Sri Lankan citizens who are employed overseas (you could also open a NRFC Account within 90 days of your return to Sri Lanka).
A Sri Lankan by birth but holding a foreign passport.
Persons employed in Sri Lankan Airlines or Sri Lanka Shipping Lines earning salaries in foreign exchange.
Foreign employment agencies with valid permits issued by the Ministry of Labour.
Advantages in maintaining a NRFC Savings Account
Deposits in foreign currency are tax free
Interest earned in foreign currency on these deposits is tax free at present
Millennium Shield Life Insurance Cover (terms & conditions apply)
Internet Banking (view your account, print your statements)
You gain on foreign exchange appreciation
Deposits that are permitted to a NRFC Account
Inward Remittances in any designated currency favouring the account holder. The inward remittance may be in the form of bank drafts, telegraphic transfers, mail transfers, payment orders drawn in designated currencies.
Foreign exchange in the form of currency notes brought into Sri Lanka by the account holder and declared to the Sri Lanka Customs. (Customs Declaration required)
Withdrawals that are permitted from a NRFC Account
All withdrawals will be subject to written instructions from the account holders.
Withdrawals could be made by converting to Sri Lanka Rupees.
Withdrawals in foreign exchange will be permitted by way of bank drafts, telegraphic transfers or travellers cheques.
Travellers Cheques will be issued only on production of valid travel documents and subject to exchange control guidelines.
Issuance of foreign currency notes will be subject to the limit placed by Central Bank and exclusively for travel purposes.
Restrictions
Restrictions exist for payment of Life premium for foreign currency insurance policies obtained from an overseas insurer and for purchases of capital goods overseas (e.g. land and building). This restriction does not apply to one time Sri Lankans now resident and employed overseas. However, premium on health/medical and travel insurance is permitted subject to production of documentary proof acceptable to the bank.
No transfer of funds from Resident Foreign Currency Accounts or Exporter’s Foreign Currency Accounts could be credited.
If the account holder has pre-nominated a member/s of his/her family to whom currency notes are sent for deposit to his/her account and subject to the bank being satisfied that the account holder still qualifies to operate a NRFC account, these parties are permitted to do so on behalf of the account holder
Print the application (complete the details,sign both sections).
HNB Virtual Branch - Internet Banking service enables you to view your transactions, balance and also print your statements.
The following supporting documents are required:
Photocopy of your passport where name, photo, validity and visa (where applicable) are available
Documentary proof of employment (photocopy of employment/contract letter from employer/salary slip)
Bank Draft for a sum in excess of US$ 100- or its equivalent in the currency of preference as an initial deposit. The draft should be drawn favouring yourself and payable in foreign currency. If you intend to transfer funds from a bank or exchange house (in the Middle East) for the initial deposit, please let us know
Statement – Please mention your required statement of account period – (e.g. monthly or quarterly)
If you are a former Sri Lankan now holding a foreign passport,, please provide us a copy of your Sri Lankan Birth Certificate.
Courier or mail to: Chief Manager (Remittances)
Hatton National Bank Ltd
Level 18 HNB Towers
479 Darley Road
Colombo 10
Sri Lanka
Eligibility criteria for Millennium Shield Insurance Cover
NRFC account holders of HNB are insured under ‘Millennium Shield’ as follows:
Those account holders within the specified age limits who maintain the required balances whether a resident in Sri Lanka or abroad qualify for benefits (Please see table below). However, payments are in SL Rs. Value of compensation will increase proportionately depending on the balance maintained. Compensation will be considered on the basis of continuous maintenance of the required balance for a period of six months immediately preceding the event leading to the claim. Claims should reach the bank within three (3) months of the date of the event. Claims presented thereafter will not be processed under any circumstances. Claims will be paid to the dependent after the bank establishes the bona fides beyond doubt.
Category
A/c balance (US$) or itsequivalent in any other death Designated currency
Age Limit
Cover- Natural death
Cover-Accidental
1
US$ 200 – 2,499-
Below 65 years
Rs 100,000-
Rs 200,000-
2
US$ 2,500 - 7,499-
Below 65 years
Rs 200,000-
Rs 400,000-
3
US$ 7,500 & above
Below 60 years
Rs 500,000-
Rs 1Mn
Over 60 years but
below 65 years
Rs 250,000-
Rs 1Mn
Housing Loans in foreign currency
If you are a NRFC account holder at HNB and have sufficient earnings abroad to meet a monthly commitment on a housing loan, then you are eligible to apply. A mortgage of the house and property is required as collateral.
The maximum period for repayment is 5 years subject to your employment overseas and repayment capacity. Repayment should be in foreign currency earned overseas.
Loans in Sri Lanka Rupees would be obtained up to 90% of rupee equivalent of your foreign currency deposit.
(Please communicate with your branch manager for further details.)
