NRE Account

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Non-Resident (External) Accounts Deposit Scheme (NRE)

Non- Resident Indians (NRI) & Persons of Indian Origin (PIO) can open Accounts under the 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.
  • The account is maintained in Indian Rupees (INR).
  • The remittance received in foreign currency for opening of NRE account will be converted into Indian Rupees at the prevailing exchange rates.
  • The account may be held jointly in the names of two or more NRIs/ PIOs on `either or survivor basis.
  • NRIs/ PIOs can hold the account jointly with a resident relative on ‘former or survivor’ basis (relative as defined in Companies Act, 2013).
  • Individual of Pakistan and Bangladesh requires prior approval of the Reserve Bank of India.

Types of accounts

Saving, Current, Fixed deposit & Recurring accounts.

  • Fixed deposits & Recurring deposits can be accepted for a minimum period of 1 year and maximum period of 10 years.


  • Principal alongwith interest freely repatriable in any permitted currency.
  • Loans/overdrafts in rupees can be availed by NRI depositors or 3rd party against the security of term deposits. However, loans in foreign currency against NRE term deposits in India can be availed through our correspondent Banks.
  • Interest earned NRE accounts is exempt from Income Tax.
  • Facility for automatic renewal of deposits on maturity.

Premature withdrawal of term deposits

  • If NRE term deposit is sought to be withdrawn prematurely, interest will be allowed as applicable for the period for which the deposit remained with the Bankminus 0.5% penalty, provided the deposit has completed minimum period of 1 year.
  • No Interest is payable, where premature withdrawal of deposit takes place before completion of the minimum period prescribed i.e. one year.

Interest rates on NRE Deposits

Account opening form for Non-Resident Indians (single and Joint) Saving Fund/Current account/ Fixed Deposits

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