Resident Foreign Currency Accounts (RFC)
Eligibility
- Individual citizens or non-citizens of Sri Lanka who are in a
position to deposit foreign currency (FCY) to a minimum of USD 500 or
its equivalent in designated currencies out of inward remittances and/or
currencies brought into the country on Declaration to Customs
or - Other Sri Lankan residents who hold designated FCY amounting to a minimum of USD 500 or its equivalent without documentary evidence of having declared to Customs or having brought in through a banking channel.
A RFC Account can be opened with any of the following currencies-
US Dollar (USD)
Euro (EUR)
British Pound (GBP)
Australian Dollar (AUD)
Japanese Yen (JPY)
Singapore Dollar (SGD)
Canadian Dollar (CAD)
Swiss Franc (CHF)
Norwegian Kroner (NOK)
Swedish Kroner (SEK)
New Zealand Dollar (NZD)
Features
- 20% Bonus interest on the interest you earn from 1st February 2009 onwards. Click Bonus Interest for more details.
- A choice of designated currencies in which you can maintain your accounts.
- Tax exemption on interest from deposits under current regulations
- Rupee and FCY Overdraft facilities securing Foreign Currency Fixed Deposits
- Sweep facilities to credit Rupee Accounts at compatible exchange rates
Convenience
- Banking convenience through our 24-hour Phone Banking
- Transfer funds locally, or internationally via the Pay-by-Phone facility
- Banking by fax (special application required)
Relationship
- Priority Banking for personalized care
- Dedicated Relationship Manager just a phone call away
Types of Accounts Available
Savings Accounts
- Minimum deposit requirement is USD 500 or equivalent designated currency.
- Interest is calculated on the daily balance and paid monthly.
Withdrawals are on request.
Fixed Deposit Accounts
- Minimum deposit requirement is USD 10,000 or equivalent in designated currency.
- Available for periods of 1, 3, 6 and 12 months, for which
interest is payable on maturity. Unless specified otherwise,
deposits are renewed automatically on maturity at prevailing
interest rates.
Requirements to open an NRFC Account
- The minimum deposit requirement of USD 500 for Savings Accounts, USD 1,000 for Fixed Deposits or its equivalent in designated Foreign Currency.
- A copy of your passport (Photo page) certified by your existing Banker.
- Account opening form duly completed and signed.
- Fax/ Phone indemnity
- Phone Banking application form duly completed and signed.
Remitting Funds to Sri Lanka
- By Cash/ Cheque or Demand Draft drawn in favour of the account holder.
- By Telegraphic Transfer (via SWIFT) to the Standard Chartered Bank, Sri Lanka.
For more information on Remittances, email us, visit your nearest Standard Chartered Branch or call +94 11 2480 444