There is scant literature from India assessing the burden of mental disorders among elderly patients with non-communicable diseases (NCDs). This study aimed to determine the prevalence of depression and generalised anxiety disorder (GAD) among the elderly population with diabetes and/or hypertension and risk factors for psychiatric morbidity. A cross-sectional study was conducted between September–December 2017 by using a semi-structured questionnaire amongst an elderly population (n= 320), who were attending an NCD clinic in a rural district in the northern state of Punjab, India. The Geriatric Depression Scale (30-item) and GAD-7 scale were used to assess depression and GAD. Depression was found in 58.1%(95% confidence interval [CI] 52.6–63.4%) of the study participants; of whom, 34.1% had severe depression. The proportion of GAD was found to be 38.7%(95% CI 33.6–44.2%), with 19.7% scoring in the severe range. Both GAD and depression was found in 37.8%(95% CI 32.7–43.2%). Female gender, nuclear family, being single/separated/divorced/widowed, low-income status and comorbid NCDs (especially hypertension) were found to be risk factors associated with depression and GAD. NCDs with co-morbid mental illness are a growing public health problem amongst the elderly population of the country. The NCD programme should make immediate efforts to provide mental-health care as part of a holistic care package to elderly with NCDs.