Punjab National Bank NRI Account: Types, Eligibility, Documentation and How to Open in 2025

Opening the right bank account is crucial for Non-Resident Indians who want to manage income, savings, and investments across borders with ease. A Punjab National Bank NRI account provides NRIs with the flexibility to manage both foreign earnings and funds generated in India through secure and regulated channels. With services such as NRE, NRO, and FCNR deposits, PNB offers diverse options tailored to various financial needs. This guide explores eligibility, documents, account types, and benefits so NRIs can make informed choices and manage their money confidently from anywhere in the world. [1]

Punjab National Bank NRI Account - Quick Info

This table provides a consolidated overview of the key features of the PNB NRI account, offering a quick reference for prospective account holders.

Types of NRI Accounts Offered by Punjab National Bank

PNB offers a structured portfolio of accounts tailored to the distinct financial needs of NRIs. Each of these types of NRI accounts serves a specific purpose for managing your finances. [1]

1. PNB NRE Account (Non-Resident External)

The Punjab National Bank NRE account maintains funds in Indian Rupees (INR). A key feature of the NRE account PNB offers is that both the principal amount and the interest earned are fully and freely repatriable to your country of residence. Furthermore, the interest earned on this account is entirely exempt from income tax in India, making it a desirable option for parking foreign savings.

2. PNB NRO Account (Non-Resident Ordinary)

The NRO account is intended for managing INR income earned by an NRI from sources within India. This includes earnings such as rental income from property, dividends from Indian investments, or pension payments. Unlike the NRE account, the interest earned is subject to Indian income tax, with details covered under the NRO account taxation rules. This account can also be held jointly with a resident Indian, making it convenient for managing family finances. [3]

3. PNB FCNR Account (Foreign Currency Non-Resident)

The PNB FCNR Account allows NRIs to maintain fixed deposits in a designated foreign currency, such as USD, GBP, EUR, AUD, or CAD. This is highly beneficial for those who wish to avoid the risk of exchange rate fluctuations between the foreign currency and the Indian Rupee. Both the principal amount and the interest earned in an FCNR deposit are fully repatriable. They are exempt from tax in India, making it an excellent tool for earning returns on foreign currency funds. [6]

Eligibility Criteria for Opening a Punjab National Bank NRI Account

To open an NRI account with PNB, applicants must meet specific eligibility criteria as defined by the Reserve Bank of India. [1][3]

• You must be a Non-Resident Indian (NRI).
• You can be a Person of Indian Origin (PIO) or an Overseas Citizen of India (OCI) cardholder.
• Foreign nationals (excluding citizens of Pakistan and Bangladesh) may also be eligible under specific conditions.
• The account must be opened by the NRI personally and cannot be opened through a Power of Attorney holder.

Documents Required for Opening a Punjab National Bank NRI Account

A comprehensive set of documents is required for the PNB NRI account opening process to comply with Know Your Customer (KYC) and FEMA regulations. [2]

• The duly filled and signed NRI account opening form and 3-4 recent passport-sized photographs.
• A valid passport copy showing personal details, photograph, and signature.
• A valid Visa, Work Permit, Job Contract, or Continuous Discharge Certificate (CDC) for seafarers.
• A document verifying your current address abroad, such as a utility bill, foreign bank statement, or employment letter. Aadhaar Card, Voter ID, or Passport mentioning the Indian address.
• A copy of your Indian Permanent Account Number (PAN) card is highly recommended.
• This may include a cancelled cheque from an overseas bank account and a third-party attestation of your signature and documents.

How to Open a Punjab National Bank NRI Account?

PNB offers a convenient process for opening an NRI account in Punjab National Bank, whether you are applying from your country of residence or during a visit to India. [4][6]

From Outside India

• Step 1: Visit the official PNB website and download the appropriate NRI account opening form.
• Step 2: Complete the form accurately and provide the required documents (passport, visa, and address proof) that have been attested by the Indian Embassy/Consulate, a Notary Public abroad, or an official at an overseas branch of a registered Indian bank.
• Step 3: Send the completed form, attested documents, and initial remittance (via cheque or draft) to PNB's dedicated 24x7 NRI Cell or a designated branch in India. The process for opening a PNB NRI account online begins with this physical submission.
• Step 4: Once the documents are received and verified, your account will be activated. You will receive your welcome kit with your account details and digital banking credentials.

From India (During Visit)

• Step 1: Locate a PNB branch that handles foreign exchange or NRI services. It is advisable to carry both the original and photocopies of all required documents.
• Step 2: Complete the account opening form with the assistance of a bank representative.
• Step 3: The bank will verify your original documents in person, which simplifies the attestation requirement.
• Step 4: Your account is typically opened much faster, often within a few working days, once the in-person verification is complete.

Minimum Balance & Charges

The PNB NRI account minimum balance and other service charges are determined by the bank's policies and can vary between different schemes.

Tax Implications for NRI Account Holders

The interest earned on a Punjab National Bank NRE account and an FCNR account is completely exempt from income tax in India. This is one of the most significant NRI account benefits. Conversely, the interest earned in a Punjab National Bank NRO account is taxable in India at the applicable income tax slab rates. TDS (Tax Deducted at Source) is deducted from the NRO interest. For a detailed comparison, it is helpful to understand the differences between NRE vs NRO accounts. [5]

Benefits of Punjab National Bank NRI Account

The PNB Bank NRI account offers several advantages, making it a strong contender among the best NRI accounts in India, leveraging the trust and reach of a major public sector bank.

• As a government-backed institution, PNB offers a high degree of security for your funds. [1]
• PNB has one of the largest branch and ATM networks across India, providing easy access for you or your family members.
• The bank offers attractive interest rates on its NRI deposits, including competitive PNB NRE FD rates.[8]
• PNB provides robust internet banking and mobile banking platforms, allowing you to manage your account from anywhere in the world.
• The bank has a dedicated NRI Cell to handle queries and provide specialised assistance to its overseas customers.
• PNB offers various loan products to NRIs against their deposits or for purposes like housing and education.

How can NoBroker help with NRI Legal Services?

Property and financial dealings in India often involve complex regulations that are difficult for NRIs to manage remotely. By combining transparency with convenience, NoBroker provides dedicated NRI legal assistance for property and banking matters. If you hold a Punjab National Bank NRI account and need to repatriate funds, verify ownership, or draft legal agreements, our experts can help. From Power of Attorney preparation to compliance checks, every detail is managed professionally. With NoBroker’s end-to-end support, NRIs gain peace of mind, knowing their property and financial interests are fully protected.