The banking sector plays a vital role in any economy's growth and development, as it provides financial services to people and businesses. Before opening an account, you might want to know which bank is best in India.
There are public sector, private sector, and foreign banks that operate in India. They all come under the purview of the Reserve Bank of India.
Forbes India ranked the top ten banks in India by their market capitalisation. HDFC Bank took the first position with a market cap of Rs.12.70 lakh crores, followed by ICICI Bank with Rs.8.73 lakh crores and SBI with Rs.7.09 lakh crores.
Here we will talk about the top 10 banks in India.
India has a modern banking system that can be said to be very efficient. There are several banks in India but there are only a few notable banks that have earned the trust of the citizens. Let’s look at a list of the top 10 banks in India.
| Sl. No. | Bank’s Name |
|---|---|
|
1. |
State Bank of India (SBI) |
|
2. |
HDFC Bank |
|
3. |
Punjab National Bank(PNB) |
|
4. |
ICICI Bank |
|
5. |
Union Bank of India |
|
6. |
Kotak Mahindra Bank |
|
7. |
Axis Bank |
|
8. |
IndusInd Bank |
|
9. |
Yes Bank |
|
10. |
Bank of Baroda |
Now let us look at each of these banks in detail. We will learn about the size of the bank, the number of customers, the services offered, and much more!
State Bank of India is one of the biggest public sector banks in India. The bank offers home, personal loans, personal and credit cards, travel cards, and insurance policies.
SBI also deals in education loans, health insurance options, and vehicle and home insurance.
On the technology front, the bank has made significant strides in digital penetration by enhancing services such as mobile banking, unified payments interface (UPI), e-KYC for UPI transactions, and several other apps.
|
Founded |
July 1, 1955 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Public Sector Banking and Financial services |
|
Type |
Public Sector |
|
Chairperson |
Dinesh Kumar Khara |
|
Asset Base |
Over Rs.61 Trillion |
|
Number of Customers |
Over 50 Crore |
|
Number of Branches |
Over 22,500 |
|
Number of ATMs/ADWMs |
Over 63,580 |
|
Products |
Consumer and Corporate Banking NRI Account Services Loans and Insurance Investment banking Private Equity Asset Management Wealth Management |
HDFC Bank Limited (HDFC Bank), is a leading private sector bank and financial services provider.
HDFC offers outstanding integrated financial products such as retail banking, small savings schemes, asset management and wealth management, and corporate overdraft.
|
Founded |
August 1994 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Financial Services |
|
Type |
Private Sector |
|
Chairperson |
Atanu Chakraborty |
|
Authorized Share Capital |
Rs.1190.61 Crore |
|
Number of Customers |
Approx. 120 Million |
|
Number of Branches |
8,851 |
|
Number of ATMs/Cash Recycler Machines |
21,163 |
|
Products |
Treasury Insurance Credit Cards Loans Investment Banking Asset and Risk Management Retail and Commercial Banking Wholesale Banking Mutual and Index Funds Third-party Product Distribution Primary Dealership Business Other Banking Operations |
The Punjab National Bank was established in 1894 and was purely managed by Indians, making it the first Swadeshi Bank in India.
Today, PNB is an integrated financial services provider offering banking, insurance, asset management, and more services to its customers.
|
Founded |
19 May 1894 |
|
Headquarters |
New Delhi, India |
|
Industry |
Financial & Banking Services |
|
Type |
Public Sector |
|
Non-Executive Chairperson |
Atul Kumar Goel |
|
Asset Value |
Rs.17.95 Lakh Crore |
|
Number of Customers |
180 Million |
|
Number of Branches |
12,248 |
|
Number of ATMs |
13,000+ |
|
Products |
Credit Cards Consumer and Corporate Banking Finance and Insurance Cash Management Services Doorstep Banking Services Private Banking Exchange-Traded Funds Loans Wealth and Risk Management |
ICICI Bank Limited is a leading financial services company in India with extensive domestic and international operations.
