PNB NRO Account Opening

Punjab National Bank is one of the leading private sector banks in India and has a presence in many other countries including UK, Hong Kong, Australia, Dubai, etc. through branches and representative offices. PNB NRO account allows NRIs and OCIs to save their earnings in India. An NRO account is maintained in INR (Indian Rupees).

Features and Benefits of PNB NRO Account

• NRIs can open an NRO account from remittance in a foreign currency or income earned in India.
• It is mandatory for NRIs to open an NRI account to manage their earnings in India.
• NRIs can hold an NRO account jointly with other NRIs and PIOs.
• An NRO savings account can be opened jointly with a resident only on `Former or Survivor basis’.
• Residents as well as NRIs can become a nominee in an NRO account.
• An amount up to USD 1 million can be transferred outside India in a calendar year from funds held in NRI accounts.
• Interest earned in an NRO account is subject to a tax of 30% (plus applicable surcharge and cess). However, NRIs can get higher yield by availing DTAA facility.
• NRIs can convert their account opened as a resident in India into an NRO account for hassle-free transactions.
• Permissible credits in PNB NRO account include:
  • Transfers from rupee accounts of NRIs.
  • Proceeds of convertible foreign currency received through inward remittances through normal banking channels.
  • Legitimate dues of NRIs in India, including rental income, dividends, pension, interest, etc., as well as proceeds of assets like immovable property.
  • NRO account holders can request for internet banking.

  PNB NRO Savings Account Interest Rates

  The interest rate on PNB NRO savings accounts varies based on the available balance in the account. Here are the interest rates on PNB NRO savings account:

  Saving Fund Account Balance	Interest Rate
  Less than Rs. 10 lakh	2.70%
  Rs.10 Lakh to less than Rs.100 Crore	2.75%
  Rs.100 Crore & above	3.00%

  PNB NRO Account Interest Rates

  How to Open NRO Bank Account

  Here are the steps you need to follow to open an NRO account with Punjab National Bank:

  • Download account opening form (AOF) from the official website of PNB – NRI Services, or
  • You can request for AOF at email ID [email protected]
  • Submit the duly filled AOF (complying under-noted stipulations) and supporting documents to the centralized branch of Punjab National Bank as follows:

  NRI Cell, IBD division, PNB corporate office

  Fourth floor, East Wing, Plot no: 4

  Sector-10 Dwarka, New Delhi-110075, India

  Telephone Nos. 011- 28044202, 011-28044201 E-mail ID: [email protected]

  • NRIs visiting India can also open the account by visiting a branch of the bank in India. NRO accounts can be opened using Indian income or through foreign currency traveller cheques/notes.
  • NRO account facility is available across all branches of PNB.

  Who can Open PNB NRO Account

  • All NRIs and PIOs can apply for an NRO account at any branch of the bank in India.
  • Applicants residing in Pakistan and Bangladesh need to seek prior approval of the Reserve Bank of India.
  • Foreign nationals of non-Indian origin/ foreign national students can also apply for an NRO account.
  • The account can be opened with Indian income of NRIs or funds received as foreign inward remittances in convertible foreign currency through normal banking channels.

  Open NRI Account Online

  You can apply for NRI account opening online. Click on ‘Open NRO Account‘ button on this blog or download SBNRI App. Take the following steps to open an NRI account on the SBNRI app online:

  • Download the SBNRI app from the Google Play Store or App Store.
  • Sign in using your credentials.
  • Click the ‘Open NRI account’ button and select the bank with which you wish to open an NRI bank account from the bank list.
  • Scan and upload KYC documents using the in-app scanning feature.
  • Click on ‘Apply’ and you are done.

  Documents Required

  To open PNB NRI account, you need to send the following documents along with the account opening form:

  • Two passport size photographs of each account holder.
  • Copies of relevant pages of passport & valid visa.
  • Proof of current address (overseas)
  • Initial remittance for opening of NRI account by way of demand drafts in rupees/ personal cheques in foreign currency/ wire transfers / SWIFT/ foreign currency/ travelers cheques (in person only)
  • A set of specimen signatures of applicants on a separate sheet duly attested by bank/ a banker/ Indian Embassy/ consulate/ notary public

  PNB NRI Customer Care

  NRIs and OCIs can contact the dedicated PNB NRI help desk for queries/ grievances. Address and contact details of PNB NRI help desk is as under:

  NRI Cell (International Banking division)

  PNB Corporate Office

  4 th Floor, East Wing

  Pot No: 4, Sector-10 Dwarka,

  New Delhi-110075, India

  Phone No: +91-11- 28044201

  NRIs living in the following countries can also contact international toll free Nos:

  United States: +18444519295

  United Kingdom: +448000318030

  NRI customers can also send email:

  Final Words

  Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.

  You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.