BOC to help Lankan workers abroad open NRFC accounts free of charge

Muhammed RASOOLDEEN in Riyadh

SAUDI ARABIA: The Bank of Ceylon (BOC) will help Sri Lankan workers abroad open Non-Resident Foreign Currency (NRFC) accounts free-of-charge with its own 5 dollar initial deposit.

The "Bank of Ceylon which holds a market share of 40 percent of the island's NRFC accounts has offered this new facility to attract more of its foreign workers," G.M.J. Gunasekera, bank's Chief Manager for International Operations told Daily News yesterday.

A two-member delegation from the bank is currently visiting the major capitals in the Kingdom to promote its new products and services among the 550,000 Sri Lankan workers in the Kingdom. S.M.W. Samarakoon, Manager Inward Remittances was the other member of the delegation.

Sri Lankan Ambassador. A.M.J. Sadiq hosted a reception to the members of the team at the mission's premises on Thursday. in Jeddah, Sri Lanka Consul General Masihudeen Inamullah organized a presentation of the bank's new product and services.

Gunaskera said that the NRFC accounts will be opened free-of-charge to interested expatriates, but they should deposit at least $ 50 within a period of six months to make it operational.

"This will also encourage them to save their earnings abroad." The bank which has 306 branches in the island, operates 170,000 NRFC accounts, of which 80 percent is from the Middle East. A total of 230 of its branches in the island are functioning online and customers could transact their business through the internet banking facility provided by the bank.

Gunasekara said that statistics up to October this year, reveal that around Rs. 110 billion have been deposited 66 by the Sri Lankan workers employed abroad, the Bank of Ceylon received percent of these remittances," he said, pointing out that it is because of the customer confidence the bank maintained through its exemplary services to its account holders.

He indicated that those NRFC account holders who have more than $250 in their accounts for more than six months will be a given free insurance cover worth up to Rs. 1 million proportionately to the deposits lying in the bank.

To encourage people working abroad, he said the bank offers a loan of Rs. 50,000 to those who have found jobs in the Middle East.

The loans which will be recovered from their earnings abroad, is given to the would-be workers for their passport expenses, for their registration fees at Sri Lanka Bureau of Foreign Employment (SLBFE) and for their family's upkeep during the first two months of their employment abroad.

Instant remittance service has been introduced by the bank to enable its customers to send monies to their families without any delay, he said, adding that these services are available at the Arab National Bank (ANB) and in future with the Al Rajihi Banking and Investment Corporation. "These remittances could be cashed at any of the bank's branches spread throughout the island.