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.
Read more
Plans starting from₹1000/month
loading...
loading...
loading...
Best Investment Plans
Invest 18k/month & get 2 Crore# on maturity
Manage your funds online60k + happy customers across 25+ countries
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).
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in *Past 10 Year annualised returns as on 01-01-2025 *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.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶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).
Invest 18k/month & get 2 Crore# on maturity
Manage your funds online60k + happy customers across 25+ countries
Compare & Choose 30+ Plans and 150+ Fund options
