Are you looking for the top 10 banks in India? In recent years banking customers have grown rapidly here in India.
After the launching of the Pradhan Mantri Jan Dhan Yojna banks opened millions of new savings accounts.
While the customer base and assets make any bank the largest, its service makes it the best bank in India.
As of January 2023, there are 60+ Private sector banks and Public sector banks, and 200+ other Cooperative banks in India.
Some Insights into the Indian Banking Sector
Banking Penetration: According to the Reserve Bank of India (RBI), as of 2021, India had around 217 commercial banks, comprising public sector banks (PSBs), private sector banks, and foreign banks.
This indicates a substantial banking presence across the country.
Branch Network: Indian banks have a vast network of branches, particularly in rural and semi-urban areas. Public sector banks account for the majority of these branches, contributing to financial inclusion efforts.
Digital Banking Adoption: With the rise of digitalization, Indian banks have been increasingly adopting digital banking solutions.
As of March 2023, there were approximately 220 million mobile banking users and 75 million internet banking users in India.
ATM Density: India has witnessed significant growth in its ATM network. In 2023, there were over 259,000 ATMs across the country, facilitating convenient cash access for citizens.
Total Assets: The combined assets of Indian banks have shown consistent growth. As of 2023 March, the total assets of scheduled commercial banks in India exceeded Rs 180 trillion.
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Credit Growth: The credit growth of Indian banks plays a crucial role in stimulating economic activities. Credit growth slowed down due to the pandemic but is expected to rebound as the economy recovers.
Non-Performing Assets (NPAs): The issue of NPAs has been a challenge for the Indian banking sector.
The NPA ratio has seen fluctuations over the years, prompting regulatory measures to address the problem.
Digital Transactions: The adoption of digital payment methods has been growing rapidly.
As of 2023, digital transactions accounted for a significant portion of total payments in India, with the Unified Payments Interface (UPI) leading the way.
Read – RBI Approved Loan Apps
Government Initiatives: The Indian government has launched initiatives like Pradhan Mantri Jan Dhan Yojana (financial inclusion), Atmanirbhar Bharat (self-reliance), and Digital India to boost financial literacy, access to banking services, and technology adoption.
Financial Inclusion: India’s banking sector has made strides in promoting financial inclusion.
Under the Jan Dhan Yojana, over 430 million bank accounts were opened, providing access to banking services for previously unbanked populations6.
These statistics reflect the dynamic nature of the Indian banking sector, its response to changing consumer behaviour, and its role in supporting the country’s economic development.
As a customer, you can also open your account in 20+ International banks in India.
Here I’m sharing the list of the 10 best banks in India in 2024.
Best Banks In India in 2024
HDFC Bank Ltd. (Largest In India)
I doubt if you have not seen any branch of this Private sector bank.
HDFC Ltd or the Housing Development Financial Corporation Limited is one of the largest and most popular banks in India.
Corporate In August 1994 HDFC was one of the most reached private sector banks.
By Assets, it’s the largest private-sector bank in India.
The bank has more than 13510+ ATMs and 5500+ branches across 2,764+ cities in India.
The bank offers a wide range of products directly or through its subsidiaries like HDFC Credit Cards, HDFC Savings Accounts, HDFC Personal Loan, HDFC Car Loan, HDFC Housing Finance, HDFC Personal Loans, HDFC Home Loans, HDFC Ergo Insurance, HDFC Investments, etc.
Compared to other Pvt sector banks HDFC Bank is the number 1 bank in India.
Read: How To Choose Best Savings Account?
ICICI Bank LTD
2nd Largest Private sector bank in India The ICICI Bank Ltd is another popular bank in India.
The ICICI Bank was founded in 1994 and has its head office in Vadodara.
As of December 2020, the bank has more than 15000+ ATMs, 5000+ Branches, and 97000+ Employees.
The ICICI Bank also has international subsidiaries in the UK & Canada and Branches in the United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai, China and South Africa.
Bank offers different types of products like Savings accounts, Investments, Insurance, Credit Cards, Loans etc.
AXIS Bank LTD
Founded as UTI Bank the 3rd largest Private sector bank of India. The Axis Bank was founded in 1993 and its headquarters is in Ahmedabad.
Axis Bank has won many awards for best service in the banking sector. The bank has overseas branches and corporate centres.
The bank offers services like Savings, Insurance, Credit cards, Stock investing, Loans, asset management services etc.
Read: Importance Of Financial Planning
DBS Bank India Ltd ( Safest Bank Of India )
The Development Bank of Singapore Limited aka DBS has been the safest in Asia for the last 12 years. No surprise that DBS was awarded as Best Bank Of India.
DBS Bank India Ltd has its headquarters in Mumbai and operates 33 Branches in 22 major cities in India. After the merger with Laxmi Vilas Bank number of branches and employees increased.
In India, DBS services include Retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, finance and insurance.
