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Special Deposit Account - SDA

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Features

An Opportunity for patriotic Sri Lankans and well-wishers to support people living in Sri Lanka to assist during the Covid-19 outbreak.

The Central Bank of Sri Lanka has introduced a special deposit scheme with a premium interest rate in any designated foreign currency or LKR as Special Deposit Account (SDA) for eligible investors’ resident in or outside Sri Lanka.

  • Salient Features – Higher rate of interest
    • 6 months deposits - 1% p.a additional interest
    • 12 months deposits - 2% p.a additional interest
  • Permitted Investment
    • Term deposits
How to get started
  • Eligibility
    • Sri Lankan individuals resident in or outside Sri Lanka
    • Dual Citizens
    • Citizens of other States with Sri Lankan origin
    • Non- nationals resident in or outside Sri Lanka
    • Funds, corporate bodies, associations incorporated/registered outside Sri Lanka
    • Any other well-wishers
  • Credits
    • Inward remittances in foreign currency received from outside Sri Lanka in favor of the account holder through the banking system.
    • Transfers from Inward Investment Accounts (IIA) or accounts maintained in the Offshore Banking Unit by the account holder, out of the proceeds received as inward remittances during the six months period from the date of the regulations in favor of the account holder.
  • Debits
    • Outward remittances of maturity proceeds upon maturity of the term deposit.
    • Transfer of maturity proceeds of SDA term deposits to an Inward Investment Account (IIA) or an account maintained in the Offshore Banking Unit by the same accountholder.
    • Disbursements in Sri Lanka in Sri Lanka Rupees.
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FAQs

What are the designated foreign currencies?

USD, GBP, EUR, AUD, SGD, SEK, CAD, CHF, JPY, HKD, DKK, NOK, RMB, NZD

Can I open a joint SDA ?

Yes, if both parties are eligible to open a SDA.

Can I access my SDA through online banking

Yes

Is there any fee you deduct from my remittance

Seylan Bank will not apply any fee on your inward remittance to SDA.

At maturity, can I get my money back with interest without visiting to the bank

Yes, we recommend to obtain Internet Banking access.

Will there be any exchange losses?

No exchange risk if placed in foreign currency.

What is the minimum and maximum period of investment

6 months and 12 months