COMBank opens Special Foreign Investment Deposit Accounts

The Commercial Bank of Ceylon has become one of the first Sri Lankan banks to open its vaults to foreigners, enabling them to open bank accounts following the Central Bank's decision to further liberalise rules on local banks accepting deposits from persons resident outside Sri Lanka.

Special Foreign Investment Deposit Accounts (SFIDA) can be opened in designated Foreign Currencies and Sri Lankan Rupees. SFIDA deposits are offered in a variety of investment tenures to suit the requirements of each customer.

Citizens of foreign States, Sri Lankan citizens resident outside Sri Lanka, corporate bodies incorporated outside Sri Lanka and foreign institutional investors such as country funds, mutual funds and regional funds can now open SFIDAs with the Commercial Bank.

Commercial Bank's Chief Operating Officer Ravi Dias said, "Through Sri Lanka's largest private sector bank, we would like to provide great investment opportunities to overseas clients and at the same time help the country attract Foreign Funds for its development activities. Investors would have the comfort of dealing with the Bank enjoying the highest Credit Rating among all the local private banks."

The Minimum Initial Deposit required to open a SFIDA is US$ 10,000 or its equivalent in other designated Foreign Currencies or Sri Lankan Rupees.

All SFIDA accounts are exempted from Income Tax, Withholding of Income Tax and Debit Tax.

Foreign Currency will be accepted in the form of Travellers' Cheques, Bank Drafts or Currency Notes brought into the country by the account holder on declaration to Sri Lanka Customs as applicable during his/her temporary visits to Sri Lanka.

Outward remittances, transfers to other SFIDAs, disbursements of the account holder in Sri Lanka are possible.