The bank is also planning to introduce credit card services in India very soon.
IndusInd Bank LTD
A new-generation bank the IndusInd Bank Limited was founded in 1994 and has its headquarters in Pune Maharastra.
As of 1st January 2019, the IndusInd Bank had 1,560+ branches and 2453+ ATMs in the country. The bank also has representative offices in London, Dubai and Abu Dhabi.
IndusInd Bank introduced many unique services for the customers like account number of your choice, Debit cum Credit card, Choice of currency on its ATM etc.
The bank offers services like Savings, Insurance, Credit cards, Stock investing, Loans, asset management services etc.
Kotak Mahindra Bank
Another private sector bank of India Kotak Mahindra founded in 2003 and has its headquarters in Mumbai the capital city of Maharastra.
As of February 2022, it is the third-largest Indian private sector bank by market capitalization and has 1600 branches & 2519 ATMs in the country.
The bank offers services like Savings accounts, Insurance, Credit cards, Stock investing, Loans, asset management services etc.
IDFC Bank Ltd / IDFC First Bank
A very new bank on the list IDFC Bank aka IDFC First Bank Ltd was founded in 1997 and started working in 2015 after getting its banking licence from the Reserve Bank Of India.
Being a new member of the private sector banks list IDFC has fewer branches compared to other banks.
After joining hands with Capital First Ltd a well-known Non-banking finance company in India. IDFC Bank becomes IDFC First Bank Ltd.
In Jan 2022 IDFC Bank announced its first low APR credit cards in India.
The bank also offers other services like Savings accounts, Loan, Investment, Housing Finance etc.
State Bank Of India (Largest Govt Bank In India)
One of the largest banks in the world State Bank of India popularly known as SBI is the biggest government bank in India.
SBI is an International Public sector bank and has its headquarters in Mumbai Maharastra.
Also, SBI was the 43rd largest bank in the world in 2020 with total assets of 780+ Billion USD.
With 22,219 domestic & 229 International branches in 31 countries and 62, 617 ATM SBI is the largest bank in India.
The bank deals in Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management etc.
However, in comparison with other banks customers feel that SBI & some other PSU staff don’t treat customers well.
Read: How To Save Money With Low Income?
Bank Of Baroda
Bank Of Baroda is the fourth largest nationalised bank in India founded in 1908 and headquartered in Vadodara Gujrat.
After the merger with Dena Bank and Vijaya Bank, the Bank Of Baroda is the third largest bank in India.
Now the bank has over 9,500 branches, 13,400 ATMs, and 85,000+ employees. The bank also has many Branches and offices in different countries.
The bank deals in services like Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, and wealth management.
Bank Of India
BOI is another nationalised bank in India founded in 1906 and serving the nation for the last 114 years.
As of March 2022, the bank has 5105+ Branches and 5550+ ATMs nationwide.
Along with India the bank also has branches, Joint ventures, and offices in some other countries.
Bank offers products & services like Consumer banking, Corporate Banking, Finance and insurance, Investment banking, Mortgage loans, private banking, Private Equity, Savings, Securities, Asset management, and Wealth management.
Some Important FAQs:
Q: What factors determine the best bank in India?
A: The best bank in India can be determined based on various factors, including customer service, accessibility, range of products and services, interest rates, fees and charges, technology and digital offerings, and overall customer satisfaction.
Q: Which bank offers the best customer service in India?
A: Banks like HDFC Bank, ICICI Bank, and SBI are often recognized for their excellent customer service, with dedicated helplines, online support, and efficient grievance redressal mechanisms.
Q: What is the best bank for personal banking in India?
A: Banks such as HDFC Bank, ICICI Bank, and Axis Bank are often preferred for personal banking due to their wide range of personal loan and credit card offerings, attractive interest rates, and user-friendly mobile banking applications.
Q: Which bank offers the best interest rates in India?
A: The interest rates banks offer can vary based on the type of account or loan. However, some banks like SBI, HDFC Bank, and ICICI Bank are known to offer competitive interest rates on deposits and loans.
Q: Which bank is best for small businesses in India?
A: Banks like ICICI Bank, HDFC Bank, and Axis Bank are considered to be suitable for small businesses in India due to their tailored banking products, business loans, and dedicated relationship managers.
Q: What is the best bank for online banking in India?
A: Several banks in India provide robust online banking facilities. HDFC Bank, ICICI Bank, and Axis Bank are known for their user-friendly online platforms, mobile banking apps, and digital payment solutions.
Q: Are there any government banks that are considered the best in India?
A: State Bank of India (SBI), a government-owned bank, is often considered one of the best in India due to its extensive branch network, wide range of services, and government-backed credibility.
Q: What are some essential factors to consider while choosing a bank in India?
A: Some important factors to consider while choosing a bank in India include interest rates, fees, branch and ATM network, online banking facilities, customer reviews, customer service, and the specific financial needs of the individual or business.
