BOC to woo more NRFC business; Targets $ 2 b base

Bank of Ceylon (BOC) last week said it will woo more Non Resident Foreign Currency (NRFC) business targeting a base of US$ 2 billion with its International Division making considerable progress in 2010.

Bank of Ceylon General Manager B. A. C. Fernando (left) chats with Chairman Dr. Gamini Wickramasinghe as Deputy GM (International and Treasury) H M A B Weerasekara  (right) looks on at the recent media briefing on the Bank’s plans to woo higher NRFC business - Pic by Daminda Harsha Perera

“As espoused in the “Mahinda Chinthanaya”, President Mahinda Rajapaksa re-iterates the vital role that foreign exchange earnings play in making the vision “Sri Lanka, The emerging Wonder of Asia” a reality. The country has two major sources of foreign exchange namely, export income and remittances from our migrant workforce. BOC is an active participant in both such areas,” BOC Chairman Dr. Gamini Wickramasinghe said.

“At Bank of Ceylon we have launched many programmes to facilitate our people who sweat and toil away from their homes and families to contribute enormously to the development of our motherland,” he added.

BOC pioneered the Non Resident Foreign Currency (NRFC) account in 1977 and its NRFC account holders have many privileges.

A unique feature is the provision of life insurance cover at no cost. Under this cover, the amount of compensation is linked to the account balance. Compensation ranging from Rs. 100,000 to Rs. 1,000,000 can be claimed at the time of death, permanent or partial disability. The minimum requirement for eligibility is an account balance of USD 250 or equivalent in a designated foreign currency at least six months prior to the date of the incident.

Interest is calculated on a daily basis on NRFC accounts and credited to accounts at the end of each month. Further, such interest earnings are exempt from income tax. Additionally a bonus interest is paid to the Ran Kekulu Foreign Currency (RKFC) account, which has been designed especially for the children of NRFC account holders.

“The Bank facilitates fund transfers from NRFC accounts to any Sri Lanka Rupee account on written request at no extra cost. Account holders can view the transaction details on-line through our Internet Banking facility,” BOC said.

Yet another privileged is the opportunity available to any person who is ready to migrate for foreign employment, the facility to open a NRFC account even without the initial deposit. In such cases, the Bank credits USD 5 to the account as a gift on receipt of the first remittance.

As a support service, BOC has stationed 27 representatives in Italy, France, South Korea and almost all countries in the Middle East to assist and provide banking services to our Sri Lankan citizenry. In addition, to our own branches in Maldives & Chennai, BOC London outfit is now a free standing unit registered under the UK FSA that facilitates remittances to BOC accounts free of charge.

The Bank organises many awareness programmes on banking services and facilities available for migrant employees from time to time. Pre-departure loan facilities to migrant workers to purchase of air tickets and connected expenses are entertained. We also grant housing loans to migrant employees under the “Sarani” loan scheme.

“We believe the migrant workforce is an invaluable asset to our country. While admiring their contribution to the national economy, and their efforts to achieve a better quality in their lifestyle, we consider it our responsibility to promote and inculcate the savings mindset,” the BOC said.

As a tribute to our NRFC account holders, BOC launched the new “BOC NRFC Wasana” Raffle which offers cash prizes of millions of Rupees. At the Quarterly draw the Bank offers Rs.1 million as the super prize, twenty Rs. 50,000 and thirty Rs. 25,000 prizes as the second and third prizes respectively. Additionally, 50 numbers of Rs. 10,000 prizes are on offer through a monthly draw, thereby widening the participation and winning ratio.

“With all these and more, we attempt to strengthen and position the BOC NRFC Account as market leader. Recently as August, Bank of Ceylon claimed the largest market share in NRFC. We will relentlessly pursue to build volume and value in our efforts to notch a landmark of USD 2 billion. As a premier state institution, we at Bank of Ceylon, true to our ethos as Bankers to the Nation will continue to contribute our largesse to Sri Lanka’s vision of Wonder of Asia,” BOC added.