PNB (Punjab National Bank) NRE Account is a popular banking option for Non-Resident Indians (NRIs) who want to manage their foreign income in India. This blog aims to provide you with a comprehensive understanding of PNB NRE Account, including its features, benefits, and the process of opening an NRE account at Punjab National Bank.
PNB NRI Account
PNB NRI accounts are available in two categories – PNB NRE savings account and PNB NRO Savings account. Below is all the information you need to know about Punjab National Bank NRE savings account.
Features and Benefits of PNB NRE Savings Account
Listed below are the features and benefits of PNB NRE Savings Account:
- The PNB NRE account is maintained in Indian Rupees (INR), allowing NRIs to hold and manage their foreign income in India.
- The foreign currency remittance received for opening an NRE account is converted into Indian Rupees at the current exchange rates.
- Funds in the PNB NRE Account are fully repatriable, meaning both the principal amount and the interest earned can be freely transferred back to the foreign account without any restrictions.
- Interest earned on the PNB NRE Account is exempt from income tax in India. This tax benefit allows NRIs to maximize their savings and enjoy higher returns on their investments.
- The NRE account can be jointly held by two or more NRIs/PIOs with the option of “either or survivor.”
- Additionally, NRIs/PIOs can hold the account jointly with a resident relative on a “former or survivor” basis, where the term “relative” is defined in accordance with the Companies Act, 2013.
PNB NRE Account Interest Rate
Given below are the Punjab National Bank NRE savings account interest rates . These interest rates are effective from 1 January 2023.
|Balance in NRE Savings Account||Interest Rates (p.a.)|
|Balance below Rs. 10 Lakh||2.70%|
|Balance of Rs.10 Lakh to less than Rs.100 Crore||2.75%|
|Balance of Rs.100 Crore & above||3.00%|
Note- PNB NRE savings account interest rates can vary over time and may be subject to change based on bank’s policies and RBI guidelines.
PNB NRE Account Opening Process
To apply for a PNB NRE savings account, NRIs need to follow the steps below:
- Visit the official website of Punjab National Bank (PNB).
- Click on the “NRI” section.
- Once the page gets opened, select NRE account from the given list of NRI services offered by the Punjab National Bank.
- Click on the link given at the bottom of the page. It will redirect you to the Account Opening Form (AOF).
- Alternatively, you can request for the AOF at email ID [email protected].
- NRIs can submit the completely filled Account Opening Form (AOF), adhering to the guidelines, along with the necessary documents, to the centralized NRI Cell at PNB Corporate Office:
Address: NRI Cell, IBD Division, PNB Corporate Office, 4th Floor, East Wing, Plot no: 4, Sector-10 Dwarka, New Delhi-110075, India.
- For any inquiries or assistance, NRIs can contact the telephone numbers 011-28044202 and 011-28044201 or reach out via email at [email protected] and [email protected].
- NRIs can also apply for the PNB NRE account during their temporary visits to India. PNB NRE accounts can be opened at all branches of PNB.
NRE Account Opening through SBNRI
To apply for an NRE account online, you have two options: You can either click on the “Open NRE Account” button on this blog or download the SBNRI App. Follow the steps below to open an NRE account through the SBNRI app:
- Download the SBNRI app from the Google Play Store or App Store onto your mobile device.
- Sign in to the app using your credentials or create a new account if you don’t have one.
- Locate and click on the “Open NRE account” button within the app.
- Choose the bank from the provided list with which you wish to open your NRE account.
- Use the in-app scanning feature to scan and upload your KYC (Know Your Customer) documents.
- Once you have uploaded the necessary documents, click on the “Apply” button to submit your application.
Documents required for NRE Account Opening
The Account Opening Form (AOF) should include the preferred PNB branch name where NRIs want to open their NRE account. The following documents should be submitted along with the AOF:
- Two passport-size photographs of the NRE account holder (one to be affixed on the AOF)
- Copies of relevant pages of the passport and valid visa
- Proof of the current overseas address
- Initial foreign remittance for account opening, which can be done through:
- Demand Drafts in Indian Rupees
- Demand Drafts/Personal Cheques in foreign currency
- Wire Transfers/SWIFT
- Foreign Currency/Traveler’s Cheques (only in person)
- NRIs should self-attest copies of their passport and photographs
- A separate sheet containing the specimen signatures of the applicants, duly signed by the Indian Embassy/Consulate/Bank/Person known to the Bank or a Notary Public
PNB NRI Customer Care
To cater to the queries and concerns of NRI customers, Punjab National Bank has a dedicated NRI help desk. You can reach out to PNB bank using the following contact details:
a. For prompt assistance, NRIs can contact the bank through the following dedicated NRI telephone line:
b. The bank also provides International Toll-Free Numbers for NRI Customers:
- United States: +18444519295
- United Kingdom: +448000318030
- UAE: +800035770298
c. In addition, NRIs can connect with the PNB team via email using the following dedicated email addresses:
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRE account. Visit our blog and YouTube Channel for more details.
No, the interest earned on a PNB NRE account is exempt from income tax in India. This tax benefit makes the NRE account an attractive investment option for NRIs.
Some benefits of a PNB NRE account include tax exemption on the interest earned, full repatriability of funds, joint account holding with other NRIs, nomination facility, and convenient online banking services.