diff --git a/src/psbt.h b/src/psbt.h
index 460730404639d..0663ca620c858 100644
--- a/src/psbt.h
+++ b/src/psbt.h
@@ -1177,8 +1177,13 @@ struct PartiallySignedTransaction
             inputs.push_back(input);
 
             // Make sure the non-witness utxo matches the outpoint
-            if (input.non_witness_utxo && input.non_witness_utxo->GetHash() != tx->vin[i].prevout.hash) {
-                throw std::ios_base::failure("Non-witness UTXO does not match outpoint hash");
+            if (input.non_witness_utxo) {
+                if (input.non_witness_utxo->GetHash() != tx->vin[i].prevout.hash) {
+                    throw std::ios_base::failure("Non-witness UTXO does not match outpoint hash");
+                }
+                if (tx->vin[i].prevout.n >= input.non_witness_utxo->vout.size()) {
+                    throw std::ios_base::failure("Input specifies output index that does not exist");
+                }
             }
             ++i;
         }
diff --git a/test/functional/data/rpc_psbt.json b/test/functional/data/rpc_psbt.json
index 31273508728ea..1ccc5e0ba0c19 100644
--- a/test/functional/data/rpc_psbt.json
+++ b/test/functional/data/rpc_psbt.json
@@ -38,7 +38,9 @@
         "cHNidP8BAF4CAAAAAZvUh2UjC/mnLmYgAflyVW5U8Mb5f+tWvLVgDYF/aZUmAQAAAAD/////AUjmBSoBAAAAIlEgAw2k/OT32yjCyylRYx4ANxOFZZf+ljiCy1AOaBEsymMAAAAAAAEBKwDyBSoBAAAAIlEgwiR++/2SrEf29AuNQtFpF1oZ+p+hDkol1/NetN2FtpJBFCyxOsaCSN6AaqajZZzzwD62gh0JyBFKToaP696GW7bSzZcOFfU/wMgvlQ/VYP+pGbdhcr4Bc2iomROvB09ACwlCiXVqo3OczGiewPzzo2C+MswLWbFuk6Hou0YFcmssp6P/cGxBdmSWMrLMaOH5ErileONxnOdxCIXHqWb0m81DywEBAAA=",
         "cHNidP8BAF4CAAAAAZvUh2UjC/mnLmYgAflyVW5U8Mb5f+tWvLVgDYF/aZUmAQAAAAD/////AUjmBSoBAAAAIlEgAw2k/OT32yjCyylRYx4ANxOFZZf+ljiCy1AOaBEsymMAAAAAAAEBKwDyBSoBAAAAIlEgwiR++/2SrEf29AuNQtFpF1oZ+p+hDkol1/NetN2FtpJBFCyxOsaCSN6AaqajZZzzwD62gh0JyBFKToaP696GW7bSzZcOFfU/wMgvlQ/VYP+pGbdhcr4Bc2iomROvB09ACwk5iXVqo3OczGiewPzzo2C+MswLWbFuk6Hou0YFcmssp6P/cGxBdmSWMrLMaOH5ErileONxnOdxCIXHqWb0m81DywAA",
         "cHNidP8BAF4CAAAAAZvUh2UjC/mnLmYgAflyVW5U8Mb5f+tWvLVgDYF/aZUmAQAAAAD/////AUjmBSoBAAAAIlEgAw2k/OT32yjCyylRYx4ANxOFZZf+ljiCy1AOaBEsymMAAAAAAAEBKwDyBSoBAAAAIlEgwiR++/2SrEf29AuNQtFpF1oZ+p+hDkol1/NetN2FtpJjFcFQkpt0waBJVLeLS2A16XpeB4paDyjsltVHv+6azoA6wG99YgWelJehpKJnVp2YdtpgEBr/OONSm5uTnOf5GulwEV8uSQr3zEXE94UR82BXzlxaXFYyWin7RN/CA/NW4fgAIyAssTrGgkjegGqmo2Wc88A+toIdCcgRSk6Gj+vehlu20qzAAAA=",
-        "cHNidP8BAF4CAAAAAZvUh2UjC/mnLmYgAflyVW5U8Mb5f+tWvLVgDYF/aZUmAQAAAAD/////AUjmBSoBAAAAIlEgAw2k/OT32yjCyylRYx4ANxOFZZf+ljiCy1AOaBEsymMAAAAAAAEBKwDyBSoBAAAAIlEgwiR++/2SrEf29AuNQtFpF1oZ+p+hDkol1/NetN2FtpJhFcFQkpt0waBJVLeLS2A16XpeB4paDyjsltVHv+6azoA6wG99YgWelJehpKJnVp2YdtpgEBr/OONSm5uTnOf5GulwEV8uSQr3zEXE94UR82BXzlxaXFYyWin7RN/CA/NW4SMgLLE6xoJI3oBqpqNlnPPAPraCHQnIEUpOho/r3oZbttKswAAA"
+        "cHNidP8BAF4CAAAAAZvUh2UjC/mnLmYgAflyVW5U8Mb5f+tWvLVgDYF/aZUmAQAAAAD/////AUjmBSoBAAAAIlEgAw2k/OT32yjCyylRYx4ANxOFZZf+ljiCy1AOaBEsymMAAAAAAAEBKwDyBSoBAAAAIlEgwiR++/2SrEf29AuNQtFpF1oZ+p+hDkol1/NetN2FtpJhFcFQkpt0waBJVLeLS2A16XpeB4paDyjsltVHv+6azoA6wG99YgWelJehpKJnVp2YdtpgEBr/OONSm5uTnOf5GulwEV8uSQr3zEXE94UR82BXzlxaXFYyWin7RN/CA/NW4SMgLLE6xoJI3oBqpqNlnPPAPraCHQnIEUpOho/r3oZbttKswAAA",
+        "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",
+        "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"
     ],
     "invalid_with_msg": [
         [
diff --git a/test/functional/rpc_psbt.py b/test/functional/rpc_psbt.py
index 6ee7e56886816..a56960adff75e 100755
--- a/test/functional/rpc_psbt.py
+++ b/test/functional/rpc_psbt.py
@@ -700,11 +700,9 @@ def test_psbt_input_keys(psbt_input, keys):
         assert_equal(analysis['next'], 'creator')
         assert_equal(analysis['error'], 'PSBT is not valid. Output amount invalid')
 
