Resident Foreign Currency Account (RFC)
How can I open a RFC Savings Account?
1. Download account opening forms or collect them from one of our Customer Centres.
Complete the RFC Account Opening Form, sign and present it to a Customer Centre convenient to you, along with your National Identity Card or passport. (In the case of non-citizens, a copy of the resident visa and passport are required.)
Your RFC statement is available monthly or quarterly. Please indicate your preference.
- Click here for Internet Banking application form
- Print the form, then complete the details and sign both sections
- Click here for Know Your Customer (KYC) application form
Print the form, then complete the details and sign both sections.
2. The initial deposit required is USD 100/-.
What are the advantages of maintaining a RFC Account?
- Gain on the interest payable in foreign currency for Sri Lankan residents in Sri Lanka who receive and deposit inward remittances in foreign currency from overseas and possible appreciation of the value when converting to Sri Lanka Rupees at a later date
- Gain on Foreign exchange appreciation
- Tax free interest earned in foreign currency
How can I open a RFC Fixed Deposit Account?
- All you have to do is give written instructions to your Customer Centre Manager to place a specific sum in Fixed Deposit for a
specific period with disposal instructions for interest.
- Fixed Deposits can be opened for periods of 01 month, 03 months, 06 months or 12 months.
What deposits are permitted to a RFC Account?
- Inward remittances received in favour of the account holder except as proceeds of export of goods and services
- Interest payable in foreign currency on funds held in the account
- Deposit of currency notes by account holder
What withdrawals can be made to a RFC Account?
- Any payment in foreign currency for current international transactions
- Transfer of funds from one RFC Account to another
- Any payment in Sri Lanka in Sri Lanka Rupees converted at the existing exchange rate
- Payments in foreign currency on account of life insurance premium are not permitted. Only health/medical and travel insurance are permitted provided documentary proof submitted is acceptable to the bank
All RFC Savings Accounts with a minimum balance of USD 1,000/- and fixed deposits are eligible for the HNB World Draw scheme. To learn more about HNB World, click here.
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