NRE Account

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Non Resident (External) Accounts Deposit Scheme (NRE)

Non-Resident Indians can open accounts under this scheme. The account should be opened by the non-resident account holder himself and not by the holder of power of attorney in India.


  • NRE accounts can be opened by remittances from abroad in any convertible currency or from transfer of funds from existing NRE/FCNR accounts held by any person with any Bank in India. These accounts can be opened at all branches of Punjab National Bank.
  • Accounts can also be opened during temporary visits of NRIs to India against tender of foreign currency traveller cheques/notes and coins.
  • The remittance received in foreign currency for opening of NRE accounts will be converted into Indian rupees at the prevailing exchange rates.
  • These accounts can be maintained under Savings/Current/Recurring and Term Deposit Schemes.

Term Deposits can be accepted for a minimum period of 1 year and maximum period of 10 years.


  • Principal alongwith interest freely repatriable in the currency of your choice
  • The deposit amount will be converted into foreign currency at the prevailing rates at the time of remittance.
  • Loans/overdrafts in rupees can be availed by NRI depositors or 3rd parties against the security of term deposits. However, loans in foreign currency against NRE term deposits in India can be availed through our correspondent Banks
  • Income from interest on balances held in these accounts is exempt from Income Tax. Balances held in such accounts are also exempt from Wealth Tax.
  • Gifts made to close resident relatives are free from Gift Tax
  • Facility for automatic renewal of deposits on maturity and safe custody of Deposit Receipt is also available


All account holders maintaining minimum deposit of Rs.250000 will be eligible for following concessions in various facilities being offered by the bank: -

  • a. Free remittance up to Rs.1 lac per annum from his account to anywhere in India, subject to recovery of out of pocket expenses.
  • b. No collection charges on any instrument collected in account holder’s account, up to Rs.1 lac per annum, from anywhere in India subject to recovery of out of pocket expenses.
  • c. Depository services: 50% concessions on service charges of our bank till the deposits remain with the bank.
  • d. Free multicity chequebook for CBS branch customers.
  • e. Free Lockers facility for the customers maintaining a minimum balance of Rs.500000.
  • f. No Inter-branch (Intersol) transaction charges for banking transactions, by the account holders, in the CBS branches
  • g. Free Internet Banking facility.
  • h. Bank will bear foreign bank charges on transfer of funds to our Nostro Accounts subject to minimum deposit of Rs.500000.
  • i. Facility of automatic renewal of Fixed Deposits on maturity.
  • j. Linkage with saving account for family at home by allowing overdraft by marking lien in their FCNR account.

Interest rates on NRE Deposits

Account opening form for Non-Residents Indians (Single and Joint) Saving Fund/Current Account/ Fixed Deposits

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