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Punjab National Bank NRO Account

A Non-Resident Ordinary (NRO) Account is a type of savings account offered by Punjab National Bank (PNB) to Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs). It allows NRIs to manage their deposits or income earned within India.

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Features of Punjab National Bank NRO Account

Rupee-denominated account
Can be held jointly with another NRI or an Indian resident on a former or survivor basis
Allows deposits in Indian or foreign currency
Permissible credits include:
- Proceeds of remittances
- Foreign currency
- Legitimate dues in India of the account holder (pension, rent, dividend income, gifts, and proceeds from the sale of immovable property)
Interest earned on the account is subject to tax deducted at source (TDS)
Opening of accounts by individuals/entities of Bangladesh or Pakistan nationality/ownership requires prior approval from the Reserve Bank of India

Types of NRO Accounts Offered by PNB

Current accounts
Savings accounts
Recurring deposit accounts
Fixed deposit accounts

Who Can Open a PNB NRO Account?

Any person resident outside India can open an NRO account with PNB for the purpose of carrying out bona fide transactions in rupees.
Individuals/entities of Pakistan and Bangladesh require prior approval from the Reserve Bank of India.
Foreign nationals of non-Indian origin visiting India or foreign national students can also open NRO (current/savings) accounts, but only for a period not exceeding six months.

Funds for Opening a PNB NRO Account

Foreign inward remittances in convertible currency received through normal banking channels
Foreign currency traveller's cheques/notes (may be accepted during temporary visits of NRIs)
Legitimate local dues denominated in Indian rupees (rent, dividend, pension, interest, sale proceeds of assets, etc.)

Permissible Credits and Debits in a PNB NRO Account

Permissible Credits
- Proceeds of freely convertible foreign currency remittances received through normal banking channels
- Foreign currency traveller's cheques/notes (may be accepted during temporary visits of NRIs)
- Transfers from rupee accounts of non-resident banks
- Legitimate dues in India of the account holder (current income like rent, dividend, pension, interest, etc., as well as sale proceeds of assets, including immovable property acquired out of rupee/foreign currency funds or by way of legacy/inheritance)
Permissible Debits
- All local payments in rupees, including payments for investments in India (subject to compliance with relevant Reserve Bank of India regulations)
- Remittance outside India of current income (rent, dividend, pension, interest, etc.) earned in India by the account holder
- NRIs/PIOs can remit current income from their NRO account balance up to a maximum of USD 1 million per financial year (including sale proceeds of immovable properties), subject to payment of applicable taxes

Benefits of Opening a PNB NRO Account

Earn interest on your deposits in India
Manage your rupee income earned in India
Receive funds from abroad
Make local payments in India

Conclusion

A Punjab National Bank NRO account is a valuable tool for NRIs to manage their finances in India. It offers a variety of features and benefits that can help NRIs save, invest, and manage their money effectively.

FAQs

Who can open an NRO Account with PNB?
- Any individual residing outside India can open an NRO account with Punjab National Bank (PNB).
- Individuals/entities of Pakistan and Bangladesh require prior approval from the Reserve Bank of India.
- Foreign nationals of non-Indian origin visiting India or foreign national students can also open NRO (current/savings) accounts, but only for a period not exceeding six months.
What are the types of NRO Accounts offered by PNB?
- Current Accounts
- Savings Accounts
- Recurring Deposit Accounts
- Fixed Deposit Accounts
Can I open an NRO Account jointly with another person?

Yes, you can open an NRO Account jointly with another NRI or an Indian resident on a former or survivor basis.
Is interest earned on an NRO Account taxable?

Yes, interest earned on an NRO Account is subject to Tax Deducted at Source (TDS).

*Past 10 Year annualised returns as on 01-08-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).
^Returns as on 10th Jan'25. 18% returns for Tata AIA Life Top 200 for the last 10 years.The past performance is not necessarily indicative of future performance. Source: Morningstar

Punjab National Bank NRO Account

Features of Punjab National Bank NRO Account

Types of NRO Accounts Offered by PNB

Who Can Open a PNB NRO Account?

Funds for Opening a PNB NRO Account

Permissible Credits and Debits in a PNB NRO Account

Permissible Credits

Permissible Debits

Benefits of Opening a PNB NRO Account

Conclusion

Explore More Under NRO Account

FAQs

Who can open an NRO Account with PNB?

What are the types of NRO Accounts offered by PNB?

Can I open an NRO Account jointly with another person?

Is interest earned on an NRO Account taxable?

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