Punjab National Bank NRO Scheme

The Punjab National Bank NRO tenure ranges from min 7 Days to max 10 Year 2 Days . The ROI ranges from 5.60% to 7.00 % for the general public. The lock-in period for this scheme is 5 Year

Punjab National Bank NRO Scheme for amount ranging from ₹ 2.0 Cr to ₹ 10.0 Cr

The rate of interest for deposited amount ranging from ₹ 2.0 Cr to ₹ 10.0 Cr is as below


Interest Rate for General Public (p.a.)

7 Days Upto 14 Days

6.00% p.a.

15 Days Upto 29 Days

6.00% p.a.

1 Months Upto 1 Months 15 Days

6.00% p.a.

1 Months 16 Days Upto 3 Months

6.60% p.a.

3 Months 1 Days Upto 5 Months 29 Days

6.50% p.a.

6 Months Upto 9 Months

6.65% p.a.

9 Months 1 Days Upto 1 Year

6.75% p.a.

1 Year 1 Days Upto 2 Year

6.50% p.a.

2 Year Upto 3 Year

6.50% p.a.

3 Year Upto 5 Year 1 Days

6.25% p.a.

5 Year 1 Days Upto 10 Year 2 Days

5.60% p.a.

Upto 1 Year

7.00% p.a.

Key features of Punjab National Bank NRO Scheme

Summary of Punjab National Bank NRO Scheme features :

Mutual Fund Schemes




Lock-in Days

5 Year

Loan Against FD


Pre-mature Withdrawal


FD Nominee



7 Days to 10 Year 2 Days

General Public

5.60% to 7.00 %

Senior Citizen



Rs.20,000,000 to Rs.1,000,00000

*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.

What is a Punjab National Bank NRO Scheme?

The Punjab National Bank NRO scheme refers to a Non-Resident Ordinary (NRO) account offered by the Punjab National Bank (PNB), one of India's leading public sector banks. The PNB NRO account can be opened by NRIs residing outside India and holding valid Indian passport. The account can be in the form of savings, current, or fixed deposit account. The account holder can freely repatriate up to USD 1 million per financial year after complying with certain regulatory requirements. The account also provides features such as internet banking, mobile banking, and fund transfer facilities. The PNB NRO scheme is an attractive option for NRIs looking to manage their finances in India, with the convenience of easy access to funds and a wide range of banking services. 

Eligibility Criteria

Customers looking to apply for a PNB NRO account must adhere to the following eligibility criteria.

  • The applicant should be a non-resident Indian (NRI) or a person of Indian origin (PIO) residing outside India.
  • The applicant must have a valid passport and visa.
  • The applicant should have a valid PAN card or apply for one.
  • The applicant should have a valid bank account in India to receive the funds.
  • The applicant should be over 18 years of age.
  • The applicant should not be a citizen of Pakistan or Bangladesh.
  • The applicant should comply with the Foreign Exchange Management Act (FEMA) and Income Tax Act regulations.
  • The applicant should have a legitimate source of income.

Documents Required

Here are some of the typical documents that you may require to open an NRO account with PNB:

  • Passport-sized photograph of the applicant
  • PAN card of the applicant
  • Address proof of the applicant(s) (e.g., Aadhaar card, utility bills, bank statements, etc.)
  • Overseas address proof (e.g., foreign passport, visa, employment contract, etc.)
  • NRO account opening form duly filled and signed by the applicant(s)
  • Declaration form for FEMA compliance
  • FATCA and CRS declaration form (for NRIs residing in the US or other FATCA-compliant countries)
  • Self-attested copy of the visa or work permit
  • Initial deposit in INR or foreign currency, as per PNB's policy

Key Attractions

Some of the core aspects of the Punjab National Bank NRO account are as follows.

  • Easy Remittance: Punjab National Bank NRO Scheme provides a convenient and easy way for Non-Resident Indians (NRIs) to transfer funds to their NRO accounts in India.
  • Tax Benefits: The interest earned on NRO accounts is taxable in India, but NRIs can avail of tax benefits under Double Taxation Avoidance Agreements (DTAAs) between India and other countries.
  • Repatriation of Funds: NRIs can repatriate up to USD 1 million per financial year from their NRO accounts, subject to certain conditions.
  • Multiple Account Types: Punjab National Bank NRO Scheme offers a variety of account types, including savings, current, and fixed deposit accounts, to meet the needs of NRIs.
  • Online Banking: NRIs can access their NRO accounts and carry out banking transactions online, making it convenient for them to manage their funds anywhere.
  • Customer Support: Punjab National Bank provides dedicated customer support to NRIs, making it easier for them to resolve any issues or queries related to their NRO accounts.
  • ATM and Debit Card: NRO account holders can avail of ATM and debit card facilities, making it easy to withdraw cash and make payments in India.

Features & Benefits

Features of the Punjab National Bank NRO Scheme are as follows.

  • An NRO account can be opened by any non-resident Indian (NRI) or a person of Indian origin (PIO).
  • The account can be maintained in Indian rupees.
  • Interest earned on the account is subject to tax deduction at source (TDS) as per the prevailing tax laws in India.
  • The account holder can make deposits in the form of foreign currency, which will be converted into Indian rupees.
  • The account holder can also withdraw in Indian rupees or foreign currency, subject to certain conditions.

With the above-mentioned features, various benefits are also attached to the PNB NRO account. The Benefits of the Punjab National Bank NRO Scheme are as follows.

  • The account holder can earn interest on the account, which can help in generating passive income.
  • The account holder can easily transfer funds from overseas to their NRO account in India.
  • The account can be used to make payments for various expenses in India, such as utility bills, loan repayments, and other financial obligations.
  • The account holder can repatriate up to USD 1 million per financial year from their NRO account, subject to certain conditions.
  • The account holder can also use the account to invest in various financial instruments in India, such as mutual funds, stocks, and bonds.

How to Apply for Punjab National Bank NRO Scheme

Steps on how to apply for the Punjab National Bank NRO scheme:

  • Visit the Punjab National Bank (PNB) website and click on the "Personal Banking" section.
  • Under "Deposit Schemes," click on "NRO Deposit Scheme."
  • Read the scheme details, including the eligibility criteria and documents required.
  • Download the application form and fill it in with the required details.
  • Attach the necessary documents, such as a passport copy, visa copy, and proof of address.
  • Submit the application form and documents to the nearest PNB branch or courier them to the bank's address on the website.
  • The bank will verify the documents and process your application.
  • Once the account is opened, you will receive the account details and other related information.

It is advisable to contact the bank directly or visit their branch for any assistance or clarification required during the application process.

Frequently Asked Questions

What is an NRO account in a PNB bank?

An NRO (Non-Resident Ordinary) account in a PNB (Punjab National Bank) bank is a type of bank account designed for non-resident Indians to manage their income earned in India. It allows them to deposit and manage income earned in Indian Rupees.

Which bank is best for an NRO account?

Besides PNB, various banks offer lucrative NRO account schemes, including Citi Bank, DBS Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.

Who is eligible for an NRO account?

Non-resident Indians (NRIs) or persons of Indian origin (PIOs) are eligible for opening an NRO account in India. Moreover, foreign nationals currently residing in India for employment or business purposes are also eligible to open an NRO account.

What is the benefit of an NRO account?

PNB NRO account enables NRIs to manage and maintain their earnings in India hassle-free. Moreover, it allows NRIs to easily conduct financial transactions in India and remit funds abroad as needed.

Urban Money