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India is home to some of the biggest and most reputable banks in the world, making it a hub for both national and international financial activities. With such a vast array of banking options, it can be overwhelming for customers to choose the best bank to suit their needs. This is why we have compiled a comprehensive list of the top 10 banks in India.
These banks have been selected based on their size, reputation, customer service, interest rates, and other key factors that make them stand out from the competition. Whether you're looking to open a savings account, take out a loan, or invest in the stock market, these banks have got you covered.
From the traditional banking giants to the emerging digital banks, our list includes a diverse range of options to cater to all types of customers. So, without further ado, let's dive into our list of the top 10 banks in India
Top 10 Banks in India: The Best Banks to Open an Account in 2023
Here is the list of top 10 banks in India in 2023
1. State Bank of India (SBI)
The State Bank of India (SBI) is India's largest bank, with over 22,000 branches across the country. It is also the country's oldest bank, established in 1806. SBI offers a wide range of financial products and services, including savings and current accounts, credit cards, loans, and investment accounts.
SBI's savings accounts are particularly attractive, with competitive interest rates and low minimum balance requirements. SBI also has a strong online and mobile banking platform, making it easy for customers to manage their accounts from anywhere in the world.
- Type - Public Company (Government of India), Top Government Banks in India
- Industry - Banking, Financial Services
- Founded - 2nd June 1806 - Bank of Calcutta, 27th January 1921 - Imperial Bank of India, 1st July 1955 – State Bank of India, 2nd June 1956 – Nationalisation.
- Key Person (Chairperson) - Dinesh Kumar Khara
- Headquarters - Mumbai – India
- Area served - Worldwide
- Products - Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards
- Asset - ₹4,987,597 crore (US$624 billion) (2022)
- Number of Branches - Over 24000 branches in India & 191 offices in 36 countries across the world
- Number of ATMs - 62,617
- Number of Employees - 245,642 (2022)
- Official Website - sbi.co.in
2. HDFC Bank
HDFC Bank is one of India's largest private sector banks, with over 5,000 branches and 13,500 ATMs across the country. It offers a wide range of financial products and services, including savings and current accounts, credit cards, loans, and investment accounts.
HDFC Bank's savings accounts are known for their attractive interest rates and low minimum balance requirements. The bank also offers a wide range of credit cards that cater to different customer needs, from travel rewards to cashback.
- Type - Private Company
- Industry - Financial Services
- Founded - 1994
- Key Person - Atanu Chakraborty (Chairman)
- Headquarters - Mumbai – India
- Area served - India
- Products - Banking
- Asset - ₹2,122,934 crore (US$280 billion – 2022)
- Number of Branches - 6,378 (Jun. 30, 2022)
- Number of ATMs - 16,087 (Across India)
- Number of Employees - 1,52,511 (2022)
- Official Website - hdfcbank.com
3. ICICI Bank
ICICI Bank is another of India's largest private sector banks, with over 5,000 branches and 15,000 ATMs across the country. It offers a wide range of financial products and services, including savings and current accounts, credit cards, loans, and investment accounts.
ICICI Bank's savings accounts are known for their competitive interest rates and innovative features, such as the option to open a zero balance account. The bank also offers a range of credit cards that cater to different customer needs, from cashback to rewards points.
- Type - Private Sector
- Industry - Banking & Financial Sector
- Founded - 1994
- Key Person (Chairperson) - Girish Chandra Chaturvedi
- Headquarters - Mumbai – India
- Area served - Worldwide
- Products - Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management, personal loans, payment solutions
- Asset - ₹17.53 lakh crore (US$219 billion) (2022)
- Number of Branches - 5,275 (2022)
- Number of ATMs - 13,463
- Number of Employees - 1,30,170 (2021)
- Official Website - icicibank.com
4. Axis Bank
Axis Bank is a private sector bank with over 4,000 branches and 12,000 ATMs across the country. It offers a wide range of financial products and services, including savings and current accounts, credit cards, loans, and investment accounts.
