How to open a bank account in Sri Lanka

8 min readNov 20, 2022

By Divyaj Shah

It is little wonder that expats are wanting to go to Sri Lanka, which is frequently referred to as “India Lite” because it is like India but smaller and more serene, has a vibrant culture, and has stunning scenery. With accessible financial services, the nation makes visitors feel at home. Numerous sizable, government-owned, international banks can be found. Young professionals, families, and retirees who want to call Sri Lanka home can choose from a wide range of sophisticated financial services.

Sri Lanka Banking sector: The banking industry, which in Sri Lanka consists of both Licensed Specialized Banks (LSBs) and Licensed Commercial Banks (LCBs), dominates the financial system, and represents the largest portion of the total assets in the financial system. The overview of banking sector of Sri Lanka in 2020 was as follows:

You may learn all the specifics required to open a bank account in Sri Lanka from this clear and practical tutorial.

Opening Bank account in Sri Lanka as a tourist

The basic requirement for opening a bank account in Sri Lanka is to have a work or resident visa. So, it is not possible to open a bank account using a tourist visa.

Common Documents required to open a bank account in Sri Lanka (Residents/Non-residents)

Below are the common documents required to open a bank account in Sri Lanka for residents and Non-residents who are working in the country, however, please note that the criteria and eligibility requirements will differ from bank to bank and depending on the type of account you choose. Most common documents are as follows:

· Passport

· Resident Visa (Nationals)/ Work Visa (Non-resident)

· Proof of Income (Nationals)/ Proof by employer of salary and start date (Non-resident)

· Bank’s own application form (based on account type)

Eligibility to open savings accounts:

The minimum age limit to open a savings account is above 18yrs old for majority banks and the documents required are all the above (except Proof of Income) as well as Proof of Address (Voter ID, Driving License, Tenancy Agreement/ Utility Bill (if in parents/spouse name then also birth certificate)).

How to open a personal savings/current account successfully: Below are some banks where you can open a bank account easily and cheaply either by visiting the branch or online. (Online account opening links mentioned below.)

1. Bank Of Ceylon: It is one of the major commercial banks in Sri Lanka. The bank operates a nationwide network that includes 628 branches, 689 automated teller machines (ATMs), 123 CDMs, and 15 regional lending centers.

· BOC savings account: only for residents above 18yrs and requires the NIC (National Identity Card) and address proof (only if address different than the one in NIC). Charges for Debit Card are Rs.750 and Annual fees are Rs500. ATM charges are Rs5 for withdrawals from bank’s ATM and Rs.30 for another bank’s ATM. Debit cards are available within 2–3 days and activation is instantaneous on receipt.

· Personal Foreign Currency Account: Available to non-resident Sri Lankans and available to other non-residents for employment purposes as well as foreign students. Can open either a savings or fixed deposit or current account. No minimum balance, no initial deposits, no service charges, Debit, and credit cards available within 7 business days. FDs are available only if there are PFCA savings and current account and for FD minimum balance is USD1000 or equitant. Documents required are Purpose to open account, Copy of Lease agreement, copy of employment contract if applicable, copy of passport, copy of valid visa and any other documents if needed based on circumstances.

· BOC Special Deposit Account: Available to non-resident Sri Lankans and available to other non-residents as well including foreign students and employment purpose. Two accounts are available to open, the first is Savings and the other is a Fixed Deposit. Documents for non-resident: Passport, Foreign address proof, Valid Visa, Proof of document of funds (these copies need to be notarized by Sri Lankan embassy or BOC promotion officer in respective country or a notary with license) Documents for resident: Passport/driving license, permanent address, and proof of source of funds. Interest rates from the website are below:

2. National Development Bank: For owners of both personal and commercial accounts, NDB supplies a vast range of services. For clients who adhere to Sharia banking principles, they additionally supply a unique Islamic banking account as well as current and savings account with debit and credit cards. Some of the popular schemes are as follows:

· Easy Saver Account: Applicable only to residents above age 18. NIC required proof of address (if address different than NIC) Minimum balance is LKR 1000, requires a National Identity Card. Benefits are unlimited withdrawals, mobile facility, 3% p.a interest rate.

· Personal Foreign Currency Account: Available to non-resident Sri Lankans and available to other non-residents as well including foreign students and employment purpose. Can open either a savings or fixed deposit or current account. Debit card facility is available within 7 business days. Documents required are Purpose to open account, Copy of Lease agreement, copy of employment contract if applicable, copy of passport, copy of valid visa and any other documents if needed based on circumstances

3. People’s Bank: Commercial bank People’s Bank is owned by the government. You will not have any trouble getting prompt, individualized assistance because Sri Lanka has more than 460 ATMs and over 735 branches. Online account opening option available, refer the below link.

· Jana Jaya: Applicable only to residents of 18 and above. NIC required, proof of address (if the address is different n NIC). Minimum balance is 2000LKR. Debit cards are available within 3–4 business days.

· Personal Foreign Currency Account: Available to non-resident Sri Lankans and available to other non-residents as well including foreign students and employment purpose. Can open either a savings or fixed deposit or current account. Documents required are Purpose to open account, Copy of Lease agreement, copy of employment contract if applicable, copy of passport, copy of valid visa, FATCA declaration and any other documents if needed based on circumstances. Debit and Credit card facilities are available as soon as an account is opened.

4. Links for online account opening:

· National Development Bank: https://www.neosonline.ndbbank.com/#/login/ekyc

· Bank Of Ceylon savings online account: https://forms.boc.lk/savings/savings

· People’s Bank Online account opening link: https://www.peoplesbank.lk/open-an-account/

Overall, opening a savings account is easy for residents and opening a foreign currency account is more suitable for non-residents/ foreign students to conduct transactions due to ease and convenience.

Opening Business Current Account in Sri Lanka

Below are the common documents required by any bank to open a business current account in Sri Lanka. The process is in person and the online option in this case is not available. The documents differ from bank to bank and are also based on the type of account required. They are as follows:

· Company Registration Certificate

· Articles of Association

· Form 1

· Resolution

· Application Form (Account type, company name, address, directors etc.)

1. Bank of Ceylon: The following are document requirements for opening a business current account:

· Original of the Memorandum and Articles of Association

· Original Certificate of Incorporation

· Business Plan (New Companies)

· Copy of the latest financial accounts (audited where possible).

· A copy of the Board resolution on letter headed paper appointing us as bankers and listing the authorized signatories to the account. The resolution should also list the Board members who were present and absent and should be signed by the Chairman and Company Secretary.

· Original bank statement or Utility Bill evidencing the trading/business address of the company.

· Proof of ID and Address for Directors, Shareholders and Bank account signatories.

· Where another company forms part of the shareholding structure of the company please provide details of the identity of the physical persons who are the ultimate beneficial owner(s) of that company.

· Proof of Tax residency for all signatories.

· Proof of Tax residency for the company.

· Business Profile/Corporate Profile

· Minimum initial deposit for corporate customer is 250,000 LKR.

2. National Development Bank: The following are document requirements for opening a business current account: