This name is from Netaji Bhawan, the nearby memorial hall and museum of Subhas Chandra Bose ("Netaji"). Scenes of the Netaji's life are painted inside the station.
History
In 1984, when the Metro opened in Kolkata (then Calcutta), it was the southern most station. The station at that time was "Bhawanipore". Later the name was changed to Netaji Bhawan.