DFCC Bank offers special ‘Deposit Account’ | Daily News


DFCC Bank offers special ‘Deposit Account’

With international economies seeing a downturn due to the COVID-19 outbreak, Sri Lanka is working tirelessly to take all necessary steps to ensure the wellbeing of its citizens. Another precaution being introduced by the Government of Sri Lanka in consultation with the Monetary Board of the Central Bank of Sri Lanka (CBSL) is introducing a Special Deposit Account (SDA) as of April 2020 to assist the country overcome adverse effects of this global pandemic.

The eligibility criteria for Special Deposit Accounts is based on the Foreign Exchange Act No. 12 of 2017, which states that “Any Sri Lankan individual resident in or outside Sri Lanka including dual citizens, citizens of other states with Sri Lankan origin, and any person resident outside Sri Lanka including funds, corporate bodies, association and other well-wishers are hereby permitted to open and maintain an account titled ‘Special Deposit Account’ in the form of Term Deposits either in any designated foreign currency or in Sri Lanka Rupees with an authorized dealer in Sri Lanka, out of inward remittances from abroad routed through the banking system favouring the account holder during the period of six months from the date of this regulation.”

While DFCC Bank permits Special Deposit Accounts to be opened in LKR, USD, EUR, GBP, AUD, JPY, SGD, CAD and CHF, other features of this fixed deposit account include no prescribed limit to the minimum deposit, a minimum tenure of six months, and the repatriation of funds freely convertible and remittable outside Sri Lanka upon maturity. An SDA can be opened only with inward remittances through the banking system during the six-month period from the date of the relevant regulation (08 April 2020), by new and existing customers, either in foreign currency or Sri Lanka Rupees or as a joint account.

With a higher interest paid at maturity includes a 1 percentage point per annum above the normal rate for 6-month deposit accounts and 2 percentage points per annum above the normal rate for 12-month deposits.  During this difficult time, all citizens are encouraged to aid the banking system by making use of this opportunity as a gesture of goodwill towards Sri Lanka and to help rebuild our nation.  DFCC Bank is a fully-fledged commercial bank offering the gamut of commercial and development banking services and is rated AA- (lka) by Fitch Ratings Lanka Limited.

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There is 1 Comment

In order to receive this interest, there is a requirement that it only concerns money that is "freshly" transferred from abroad. Such a requirement is not only illogical, but also fundamentally wrong. Anyone who has foreign currencies in Sri Lanka in an saving account or keeps it at home, if they want to determine it, must first make a transfer abroad and then transfer it again to Sri Lanka so that it becomes "fresh" foreign currency. Such a step is completely illogical!!! Therefore, this requirement should be deleted immediately in order to allow everyone to set foreign currency into such Special Deposit Account, not questioning where the money comes from. The people responsible for making such decision in this regard should think about how much more "black" money - which is hidden up today - can be declared! If „black money“ from abroad is allowed to deposit and all other regulations are skipped, this regulation should be waived.

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