This video explains all the information about the Special Deposit Account(SDA) The Government of Sri Lanka, in consultation with the Monetary Board of the Central Bank of Sri Lanka (CBSL), has introduced a Special Deposit Account (SDA).
1. What is an SDA? SDA is a special account that has been introduced by GOSL to encourage investment in Sri Lanka. Customers who open the “Special Deposit Account” will be paid higher interest rates over the normal interest rates offered by the Bank. The SDA where higher interest is paid for is a Fixed Deposit product. There are 2 types of term deposits. The 6 month deposit and the 1 year deposit. An SDA savings account too is permitted. However, this is an operational account opened only for the purpose of receiving funds to be placed in SDAs. 2. Will I get this higher interest rate for all tenors? You will earn the higher interest for 06 month and 12 month maturity Fixed Deposits (FDs) only 3. What is the higher interest that is offered? 1% per annum, above the normal rate for 06 month maturity FD 2% per annum, above the normal rate for 12 month maturity FD 4. In which currency can I open the SDA? SDAs can be opened in any of the below currencies:
(a) United States Dollars (USD)
(b) Euro (EUR)
(c) Sterling Pound (GBP)
(d) Australian Dollars (AUD)
(e) Singapore Dollars (SGD)
(f) Swedish Kroner (SEK)
(g) Swiss Franc (CHF)
(h) Canadian Dollars (CAD)
(i) Hong Kong Dollars (HKD)
(j) Japanese Yen (JPY)
(k) Danish Kroner (DKK)
(l) Norwegian Kroner (NZD)
(m) Chinese Renminbi (CNY)
(n) New Zealand Dollars. (NZD)
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