The Parent/Guardian for non-resident minors and/or resident minors whose parent/s, guardian/s is/are employed abroad.
Account should be opened in the individual names of the minor only (Joint accounts are not permitted) duly supported by a copy of the birth certificate.
The minimum initial deposit required is USD 100- or its equivalent in any other designated currency and regular remittances are required to be made to the account.
Deposits that are permitted to Singithi Surakum NRFC Accounts:
The account should be funded only out of inward remittances in convertible foreign currency from their parent/s, guardian/s employed abroad.
The minor in whose name the account is opened would be the beneficiary of the deposits made to the account.
Restrictions:
No withdrawals will be permitted from the account until the minor attains the age of a major except for necessities of the minor. On reaching the age of majority, the beneficiary will be required to complete and submit to the bank a new savings account form and thereafter the account will be converted to a Resident Foreign Currency Savings account, under a new number.
Advantages:
Interest is paid at 1% above the interest rate payable on NRFC Savings accounts
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.
