India has a large number of banks, which can be overwhelming for anyone trying to decide where to put their money. To help you out, we’ve compiled a list of the biggest banks in India. This list includes both public and private sector banks, so you can make the best decision for your needs.
The banking sector in India has seen a lot of progress in recent years. There have been various initiatives taken by the government to improve the banking sector in India. Some of these initiatives are:
- The setting up of the Banking Board Bureau (BBB)
- The launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY)
- The setting up of Bad Banks
- The recapitalization of public sector banks
- The introduction of the insolvency and bankruptcy code
All these initiatives have helped in improving the banking sector in India.
The BBB has helped in professionalizing the banking sector. The PMJDY has helped in increasing financial inclusion. The bad banks have helped in resolving the issue of non-performing assets.
The recapitalization of public sector banks has helped in providing them with the required capital. The insolvency and bankruptcy code has helped in dealing with the issue of stressed assets.
In the coming years, India’s banking services sector is likely to grow at a rapid pace, driven by strong economic growth and rising demand for banking services from both individuals and businesses.
The number of banks and branches is expected to increase significantly, as more foreign banks enter the market and existing banks expand their operations.
The range of products and services offered is also likely to increase, as banks compete to offer the most competitive products and services. In addition, technology is expected to play a major role in the sector, with more banks adopting online and mobile banking services to meet the needs of their customers.
Facilities, Features, Benefits of a Good Bank
There are many factors customers consider when deciding whether a bank is good or not. Here are some of the practical considerations of the modern consumer:
- A great reputation for withstanding economic downturns
- Easily accessible brick-and-mortar branches
- No/low minimum balance requirements
- An extensive network of ATMs
- Great customer service
- Free bill payment
- Smooth online banking
- Competitive rate of interest
- Free checks
- Availability of credit and loans
Based on these features I have created a list of the largest banks in the country that offer all or most of the conveniences and facilities mentioned above.
10 Bet Private Banks in India
A private bank is a bank that is not owned by the government. In India, private banks are not allowed to offer certain services, such as credit to small businesses and farmers, that state-owned banks are required to offer.
Private banks are different from public banks in a few key ways.
Private banks are usually for-profit entities, while public banks are typically not-for-profit entities.
This means that private banks may be more interested in making money for shareholders than in providing services to the public.
Additionally, private banks are usually not subject to the same level of regulation as public banks.
This can mean that they have more freedom to set their own policies and procedures, which may not always be in the best interest of customers or the general public.
1. HDFC Bank
HDFC bank is one of the best private banks in India because it offers a wide range of products and services to its customers. The bank has a large network of branches and ATMs across the country and offers 24/7 customer service. HDFC bank also offers a mobile app and online banking services. The bank has a strong focus on customer service and offers attractive interest rates on deposits.
2. ICICI Bank
ICICI bank is one of the best private banks in India because it has a strong focus on customer service, innovative products, and technology. Additionally, ICICI bank has a large network of branches and ATMs across India, which makes it convenient for customers. Additionally, ICICI bank offers a wide range of financial services, including loans, credit cards, and insurance products.
There are a few reasons why HDFC bank is considered better than ICICI bank. Firstly, HDFC has a more widespread network of branches and ATM’s than ICICI, making it more accessible for customers. Secondly, HDFC offers a wider range of products and services than ICICI, including investment banking and insurance products. Finally, HDFC has a better reputation for customer service than ICICI.
3. Axis Bank
There are many reasons why Axis bank is a good private bank in India. Here are some of the reasons:
-Axis bank has a wide network of branches and ATMs across India.
-Axis bank offers a wide range of products and services.
-Axis bank has a strong focus on customer service.
-Axis bank has a strong focus on technology and innovation.
-Axis bank has a strong focus on risk management.
-Axis bank has a strong corporate governance structure.
4. Kotak Mahindra Bank
Kotak Mahindra Bank is a good private bank in India because it offers a wide range of banking products and services to its customers.
The bank has a strong network of branches and ATMs across the country. It also offers mobile and online banking services to its customers. Kotak Mahindra Bank has a very good customer service record and is known for its prompt and efficient service.
The bank is also one of the few banks in India which offer 24-hour customer service.
