Deposits, Withdrawals & Restrictions of NRFC
What deposits can be used to open 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 and payment orders drawn in designated currencies.
- Deposit of currency notes by account holder or his/her immediate family members (spouse/parent/sibling/children).
- Interest is payable in foreign currency on funds held in the account.
Are withdrawals permitted from a NRFC Account?
- All withdrawals require written instructions from the account holders.
- Withdrawals could be made in Sri Lankan 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.
- Issue of foreign currency notes is subject to the limit placed by Central Bank and exclusively for travel purposes.
Are there any restrictions on a NRFC Account?
- Restrictions exist
This restriction does not apply to former Sri Lankans now resident and employed overseas.
- for payment of life insurance premium for foreign currency insurance policies from an
- transactions of capital nature (e.g. purchase of land and/or buildings)
However, premium on health/medical and travel insurance is permitted subject to production of documentry proof acceptable to the bank.
- No transfer of funds from Resident Foreign Currency Accounts or Exporter's Foreign Currency Accounts could be credited.
- The account holder may nominate a family member/s to make deposits to his/her account, subject to the bank being satisfied that the account holder still qualifies to operate a NRFC account.