bank among our priorities, while protecting our employees and customers, is also to support the national cause and protect society as a whole. Introducing the Special Deposit Account, Nations Trust Bank is boosting national efforts in responding to this emergency, helping mitigate its impact in the short and medium term, also meaningfully contributing to better outcomes.”