ICICI Bank offers loans to individuals, entities, and corporations for the purchase of homes, building accessories, commercial businesses, automobile needs, personal needs, and agricultural requirements. The bank offers services such as foreign exchange, remittance, import/export financing, and advisory to trade matters.
|
Founded |
1994 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Financial & Banking Services |
|
Type |
Private Sector |
|
Non-Executive (Part-time) Chairperson |
Mr. Pradeep Kumar Sinha |
|
Total Asset Value |
Rs.23,64,063 Crore (US$280 Billion) |
|
Number of Customers |
Over 1.5 Million |
|
Number of Branches |
6,524 |
|
Number of ATMs/Cash Recycling Machines |
17,190 |
|
Products |
Savings Accounts Family Wealth Account Loans & Insurance Investment management Wealth Management Foreign Exchange Services Social Security Schemes Demat Accounts Debt Management Services |
Union Bank of India is one of the largest banks in the country. It is engaged in banking, financial services, payment systems, and insurance.
The Head Office building of the Bank was inaugurated by Mahatma Gandhi, in 1921. The bank has received numerous awards and accolades for its technological, digital banking, and financial inclusion initiatives.
|
Founded |
11 November 1919 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Financial & Banking Services |
|
Type |
Public Sector |
|
Non-Executive Chairperson |
Shri Srinivasan Varadarajan |
|
Total Business |
Rs.21,36,405 Crores |
|
Number of Customers |
21 Crore |
|
Number of Branches |
8,400 |
|
Number of ATMs |
9,300 |
|
Products |
Wealth Management Mutual Funds and Demat Insurance MSME Credit Cards Loan Syndication & Debt Reconstructing NRI Services Remittances Treasury, and more |
Kotak Mahindra Bank is one of the fastest-growing banks in India.
It offers transaction banking, corporate and investment banking, textiles and real estate assets management, etc. In addition to this, the Bank has set up Regional Nodes across India which enables customers to avail services at their doorstep.
|
Founded |
21 November 1985 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Financial & Banking Services |
|
Type |
Private Sector |
|
Chairperson |
Mr. C S Rajan |
|
Total Asset Value |
Rs.7,67,667 Crore (US$92 Billion) |
|
Number of Customers |
5.1 Crore |
|
Number of Branches |
1,869 |
|
Number of ATMs |
3,239 |
|
Products |
Personal Banking Loans & Advances Deposits National Pension Scheme Treasury Products Overdraft Facilities Kotak Realty Fund Investment Banking Kotak Securities, and more |
Axis Bank Limited is India's third-largest private bank.
The bank's interests are well spread across the corporate credit market, including large and multinational companies.
It also has a strong presence in government securities underwriting and distribution, both in India and overseas. It is also one of the most profitable banks in India with good asset quality ratios.
|
Founded |
1993 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Financial & Banking Services |
|
Type |
Private Sector |
|
Chairperson |
Shri Rakesh Makhija |
|
Total Asset Value |
Rs.15,18,239 crore (US$180 billion) |
|
Number of Customers |
Over a billion |
|
Number of Branches |
5,377 |
|
Number of ATMs/Cash Recyclers |
16,026 |
|
Products |
Personal Banking Forex Services Digital FD Retail Lending Insurance Digital Banking Services Cash Management Services Treasury Services |
With operations spread across all major cities and towns of India, IndusInd Bank’s banking portfolio includes corporate banking, retail banking, treasury, and information technology.
The bank is one of the most preferred choices for Indians all over the world because of its renowned brand name in India and abroad.
|
Founded |
April, 1994 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Financial & Banking Services |
|
Type |
Private Sector |
|
Chairperson |
Sunil Mehta |
|
Total Asset Value |
Rs.5,15,094 Crore (US$62 Billion) |
|
Number of Customers |
38 Million |
|
Number of Branches |
2,728 |
|
Number of ATMs |
2,939 |
|
Products |
Personal Banking Corporate Banking Forex Services Loans Payment Products Financial Inclusion Merchant Acquisition Products Tax Payments NRI Banking High-net-worth Individual Banking Deposits |
YES BANK is a full-service commercial bank providing a complete range of products, services, and technology-driven digital offerings to retail, MSME as well as corporate clients.
