Singithi Surakum NRFC Savings Accounts For Minors
Who can open a Singithi Surakum NRFC Savings Account?
- The parent/guardian for non-resident minors and/or resident minors whose parent(s)/guardian(s) is/are employed abroad. The minor in whose name the account is opened would be the beneficiary of the deposits made to the account
- The account should be opened in the individual names of the minor only (joint accounts are not permitted) and 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
What are the benefits of a Singithi Surakum NRFC Savings Account?
- 1% higher interest than the interest rate payable on NRFC Savings Accounts
- Gain on foreign exchange appreciation
- Tax-free interest in foreign currency
- Free Millennium Shield Insurance Cover (terms and conditions apply)
How can I open a Singithi Surakum NRFC Savings Account?
- Click here to download the Minor NRFC Account Opening Form
- Print the form, complete the details and sign both sections. Please mention Customer Centre of preference
What deposits can be used to open a Singithi Surakum NRFC Account?
- The account can be opened with inward remittances in convertible foreign currency from parent(s) or guardian(s) employed abroad
- Deposits of currency notes by parent(s), guardian(s) or immediate family members (spouse/parent/sibling/child)
- Interest payable in foreign currency on funds held in the account
What are the restrictions?
- The account holding minor will not be permitted to make withdrawals from the account until the age of 18 years except for necessities of the minor. On reaching 18 years of age, the beneficiary will be required to complete and submit a new savings account form to the bank, when the account will be converted to a Resident Foreign Currency Savings Account, under a new number
For further assistance, contact:
||Mr Dinesh Fernando
Executive - Foreign Currency Deposit Mobilization & Outward Remittances
||00 94 11 2661996
||00 94 11 2662798