NON RESIDENT FOREIGN CURRENCY ACCOUNTS (NRFC ACCOUNT)

General features of NRFC account that you should know about.

	NRFC Savings and Fixed Deposit accounts could be opened in currencies designated by the Central Bank of Sri Lanka. These are US Dollars, Sterling Pounds, Euro, Swiss Francs, Japanese Yen, Australian Dollars, Singapore Dollars, Canadian Dollars, Swedish Kroner, Hong Kong Dollars.
	Interest is paid in the currency of your account and is not subject to income tax.
	The account could be maintained in foreign currency even after you return to Sri Lanka to take up permanent residence.
	The balance in your NRFC account is freely convertible to any other currency of your choice.
	The balance in your current account is also freely transferable for the following purposes.
	Commercial transactions upto USD.7500/- or its equivalent on Production of commercial invoice. Remittances abroad for education - supported by relevant documents Remittance abroad for medical purpose – supported by relevant documents. Foreign exchange for travel Purpose And any other transactions of personal nature which is subject to prevailing Exchange Control Regulations
	Travellers cheques and foreign currency notes could be obtained for travel abroad without loss of exchange.

What makes Seylan NRFC Accounts so special?

  NRFC savings accounts are offered in all designated foreign currencies.
  NRFC savings account balance could be withdrawn on demand.
  Attractive rates of interest.
 Interest is calculated on daily balances and credited to your account on the last working day of each quarter.
  Account statements are mailed free of charge to the address given by you.
  Fixed deposits are offered for three, six, or twelve months in USD, GBP, JPY, Euro and all other designated currencies.
  Fixed deposits for different periods and different currencies can be considered on specific request.
  NRFC accounts could be opened and operated at any Seylan Bank Branch.
  Seylan Bank is present in 115 important locations all over Sri Lanka.
  You could open NRFC accounts in different designated currencies and transfer funds between accounts, while earning
     additional returns through favorable movements.
  Attractive exchange rates for switching
  Personalised service and confidentiality

NRFC Cash Card

This is a unique facility and offered free only by Seylan Bank. This card allows a nominated member of your family to withdraw a fixed sum of money monthly, in Sri Lankan Rupees, with an upper limit of LKR.40,000 for a month.

Deposits

Deposits to your account could be made in:
  Bank drafts and cheques made payable to your name as stated in your passport.
  Travellers cheques and foreign currency notes brought in to the country by you.
  Mail transfers in your name.
  Telegraphic transfers in your name.

Withdrawals

  You could give us standing instructions to pay a fixed sum of money  periodically to a named person in Sri Lanka or abroad.
  You could give us specific instructions to remit funds by draft, mail transfer or telegraphic transfer to a named person in Sri Lanka or     abroad.
  You could obtain travellers cheques and foreign currency notes without loss of exchange on production of evidence of travel.


How to open an Account

  The initial deposit to open an account is USD 25 or equivalent.
  Complete an account opening form. Attach copies of your passport (the pages with your photograph and personal details) along with     your VISA copy and the photocopy of the job contract and send same with your initial remittance.


Special features of Seylan Bank NRFC Accounts

If you maintain a minimum balance of USD 500 or equivalent for a period of six calendar months, you qualify for:

 A complimentary Tikiri account to any child living in Sri Lanka nominated by  the account holder (below 15 years of age)with a     deposit of Sri Lankan  Rupees 500/-

 A life insurance cover, free of charge, depending on the account balance maintained as detailed below.

For payments under the insurance cover, the bank would consider the minimum balance maintained in the account for 6 months prior to date of claim.

A Rupee loan facility of 200% of the account balance for income generating purpose, once you return to Sri Lanka. ( You will have to     agree to make a  minimum monthly depositfor a period of 24 months while you are abroad to qualify for the loan scheme)