-        analysis = self.nodes[0].analyzepsbt('cHNidP8BAJoCAAAAAkvEW8NnDtdNtDpsmze+Ht2LH35IJcKv00jKAlUs21RrAwAAAAD/////S8Rbw2cO1020OmybN74e3Ysffkglwq/TSMoCVSzbVGsBAAAAAP7///8CwLYClQAAAAAWABSNJKzjaUb3uOxixsvh1GGE3fW7zQD5ApUAAAAAFgAUKNw0x8HRctAgmvoevm4u1SbN7XIAAAAAAAEAnQIAAAACczMa321tVHuN4GKWKRncycI22aX3uXgwSFUKM2orjRsBAAAAAP7///9zMxrfbW1Ue43gYpYpGdzJwjbZpfe5eDBIVQozaiuNGwAAAAAA/v///wIA+QKVAAAAABl2qRT9zXUVA8Ls5iVqynLHe5/vSe1XyYisQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAAAAAQEfQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAA==')
-        assert_equal(analysis['next'], 'creator')
-        assert_equal(analysis['error'], 'PSBT is not valid. Input 0 specifies invalid prevout')
+        assert_raises_rpc_error(-22, "TX decode failed", self.nodes[0].analyzepsbt, "cHNidP8BAJoCAAAAAkvEW8NnDtdNtDpsmze+Ht2LH35IJcKv00jKAlUs21RrAwAAAAD/////S8Rbw2cO1020OmybN74e3Ysffkglwq/TSMoCVSzbVGsBAAAAAP7///8CwLYClQAAAAAWABSNJKzjaUb3uOxixsvh1GGE3fW7zQD5ApUAAAAAFgAUKNw0x8HRctAgmvoevm4u1SbN7XIAAAAAAAEAnQIAAAACczMa321tVHuN4GKWKRncycI22aX3uXgwSFUKM2orjRsBAAAAAP7///9zMxrfbW1Ue43gYpYpGdzJwjbZpfe5eDBIVQozaiuNGwAAAAAA/v///wIA+QKVAAAAABl2qRT9zXUVA8Ls5iVqynLHe5/vSe1XyYisQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAAAAAQEfQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAA==")
 
-        assert_raises_rpc_error(-25, 'Inputs missing or spent', self.nodes[0].walletprocesspsbt, 'cHNidP8BAJoCAAAAAkvEW8NnDtdNtDpsmze+Ht2LH35IJcKv00jKAlUs21RrAwAAAAD/////S8Rbw2cO1020OmybN74e3Ysffkglwq/TSMoCVSzbVGsBAAAAAP7///8CwLYClQAAAAAWABSNJKzjaUb3uOxixsvh1GGE3fW7zQD5ApUAAAAAFgAUKNw0x8HRctAgmvoevm4u1SbN7XIAAAAAAAEAnQIAAAACczMa321tVHuN4GKWKRncycI22aX3uXgwSFUKM2orjRsBAAAAAP7///9zMxrfbW1Ue43gYpYpGdzJwjbZpfe5eDBIVQozaiuNGwAAAAAA/v///wIA+QKVAAAAABl2qRT9zXUVA8Ls5iVqynLHe5/vSe1XyYisQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAAAAAQEfQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAA==')
+        assert_raises_rpc_error(-22, "TX decode failed", self.nodes[0].walletprocesspsbt, "cHNidP8BAJoCAAAAAkvEW8NnDtdNtDpsmze+Ht2LH35IJcKv00jKAlUs21RrAwAAAAD/////S8Rbw2cO1020OmybN74e3Ysffkglwq/TSMoCVSzbVGsBAAAAAP7///8CwLYClQAAAAAWABSNJKzjaUb3uOxixsvh1GGE3fW7zQD5ApUAAAAAFgAUKNw0x8HRctAgmvoevm4u1SbN7XIAAAAAAAEAnQIAAAACczMa321tVHuN4GKWKRncycI22aX3uXgwSFUKM2orjRsBAAAAAP7///9zMxrfbW1Ue43gYpYpGdzJwjbZpfe5eDBIVQozaiuNGwAAAAAA/v///wIA+QKVAAAAABl2qRT9zXUVA8Ls5iVqynLHe5/vSe1XyYisQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAAAAAQEfQM0ClQAAAAAWABRmWQUcjSjghQ8/uH4Bn/zkakwLtAAAAA==")
 
         self.log.info("Test that we can fund psbts with external inputs specified")