Any person resident outside India can open account under this scheme for the purpose of caring out bonafide transactions in rupees non involving any violation of provisions of Foreign Exchange Management Act 1999, rules & regulations made thereunder.

The operations in these accounts should not result in the account holder making available foreign exchange to any person resident in India against reimbursement in rupees or in any other manner.

These accounts can be opened at all branches of Punjab National Bank.

These accounts can be maintained under current/savings/recurring and term deposits. Term Deposits can be accepted for a maximum period of 10 years and
Joint accounts with residents can be opened under this scheme.

Only the interest earned on these deposits is freely repatriable. These accounts are subject to deduction of tax as per Income-tax rules.

Facility for automatic renewal of deposits on maturity and safe custody of Deposit Receipt is also available.

Rupee loans in India can be granted to account holder and 3rd party against security of these deposits.

Interest rates applicable on domestic deposits are also applicable on NRO deposits.

Interest rates on NRO Accounts

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