The Government in consultation with the Monetary Board of the Central Bank (CBSL) introduced the Special Deposit Account in April 2020 with the objective of increasing foreign currency inflows to the country and to aid in overcoming the effects of the COVID-19 pandemic.
DFCC Bank was one of the first banks in the country to launch the DFCC Special Deposit Account in compliance with CBSL guidelines with the objective of making a significant contribution towards the national cause of aiding Sri Lanka in this hour of need. With the country’s economy still struggling to recover from this global crisis, DFCC launched the product and gained traction on various platforms including online, digital, and social media in order to encourage eSri Lankans residing in international territories to invest their funds back into the country.
Customers were able to place their funds in a fixed deposit for 6-month and 12-monthperiods in multiple designated currencies covering LKR, USD, EUR, GBP, AUD, JPY, SGD, CAD and CHF.
Any Sri Lankan individual resident in or outside Sri Lanka including dual citizens, citizens of other states with Sri Lankan origin, and any person resident outside Sri Lanka including funds, corporate bodies, association and other well-wishers are permitted to open and maintain the Special Deposit Account. These accounts can be opened during a 6-month period up to October 8, 2020 with funds received from abroad to Sri Lanka via inward remittances through the banking system during the mentioned 6-month period.
DFCC Bank Vice President Liabilities & Trade Business Development, Anton Arumugam Stated, “The response has been very encouraging with many customers from different countries across the world opening SDA accounts with DFCC and investing their funds. As the first mover, we gained the advantage of generating more deposits from various countries due to the unparalleled customer service offered by DFCC Staff members. They have been working 24x7 to respond to customers who are living overseas by using digital communication modes and assisting them to open the accounts and remit the funds while complying with the relevant requirements.”
This is an excellent opportunity for customers to enjoy higher returns for their investment by opening DFCC Special Deposit Account and also contribute towards the national cause.
DFCC Bank is a full-service Commercial Bank that offers a gamut of commercial and development banking services. DFCC Bank is rated A+ (lka) Stable by Fitch Ratings Lanka Limited.
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