Yes Securities, a fully-owned subsidiary of the bank, handles the bank’s investment banking, merchant banking, and brokerage operations.
While this bank did undergo a crisis in the past, it is well on its way to recovery.
|
Founded |
2004 |
|
Headquarters |
Mumbai, Maharashtra |
|
Industry |
Financial & Banking Services |
|
Type |
Private Sector |
|
Non-executive (Part-time) Chairperson |
Mr. Rama Subramaniam Gandhi |
|
Total Asset Value |
Rs.4.06 Lakh Crore (US$51 Billion) |
|
Number of Customers |
2 Million+ |
|
Number of Branches |
1,198 |
|
Number of ATMs |
1,287+ |
|
Products |
Banking Services Escrow Lending for Businesses Trade Advisory Working Capital Finance Treasury & Risk Management Emerging Corporate Banking Multinational Corporate Banking Foreign Currency Loan, and more |
Bank of Baroda is one of India’s leading commercial public sector banks with operations in various business segments including corporate banking, retail, wholesale, and overseas.
It refers to itself as India’s international bank and operates in about 17 countries.
The Bank's solutions include personal banking which includes deposits, loans, and advances services, lockers and credit cards, business banking which includes wholesale banking deposits, loans, and advances services, trade finance and corporate treasury, and international business which includes NRI services, and foreign currency credits.
|
Founded |
20 July 1908 |
|
Headquarters |
Alkapuri, Vadodara |
|
Industry |
Financial & Banking Services |
|
Type |
Public Sector |
|
Chairperson |
Hasmukh Adhia |
|
Total Asset Value |
Rs.16.55 Lakh Crore (US$200 Billion) |
|
Number of Customers |
120 Million |
|
Number of Branches |
9,693 |
|
Number of ATMs |
13,400 |
|
Products |
Personal Banking Business Banking Deposit Accounts Capital Gain Accounts Scheme Remittances Cash Management Services NRI Banking Services Offshore Banking Correspondent Banking, etc |
We have listed the top 10 banks in India, but how do you choose which among these is the best for you? Of course, the bank with the highest asset value or the highest number of ATMs might not be the right one for you.
Let us look at some major points that can help you choose which bank is best in India for you -
Consider the location of branches and ATMs and their distance from your residential area.
Take note of the rates and charges for loans, fixed deposits, ATM transactions, etc.
Consider what services you are most likely to use in a bank, and if they offer those.
See if the bank offers both traditional and digital services for ease of banking.
Also, talk to others, or try to read some reviews or client feedback.
The largest banks in India have assisted India's growth by funding small and medium-scale businesses, providing loans for residential property and commercial properties, as well as helping individuals with their daily life expenses.
These banks have grown significantly over the years and now in aggregate they manage a chunk of banking assets in India. Not only have they provided the right financial services to everyone, they have also taken initiatives to assist India’s development in many ways.
As far as assets, value, and market capitalization are concerned, HDFC Bank ranks first in India.
In India, these three banks, SBI, HDFC, and ICICI, have been declared the safest due to their size.
Based on total assets, SBI, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank are the four largest Indian banks.
HDFC Bank is currently India's largest private-sector bank. The bank's revenue is 1.68 lakh crores INR.
In India, a number of banks are known for being the most customer-friendly banks. The banks mentioned above are among the best and most trusted banks by customers.
Depending on the market cap, HDFC Bank is at the top.
Considering the market cap, ICICI Bank is the second largest in India.
The State Bank of India has the highest number of ATMs in India with the number going over 63,580.
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