Best Banks in India

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.

Here we will talk about the top 10 banks in India. 

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. 

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 (SBI)

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.

HDFC Bank

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. 

Punjab National Bank (PNB)

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.

ICICI Bank

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.

Union Bank of India

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.

Kotak Mahindra Bank 

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.

Axis Bank

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.

IndusInd Bank

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. 

Yes Bank

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.

Bank of Baroda

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. 

How to Choose the Best Bank in India?

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.

Conclusion

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.