Axis Bank's savings accounts are known for their competitive interest rates and low minimum balance requirements. The bank also offers a range of credit cards that cater to different customer needs, from travel rewards to cashback.
- Type - Private Sector
- Industry - Banking & Financial Sector
- Founded - 3 December 1993
- Key Person (Chairperson) - Amitabh Chaudhry
- Headquarters - Mumbai – India
- Area served - Worldwide
- Products - Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
- Asset - ₹11,75,178 crore (US$130 billion – 2022)
- Number of Branches - 4,096 branches and extension counters
- Number of ATMs - 10,990
5. Kotak Mahindra Bank
Kotak Mahindra Bank is another private sector bank with over 1,500 branches and 2,500 ATMs across the country. It offers a wide range of financial products and services, including savings and current accounts, credit cards, loans, and investment accounts.
Kotak Mahindra Bank's savings accounts are known for their attractive interest rates and low minimum balance requirements. The bank also offers a range of credit cards that cater to different customer needs, from travel rewards to cashback.
- Type - Private Sector
- Industry - Banking & Financial Sector
- Founded - February 2003
- Key Person (Chairperson) - Prakash Apte
- Headquarters - Mumbai – India
- Area served - India
- Products - Credit cards, Life Insurance, Mutual Funds, Car Finance, Securities, Institutional Equities, Investment Banking, International Business, Kotak Private Equity, Kotak Realty Fund, Wealth Management
- Asset - ₹4.79 Lakh Crore (US$63 billion – 2021)
- Number of Branches - 1700 (March 2022)
- Number of ATMs - 2705
6. Punjab National Bank (PNB)
Punjab National Bank (PNB) is one of India's oldest and largest public sector banks, with over 7,000 branches and 9,000 ATMs across the country. It offers a wide range of financial products and services, including savings and current accounts, credit cards, loans, and investment accounts.
PNB's savings accounts are known for their competitive interest rates and low minimum balance requirements. The bank also offers a range of credit cards that cater to different customer needs, from rewards points to cashback.
- Type - Public Sector
- Industry - Banking & Financial Sector
- Founded - April 12, 1895
- Key Person - Atul Kumar Goel
- Headquarters - New Delhi – India
- Area served - India
- Products - Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
- Asset - ₹1,279,725 crore (US$170 billion – 2021)
- Number of Branches - 10,530 (2021)
- Number of ATMs - 13,506 (2021)
7. Bank of Baroda
Bank of Baroda is another one of the top banks in India, with a history dating back to 1908. Today, it has over 9,500 branches across the country and a strong presence in overseas markets as well. In terms of size, it is the third largest bank in India, with assets of over INR 14 trillion. It offers a wide range of products and services, including personal banking, corporate banking, and international banking.
One of the standout features of Bank of Baroda is its low-cost savings accounts. It offers a variety of savings accounts with low minimum balance requirements and no account maintenance fees. Additionally, the bank has a strong online banking platform and mobile app, which allows customers to easily manage their accounts and perform transactions from anywhere.
- Type - Public Sector
- Industry - Banking & Financial Sector
- Founded - 20 July 1908
- Key Person (Chairperson) - Hasmukh Adhia
- Headquarters - Vadodara – India
- Area served - India
- Products - Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
- Asset - ₹11.55 Lakh Crores (US$144 billion) (2021)
- Number of Branches - 8,214 (2020)
- Number of ATMs - 10,033 (2020)
8. Yes Bank
Yes Bank is a private sector bank in India that was established in 2004. The bank has its headquarters in Mumbai, Maharashtra and offers a wide range of financial products and services to its customers. Yes Bank has been ranked among the top banks in India and has received several awards for its excellence in customer service, technology, and innovation.
As of 2023, Yes Bank has over 1,000 branches and more than 1,800 ATMs across the country. The bank provides various services such as savings and current accounts, fixed deposits, loans, credit cards, insurance, and investment options. Yes Bank also offers digital banking solutions, including mobile banking, internet banking, and phone banking, making it easier for customers to manage their accounts from anywhere at any time.
