Special Deposit Account (SDA)

• A Sri Lanka individual resident in or outside Sri Lanka
• Dual Citizens
• Citizens of other states with Sri Lankan origin
• A non-national resident in or outside Sri Lanka
• Funds, corporate bodies, associations incorporated/registered outside Sri Lanka
• Any other well-wisher

Permitted 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 after 8th April 2020.
• Transfers from Personal Foreign Currency Accounts (PFCAs) of the investor can be directly credited to a Special Deposit Account (SDA) if the PFCA has been funded via inward remittances received during the period 07.10.2020 to 12.10.2020 with the intention of placing a SDA. Inward remittances received after 12.10.2020 to a PFCA should be routed through an IIA (as per the customer eligibility) to be placed as a SDA.
• Foreign Exchange (Currency Notes, Foreign Bank Drafts etc) legitimately acquired and brought into country by the account holder on or after 01.01.2020 (Subject to relevant Declarations).
• Foreign Currency notes possessed by any person in (temporary basis) or resident in (permanent basis) Sri Lanka up to USD 15,000 or Equivalent (subject to declaration on the source of funds).

Permitted Debits

• Outward remittances of maturity proceeds upon maturity of the term deposit.
• Transfer of maturity proceeds of Special Deposit Accounts term deposits to an Inward Investment Account or an account maintained in the Offshore Banking Unit by the same account holder.
• Transfer of maturity proceeds to FCBU accounts of the same account holder.
• Transfer of maturity proceeds to Personal Foreign Currency Accounts of the same account holder (subject to eligibility to maintain).
• Disbursements in Sri Lanka in Sri Lanka Rupees.