{"id":102658,"date":"2020-05-21T15:53:33","date_gmt":"2020-05-21T22:53:33","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=102658"},"modified":"2020-05-21T15:53:33","modified_gmt":"2020-05-21T22:53:33","slug":"special-deposit-account-sda-with-sri-lankan-banks","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2020\/05\/21\/special-deposit-account-sda-with-sri-lankan-banks\/","title":{"rendered":"Special Deposit Account (SDA) with Sri Lankan Banks"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Embassy of Sri Lanka \u00a0Washington D.C.<\/em><\/span><\/h2>\n\n\n<p>The\nGovernment of Sri Lanka has introduced a new bank account termed \u2018Special\nDeposit Account (SDA)\u2019 for all Sri Lankans living in and outside the country to\nremit their foreign currency earnings, savings and investments to any bank of\ntheir preference in Sri Lanka. It is in the form of \u2018Term Deposits\u2019 either in\nany designated foreign currency or in Sri Lanka Rupees.<br>\n&nbsp;<br>\nThe Embassy, while appreciating the generosity on the part of Sri Lankans\nliving in the United States of America who have already extended their valued\ncontributions for SDAs, encourage others who have not yet invested, to take\nadvantage of this excellent opportunity to earn the best return for their\ninvestments as an expression of their continued solidarity with the people of\nSri Lanka, during this challenging environment.<br>\n&nbsp;<br>\nThe salient information on SDAs is as follows;&nbsp;<br>\n<br>\n<strong>Eligible Persons&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sri Lankan individuals resident in or outside Sri Lanka<\/li><li>Dual Citizens<\/li><li>Citizens of other States with Sri&nbsp; Lankan origin<\/li><li>Non-nationals resident in or outside Sri Lanka<\/li><li>Funds, corporate bodies, associations\n     incorporated\/registered outside Sri Lanka<\/li><\/ul>\n\n\n\n<p>&nbsp;<br>\n<strong>Opening and Maintaining\nSDAs<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>SDAs shall be opened during the six months period from\n     the date of the regulations<\/li><li>SDAs shall be opened and maintained only in the form of\n     Fixed Deposits. SDAs in the form of savings accounts may be opened as\n     operational accounts only for the purpose of receiving funds to be placed\n     in SDAs.<\/li><li>SDAs shall be opened and maintained either in any\n     designated foreign currency or in Sri Lanka Rupees.<\/li><li>SDAs may be held as joint accounts by eligible\n     persons.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Minimum\ntenure<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Six (06) months&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Interest\npayable<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1 percentage point and 2 percentage points per annum\n     for SDAs with a tenure of 6 months and 12 months, respectively, payable at\n     maturity of the deposit, above the deposit interest rates applicable for\n     normal deposits of similar maturities by the respective bank.&nbsp;<\/li><\/ul>\n\n\n\n<p>&nbsp;<br>\n<strong>Interest Rates<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/cts.vresp.com\/c\/?EmbassyofSriLanka\/4ada08f0ea\/0cb8e1f42a\/414ba80fcf\">Bank\n     wise Interest Rates<\/a>\n     (in per cent per annum) offered for Special Deposit Accounts (SDAs) as at\n     11.05.2020.&nbsp;&nbsp;&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p>&nbsp;<br>\n<strong>Repatriation of Funds<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>&nbsp;&nbsp;&nbsp;&nbsp;Freely convertible and\n     repatriable outside Sri Lanka on the maturity of termed posits.<\/li><\/ul>\n\n\n\n<p><strong>Exemption<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Exempted from any procedural requirements specified in\n     the Foreign Exchange Regulation No. 1 of 2017 published in the Gazette\n     Extraordinary No 2045\/56 of 17, 2017.&nbsp;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Permitted Credits<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Inward remittances in foreign currency received from\n     outside Sri Lanka in favor of the account holder through the banking\n     system.<\/li><li>Transfers from Inward Investment Accounts (IIA) or\n     accounts maintained in the Offshore Banking Unit by the account holder,\n     out of the proceeds received as inward remittances during the six months\n     period from the date of the regulations in favor of the account\n     holder.&nbsp;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Permitted Debits&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Outward remittances of maturity proceeds upon maturity\n     of the term deposit.<\/li><li>Transfer of maturity proceeds of SDA term deposits to\n     an Inward Investment Account or an account maintained in the Offshore\n     Banking Unit by the same accountholder.<\/li><li>Disbursements in Sri Lanka in Sri Lanka Rupees.&nbsp;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Other Conditions&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>In the event of receiving funds through an Inward\n     Investment Account or an account maintained in the Offshore Banking Unit,\n     of the same accountholder, ADs shall ensure that such funds have been\n     received as inward remittances into Sri Lanka.<\/li><li>Funds withdrawn under the third bullet point of\n     Permitted Debits\u201d above cannot be credited back to a SDA.<\/li><li>Outward remittances in favor of the accountholder may\n     be effected through an Authorized Dealer (AD) other than the AD with whom\n     the SDA is maintained, provided that a confirmation shall be obtained from\n     the AD with whom the SDA is maintained stating that the funds were debited\n     from the SDA of the accountholder and out of the funds credited in\n     compliance with the regulation.&nbsp;<\/li><\/ul>\n\n\n\n<p>&nbsp;<br>\nFor inquiries, please contact:<br>\n&nbsp;<br>\n1. Mr. Sarath Dissanayake<strong>&nbsp;\n<\/strong>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deputy Chief of Mission<br>\n&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;\n&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;\n&nbsp; &nbsp; Mobile: 202 816 9666<br>\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email:&nbsp;<a href=\"mailto:dcm@slembassyusa.org\">dcm@slembassyusa.org<\/a><br>\n&nbsp;<br>\n2. Mr. Niranga Palipana&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Secretary<br>\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile:\n202 579 4729<br>\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email:&nbsp;<a href=\"mailto:niranga@slembassyusa.org\">niranga@slembassyusa.org<\/a><br>\n&nbsp;<br>\n3. Mrs. Aruni Warnakula&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Officer<br>\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile:\n202 288 8546<br>\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email:\n<a href=\"mailto:accounts@slembassyusa.org\">accounts@slembassyusa.org<\/a><br>\n&nbsp;<br>\n&nbsp;<br>\n&nbsp;Embassy of Sri Lanka<br>\n&nbsp;Washington D.C.<br>\n&nbsp;<br>\n21<sup>st <\/sup>May 2020<br><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Embassy of Sri Lanka \u00a0Washington D.C. The Government of Sri Lanka has introduced a new bank account termed \u2018Special Deposit Account (SDA)\u2019 for all Sri Lankans living in and outside the country to remit their foreign currency earnings, savings and investments to any bank of their preference in Sri Lanka. It is in the form [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-102658","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/102658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=102658"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/102658\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=102658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=102658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=102658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}