Expatriate remittances encouraged.

Sri Lanka, Jan. 3 -- The international Division of Bank of Ceylon extends the fullest support towards "Sri Lanka, the emerging Wonder of Asia".

BoC officials at the press conference which was held recently

As espoused in the Mahinda Chinthanaya, President Mahinda Rajapaksa reiterates the vital role that foreign exchange earnings play in making Sri Lanka the emerging Wonder of Asia" a reality. The country has two major source of foreign exchange namely, export income and remittances from our migrant workforce.

At Bank of Ceylon, we have launched many programmes to facilitate our people who sweat and toil away from their homes and families to contribute enormously to the development of our Motherland, a senior official said.

For these persons, the Non Resident Foreign Currency account we initiated in 1971 has been a very useful product. Our NRFC account holders have many privileges.

A unique feature is the provision of Life Insurance cover at no cost. Under this cover, the amount of compensation is linked to the account balance. Compensation ranging from Rs 100,000 to Rs 1,000,000 can be claimed at the time of death, permanent or temporary disability.

The minimum requirement for eligibility is an account balance of USD 250 or equivalent in a designated foreign currency at least six months prior to the date of the incident. Interest is calculated on a daily basis on NRFC accounts and credited to accounts at the end of each month.

Further, such interest earnings are exempt from income tax. Additionally a bonus interest is paid to the Ran Kekulu Foreign Currency (RKFC) account, which has been designed especially for the children of NRFC account holders.

The Bank facilitates fund transfers from NRFC accounts to any Sri Lanka Rupee account on written request at no extra cost. Account holders can view the transaction details on-line through our Internet Banking facility. Yet another privileged is the opportunity available to any person who is ready to migrate for foreign employment, the facility to open an NRFC account even without the initial deposit. In such cases, the Bank credits USD 5 to the account as a gift on receipt of the first remittance.

As a support service, BOC has stationed 27 representatives in Italy, France, South Korea and almost all countries in the Middle East to assist and provide e-banking services to the Sri Lankan expatries in addition, to our own branches in Maldives and Chennai, BoC London outfit is now a free standing unit registered under the UK FSA that facilitates remittances to BoC accounts free of charge.

The Bank organizes many awareness programmes on banking services and facilities available for migrant employees from time to time.

Pre-departure loan facilities to migrant workers to purchase air tickets and connected expenses are entertained. We also grant housing loans to migrant employees under the Sarani loan scheme. We believe the migrant workforce is an invaluable asset to our country.

While admiring their contribution to the national economy, and their efforts to achieve a better quality in their lifestyle, we consider it our responsibility to promote and develop the savings mindset.

As a tribute to our NRFC account holders, BoC launched the new "BoC NRFC Wasana .

With all these and more, we attempt to strengthen and position the BoC NRFC Account as market leader.

The Bank of Ceylon has achieved the largest market share in NRFC. We will build volume and value further more to notch a landmark of USD 1 billion.

As a premier state institution, we at Bank of Ceylon, true to our ethos as Bankers to the Nation will continue to make our substantial contributions to Sri Lanka's vision of Wonder of Asia.

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