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Non Resident Rupee Accounts (NRRA)

Persons who are residing overseas could open Non Resident Rupee Accounts (NRRA) and access the account whilst being overseas. NRRA could be opened to make payments in Sri Lanka, to receive proceeds derived from any assets in Sri Lanka, owned by an emigrant.

Who can open a NRRA?

  • An emigrant resident in or outside Sri Lanka.
  • A firm or a company established/incorporated outside Sri Lanka.

Type of Accounts ;

Savings, Fixed deposits or Non-interest bearing accounts in Sri Lankan Rupees.

Alternate Banking Facilities Provided: 

  • Internet Banking / Mobile Banking
  • Our Branch Network- island wide branch network for your convenience.
  • Our overseas representatives
  • Remittances to account instantly via global Agents partners.  

Transaction types;

Permitted Credits;

  • Remittances in foreign exchange received from outside Sri Lanka in favor of the account holder through the banking system, for the purpose of local disbursements in Sri Lanka.
  • Where the account holder is an emigrant;
    • Any proceeds derived from any assets in Sri Lanka (including movable, immovable, tangible and intangible assets), owned by the emigrant while being a resident in Sri Lanka or acquired by utilizing funds through such emigrant's Sri Lanka rupee accounts prior to the regulations coming into effect or acquired by funding through the account as permitted in the Foreign Exchange Regulations No. 02 of 2021 (Classes of Capital Transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka as per Extraordinary Gazette notification no 2213/35 dated 03rd February 2021). 
    • Any proceeds derived from any assets in Sri Lanka (including movable, immovable, tangible and intangible assets) that are inherited by an emigrant, from a person resident in Sri Lanka.
    • Any proceeds derived from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets) that are received as a gift by an emigrant, from an immediate family member who is a person resident in Sri Lanka.
    • Any proceeds realized from any asset in Sri Lanka (including movable, immovable, tangible and intangible assets) that are inherited or received by way of a gift to or by the emigrant, from another emigrant who is an immediate family member (i.e. transferor) out of the investments, made while being a resident in Sri Lanka or made through his or her Sri Lanka rupee accounts prior to the regulations coming into effect or inherited by the transferor or received as a gift by the transferor or made through an NRRA of transfer or as permitted in the Foreign Exchange Regulations No. 02 of 2021 (Classes of Capital transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka as per Gazette Notification No 2213/35 dated 03rd February 2021).
    • Any income derived from the investments owned or inherited or received as a gift by the emigrant as mentioned under section 4.2 i to 4.2 iv above.
    • Superannuation benefits of the account holder [including Employees Provident Fund (EPF), Employees Trust Fund (ETF), gratuity and pensions or any other retirement benefits].
  • Where the account holder is a firm, or a company established/incorporated outside Sri Lanka;
    • Local income derived from a current transaction, subject to the verification of the documentary evidence and upon establishing bona-fide of the transactions.

    • Any income and any capital proceeds of the investments as permitted under Classes of Capital transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka as per section 2.3 above [Gazette Notification No 2213/35 dated 03rd February 2021, Foreign Exchange Regulations No. 02 of 2021, subparagraph 4(7) under heading A of Schedule I].

  • Interest earned on the funds held in the account.

Permitted Debits;

  • Disbursements in Sri Lanka in Sri Lanka Rupees. 
  • Where the account holder is an emigrant;
    • Payments relating to the investments as permitted in the Foreign Exchange Classes of Capital transactions Undertaken in Sri Lanka by a Person Resident Outside Sri Lanka (Gazette Notification No 2213/35 dated 03rd February 2021, Regulations No. 02 of 2021).
    • Transfers to the Capital Transactions Rupee Account of the account holder.
    • Transfer out of current income of the accountholder credited under section 4.2 (v), to the Emigrant's Remittable Income Account (ERIA) of the account holder.
    • Transfer of funds to the Capital Transaction Rupee Account (CTRA) of the administrator/executor of the estate of a deceased person (i.e. account holder).

 

  • Where the account holder is a firm, or a company established or incorporated outside Sri Lanka;
    • Remittances out of the funds credited under section 4.3 (i) and 4.4 above.
    • Out of the funds credited under section 4.3 (ii) above, remittance/ transfer of USD 30,000 per annum, to Inward Investment Account (IIA) or an account maintained in the Offshore Banking Unit (OBU) or an account maintained outside Sri Lanka, of the account holder.