5. IndusInd Bank
IndusInd Bank is a good private bank in India for a number of reasons:
1. It has a strong presence in rural and semi-urban areas, which other private banks often overlook.
2. It has a large network of branches and ATMs, making it convenient for customers.
3. The bank offers a wide range of products and services, including savings accounts, loans, and credit cards.
4. IndusInd Bank is known for its excellent customer service.
5. The bank has been consistently ranked among the top private banks in India by various surveys and rating agencies.
6. Yes Bank
Yes Bank is a good private bank in India because it offers a wide range of banking products and services to its customers. It also has a strong focus on customer service and offers a number of value-added services to its customers. Moreover, the bank has a strong network of branches and ATMs across the country.
7. Federal Bank
There are many reasons why Federal Bank is a good private bank in India.
First, the bank has a long history dating back to 1931, making it one of the oldest banks in the country.
Second, it has a large network of over 1,200 branches and over 4,000 ATMs, making it convenient for customers to access banking services.
Third, the bank offers a wide range of products and services, including savings and checking accounts, loans, credit cards, and investment services. Finally, the bank has a strong reputation for providing excellent customer service.
8. Bandhan Bank
There are a few reasons why Bandhan Bank is unique and why it is a good bank. Firstly, the bank has a very strong focus on microfinance and rural banking, which sets it apart from other banks in India. This focus means that the bank has a very good understanding of the needs of its target customer base, and is able to provide products and services that are tailored to them. This also allows the bank to offer very competitive rates and terms.
Secondly, Bandhan Bank has a very good track record in terms of financial performance. The bank has been profitable every year since it was founded, and has consistently grown its loan book and deposits. This strong financial performance gives depositors and investors confidence in the bank, and makes it more likely that the bank will be able to continue to grow and succeed in the future.
Finally, Bandhan Bank has a very good reputation in terms of customer service. The bank has won multiple awards for its customer service, and customers consistently rate the bank highly in surveys. This high level of customer satisfaction is due in part to the fact that the bank has a very large network of branches and ATMs, which makes it easy for customers to access their accounts and get help when they need it.
9. South Indian Bank
Some of South Indian Bank’s unique features include its strong focus on customer service, its extensive branch network, and its use of technology to provide a convenient banking experience for its customers. These factors, combined with the bank’s competitive interest rates and fees, make it a good choice for those looking for a comprehensive banking solution.
10. DCB Bank
DCB Bank’s unique features include its focus on customer service, its wide range of products and services, and its commitment to responsible banking. These features make DCB Bank a good choice for customers who want a bank that is focused on them and their needs.
Interest Rates in Indian Banks (High to Low)
|Indus Ind Bank||4.00%|
|DBS Digi Bank||3.00%|
|Stan Chart Bank||2.75%|
|South Indian Bank||2.50%|
- Interest rates mentioned above are for regular savings accounts with funds less than 5 Lakhs INR.
Opening a bank account – Things to keep in mind
There are several things to look for when opening a bank account in India.
First, you should make sure that the bank is regulated by the Reserve Bank of India (RBI).
Second, you should check to see if the bank is a member of the Banking Codes and Standards Board of India (BCSBI).
Third, you should ask about the bank’s interest rates and fees.
Fourth, you should inquire about the bank’s customer service policies.
Fifth, you should find out if the bank offers online banking.
Sixth, you should ask about the bank’s ATM network.
Finally, you should check to see if the bank has any branches in your city or town.
How to open your first bank account
Assuming you are a resident of India, here are a few tips to help you open your first bank account:
- Research which bank or credit union is right for you.
Consider things like whether you want a traditional bank or an online bank, what kinds of fees you’re willing to pay, and what kind of customer service you’re looking for.
- Gather the required documents.
When you open a bank account in India, you’ll need to provide proof of your identity, proof of your address, and proof of your income.
- Call and check.
Call the bank or credit union to confirm that you’re eligible for an account and to schedule an appointment.
- Bring the required documents to the appointment.
Make copies of your identification, income documentation, and address documentation.
- Deposit money into your account.
Once you’ve opened your bank account, you can start depositing money into it.
You can do this by withdrawing cash from an ATM or by transferring money from your checking or savings account to your new bank account.
- Transfer money between accounts.
You can also use your bank account to transfer money between different accounts.
For example, you can use your bank account to pay your bills, buy groceries, and make other expenses.