Bank of Ceylon promotes Special Deposit Account in support of COVID-19-hit economy

Wednesday, 27 May 2020 00:00 - - {{hitsCtrl.values.hits}}

With the objective to encourage foreign income earners in the country, Bank of Ceylon wishes to promote 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 8 April, as per instructions issues by the Central Bank of Sri Lanka. Sri Lankan 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 BOC. Any of above eligible persons can open SDA accounts at any selected BOC branch of their choice, except for non-national residents outside Sri Lanka and corporate bodies and funds, where as they will have to open and maintain their accounts from 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, 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 12 months of having SDA maintained in deposit currency.

The SDA account can also be operated as joint account by eligible persons. 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 normal fixed deposit in the respective currency with the same tenure, and can be freely convertible to any currency and repatriable outside Sri Lanka if required.

Placing convenience and customer service as utmost priority, BOC enables customers to obtain this service at all its branch network spread across the country. BOC sincerely believe citizens and well- wishers of Sri Lanka to join with the Bank to assist the country at this pandemic situation to rebuild its economy once again.