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New rules on Special Deposit Accounts

Approval of the Cabinet of Ministers was granted at their meeting held on the 08 April 2020 for the issuance of orders under the foreign exchange act No. 12 of 2017 for the opening and maintenance of recently introduced Special Deposit Accounts (SDAs) in order to deposit money remitted into the country across the banking system for a period of 06 months, with the objective of encouraging the influx of foreign exchange into the country.

Accordingly, the valid time of the orders issued is scheduled to be ended on the 07 October 2020 and therefore, the following recommendations have been furnished by the financial board of the Central Bank of Sri Lanka to enable the foreign exchange remitted to Sri Lanka as per the above orders to be retained within the country for a further period.

Payment of interest rates applicable to general term deposits to the ‘special deposit accounts’ that are renewed and maintained after the maturity of the deposits.
Permit to transfer the income generated at the maturity of the ‘special deposit accounts’ to respective accounts within Sri Lanka.