One of the unique features of Yes Bank is its focus on innovation and technology. The bank has introduced several innovative products and services in recent years, including a mobile wallet, UPI-based payments, and a chatbot for customer support. Yes Bank has also collaborated with various fintech startups to offer cutting-edge financial solutions to its customers.
In terms of interest rates, Yes Bank offers competitive rates for its savings accounts and fixed deposits. The bank's savings accounts come with an interest rate of up to 5% per annum, depending on the balance in the account. Yes Bank's fixed deposits offer higher interest rates compared to other banks in India, with rates ranging from 3.5% to 6.75% per annum.
Yes Bank has been recognized for its outstanding customer service and has won several awards for it. The bank was awarded the 'Best Customer Service Initiative' award at the 2020 Finnoviti Awards and the 'Best Use of Technology in Customer Service' award at the 2019 Indian Banking Summit and Awards.
- Type - Private Sector
- Industry - Banking & Financial Sector
- Founded - 2004
- Key Person (Chairperson) - Sunil Mehta
- Headquarters - Mumbai – India
- Area served - India
- Products - Investment Banking Solutions, Yes Property Purchase Credit Card, Yes First Corporate Credit Card, Loans, Surplus and Investments, Debt Capital Markets, Digital Banking
- Asset - ₹273,543 crore (US$36 billion) (2021)
- Number of Branches - 1000
- Number of ATMs - 1800
9. Bank of India (BOI)
Bank of India (BOI) is one of the leading public sector banks in India, with headquarters in Mumbai. It was established in 1906 and currently has a network of over 5,000 branches across India, as well as international branches in countries such as the United States, United Kingdom, Hong Kong, Singapore, and Japan.
As of 2023, Bank of India is ranked among the top 10 banks in India in terms of assets, deposits, and market capitalization. The bank offers a wide range of financial products and services, including personal banking, corporate banking, international banking, and treasury operations.
Bank of India's personal banking products include savings accounts, current accounts, fixed deposits, recurring deposits, and various types of loans such as home loans, personal loans, and car loans. The bank also offers credit and debit cards with attractive rewards and cashback offers.
One of the unique features of Bank of India is its Mobile Passbook facility, which allows customers to view their account transactions and balances on their mobile phones without the need for internet connectivity. The bank also offers online banking services, including NEFT, RTGS, and IMPS transfers, bill payments, and online shopping.
Bank of India has received several awards and recognitions for its performance and services. In 2020, it was awarded the Best MSME Bank Award by Assocham, and in 2019, it was recognized as the Best Bank for SMEs at the National Entrepreneurship Awards.
In terms of customer service, Bank of India has a dedicated customer care team that is available 24/7 to assist customers with any queries or concerns. The bank also has a robust grievance redressal mechanism to ensure that customer complaints are resolved promptly and effectively.
- Type - Public Sector
- Industry - Financial Services
- Founded - 7 September 1906
- Key Person - Atanu Kumar Das (MD & CEO)
- Headquarters - Mumbai – India
- Area served - India
- Products - Commercial Banking, Retail Banking, Private Banking, Asset Management, Mortgages, Credit Cards
- Asset - ₹725,856.45 crore (US$95 billion – 2021)
- Number of Branches - 5,430 (March 2021)
- Number of ATMs - 5,551 (March 2021)
10. IndusInd Bank
IndusInd Bank is one of the leading private sector banks in India, offering a wide range of financial products and services to customers. It was founded in 1994 and has since grown to become a trusted name in the banking industry. The bank is known for its innovative approach and customer-centric solutions, making it a popular choice for individuals and businesses alike.
IndusInd Bank offers a range of banking services, including savings and current accounts, loans, credit cards, investment services, and more. The bank's savings accounts are designed to suit different needs and come with various features like internet banking, mobile banking, and more. The bank's current accounts are also customized to meet the needs of businesses, offering features like overdraft facilities, free NEFT and RTGS transactions, and more.
IndusInd Bank is also known for its competitive interest rates on loans, such as personal loans, home loans, and car loans. The bank's credit cards come with various benefits like cashback, rewards points, and discounts on dining, shopping, and travel. The bank's investment services include mutual funds, insurance, and fixed deposits, making it a one-stop-shop for all your financial needs.
In terms of customer service, IndusInd Bank has a dedicated customer care team that can assist customers with their queries and complaints. The bank also offers various channels for customers to access their accounts, including internet banking, mobile banking, and ATMs.
- Type - Private Sector
- Industry - Banking & Financial Sector
- Founded - 1994
- Key Person (Chairperson) - Arun Tiwari
- Headquarters - Mumbai – India
- Area served - India
- Products - Credit Cards, Car Loan, Gold Loan, Home Loan, Loan Against Property
- Asset - ₹307,057 crore (US$40 billion) (2020)
- Number of Branches - 2,015 Branches (Sept. 30, 2021)
- Number of ATMs - 2,835 (2022)
CONCLUSION
In conclusion, India's banking sector is growing at a rapid pace, and there are many options for individuals looking for the best banks to open accounts in India. The top 10 banks in India listed above are known for their size, reputation, customer service, and competitive interest rates.
State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank (PNB), Bank of Baroda, Canara Bank, Union Bank of India, and IDBI Bank are some of the best banks in India that offer a wide range of financial products and services.
While choosing a bank in India, it is important to consider various factors such as interest rates, fees, ease of access, and customer service. Each of these banks has its own unique advantages and disadvantages, so it's essential to research and compare them before making a final decision.
Overall, the Indian banking sector has come a long way, and the top banks in India are at par with some of the best banks in the world. With their commitment to providing excellent customer service and innovative financial products, these banks are sure to continue to dominate the Indian financial landscape for years to come.
FAQS
Which is the largest bank in India?
The largest bank in India by total assets and market capitalization is the State Bank of India (SBI). As of 2023, SBI had total assets of over Rs. 52 lakh crore and a market capitalization of over Rs. 3 lakh crore. SBI is a government-owned bank and was founded in 1955, and it has grown to become a prominent player in the Indian banking sector. SBI has a large network of branches and ATMs across India and also has a significant presence in the international market with operations in more than 32 countries.
Which is the best bank in India?
There is no one "best" bank in India as the choice of the best bank depends on the individual's financial needs and preferences. Some banks offer better interest rates on savings accounts and fixed deposits, while others may have more convenient branch locations or a wider range of financial products.
That being said, some of the top banks in India that are known for their size, reputation, customer service, and overall performance are State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank (PNB), and Bank of Baroda. Each of these banks has its strengths and weaknesses, so it is important for individuals to research and compare their options before choosing a bank that suits their needs.
Which one is a better bank SBI or ICICI?
Both SBI and ICICI are leading banks in India, and which one is better depends on individual needs and preferences. SBI is a government-owned bank with a wider network of branches and ATMs across the country. It offers a range of products and services, including savings accounts, loans, credit cards, and investment options. On the other hand, ICICI Bank is a private bank that offers innovative digital banking solutions and customer-centric services.
If you prefer traditional banking services and need access to a large number of physical branches and ATMs, SBI may be a better choice. However, if you are looking for more modern and innovative banking services and prefer digital banking solutions, ICICI Bank may be a better fit. Ultimately, it is important to compare the specific products and services offered by each bank and determine which one best fits your individual banking needs.
What is the age limit for clerical posts?
The age limit for clerical posts varies depending on the organization and country. In India, the age limit for clerical posts in banks is usually between 20 to 28 years for general category candidates, with some relaxation for reserved categories. However, this may differ for different organizations and can be checked in their official recruitment notifications. It's important to note that the age limit is typically calculated as of a specific date mentioned in the recruitment notification and may vary from year to year.
Is there any negative marking in the bank recruitment exam?
Yes, most of the bank recruitment exams in India have a negative marking system. The candidates are penalized for each wrong answer they provide in the exam. The exact negative marking scheme varies from one exam to another, and it is mentioned in the official notification or information brochure of the exam. It is advisable for candidates to carefully read and understand the marking scheme before appearing for the exam to avoid losing marks unnecessarily.