Banks are such institutions where the regulation of the country’s economy is dependent. A developing country is totally dependent on its economy, and banks play a crucial role there. Whether you need a loan or want to deposit, the bank is there. If there were no banks, a country’s economic situation would be hazardous. This is very important to know about the banks’ advantages. These top 10 banks in India will give a little glance to get you there.
When we initiate opening a bank account, it’s essential to know the minimum deposit amount. Some banks offer a minimum amount, where other banks take a little more. To find a suitable bank, you should be aware of how many banks are here and where you can open an account as per your affordability?
Financial education is such a significant thing that one should always give priority to this subject. It gives you a clear vision of how to handle money. Whether you are a teenager or in your late 20s, you should have some knowledge of how to grow money. That’s where a bank comes. A bank provides many facilities such as interest, loans, FD, and so on. They are such institutions where your money is safe absolutely safe.
If you were thinking about opening a bank account, then it’s a wise decision but does that fit into your category? According to the RBI database, you know there are 12 public sector banks and 22 private sector banks right now except foreign banks, small finance banks, and rural banks in India. As there are many banks, it is expected to be confused. Most of the banks are tagged as top banks in India but are they? As it is only top 10 banks in India, we have to stick to the topic. So, I will share only the top 10 with a mix of private and public sectors. That’s why this article is made just for you.
Top Banks in India
1. State Bank of India
SBI is one of the top 10 banks in India right now and has always been since its inception. When it comes to the number of branches, ATMs, the bank prevails over others. With more than 2.50 lakh employees, the bank is serving over 44 crore customers with satisfaction. They have over 22,000 branches, 58,000 ATMs, 66,000 BC outlets around the globe. They are not limited to banking services only but are spread across 11 subsidiaries such as SBI Mutual Fund, SBI Life Insurance, SBI Card, etc.
With 233 offices in 32 countries globally, they are stuck to their ethics. Their head office is situated in Mumbai, Maharashtra. Founded in 1955, the bank has come a long way. When RBI, India’s central bank, acquired the Imperial Bank of India, it became the State Bank of India. This is one of the largest banks, with 23% of the market share by assets.
Not only that but SBI was ranked 221st in the Fortune Global 500. This is also the 43rd largest bank in the world. They also won the Best Transaction Bank in India by “The Asia Banker”. Spread across Sri Lanka, UK, Bangladesh, Canada, China, SBI has proved credibility with its ardent customers. If you were finding top banks in India, this is one of them. The home and personal loans are available at 7% and 9.60%, respectively.
2. HDFC Bank
Another very well-known bank in our top 10 banks in India is the HDFC bank. With their solid management team and experienced professionals, they are leading in the financial institutions of India. The name stands for Housing Development Finance Corporation Ltd. Whether you are a kid or old, we all have heard this credible name. Considered the largest private sector bank, they offer many services such as loans, personal banking, finance and insurance, credit and debit cards, etc. You know the bank owns some of the well-known digital products such as Payzapp, SmartBUY, etc.
Founded in 1994, just 26 years ago, the bank has been a familiar name to millions of Indians. Their head office is situated in Mumbai, Maharashtra. With over 1 lakh 16 thousand employees spreading over 2,764 cities, they have made over 5,500 distribution branches across the country. The bank is considered the largest private sector bank by assets and the 13th largest bank by employees.
The bank has been ranked as the 1st bank in Forbes World’s Best Bank report. They are spread across Bahrain, Dubai, and Hong Kong. Where investment plays a very significant role in growing money, HDFC proved to be a great asset over the years. After being enlisted on the stock exchange, the bank gave remarkable results. It is also among the top 10 companies in India.
3. Bank of India
Since its inception, this name has been very familiar to the Indian family. As the name sounds, it is a bank for the country’s people. That is why the government of India owns the bank. Their head office is situated in Mumbai. It was not a government-owned bank until 1969. Founded in 1906, the bank has already celebrated its centennial birthday.
With 49, 767 dedicated employees, the bank has been providing quality service to its customers with pure satisfaction. They have over 5000 branches all across the country. Their service spreads across consumer banking, corporate banking, private equity, wealth management, mortgage loans, and so on. This is not only a country’s bank, but it has spread its wings to other foreign countries with 56 offices.
BOI is also a founding member of SWIFT (Society for Worldwide Interbank Financial Telecommunication). The bank boasts of spreading its branch offices to New Zealand, Singapore, UK, France, Hong Kong, Japan, Kenya, South Africa, United States, Botswana, Tanzania, Uganda, and Vietnam. Being a regarded bank, this is tagged as one of the top 10 banks in India. With available ATMs in many places, the bank has been the first choice for many customers.
4. ICICI Bank
In our top 10 banks in India list, all the names you will be confronted with here have been very familiar with your families or relatives. Another familiar name is ICICI Bank that has been providing quality service to its customers since 1994, at the same time when HDFC was established. This is why ICICI Bank is the main competitor to HDFC. The ICICI Bank falls under the category of top banks in India, and even this is considered one of the big four banks of India.
With over 84,000 employees all over the world, the bank has been creating history. This bank is named as the largest bank by total assets. Their products include retail banking, corporate banking, investment banking, mortgage loans, wealth management, credit and debit cards, etc. their registered office is in Gujarat, and the head office is situated in Mumbai.
The bank is known for its quality and easy to avail service for all the customers. With over 5,200 branches and 15,500 ATMs across India, the bank has spread its presence in 17 countries such as United Kingdom, Canada, United States, Singapore, Hong Kong, Bahrain, South Africa, China, and so on. Not only this one, but they have gained many accolades throughout the years. The bank was awarded the House of the Year, India award at Asia Risk Awards 2020.
5. Axis Bank
Whether you need a bank with decades of reputation and credibility, then Axis Bank is one of them. Your money is safe in Axis Bank. With strict security and professional service, the bank has gained a lot of reputation over the years. Since its inception in 1993, Axis Bank has been a leading private bank in the country. Their head office is situated in Mumbai, Maharashtra. The bank was first established by the name UTI (United Trust of India). Later in 2007, the name was changed to Axis Bank.
You would be amazed to read that bank has its ATM even in the world’s highest region, Thegu, Sikkim. Known as the largest ATMs network among the private banks of India, the bank has over 4,000 branch offices and 12,900 ATMs across the country. Most of the bank’s shares are occupied by promoters, foreign institutional investors, corporate bodies, and mutual funds. It provides their ethics of the business. They want to provide quality service wherever is possible.
Their presence spreads across Singapore, Bangladesh, UK, Hong Kong, and so on. Axis Bank is the first Indian bank to introduce a dedicated innovation lab in the country. The lab is situated in Bengaluru with an innovation team and accelerator program. The bank has already bagged some accolades such as Bank of the Year, India by the Banker in 2011, Best Private Sector Bank by CNBC-TV18, Best Domestic Bank in India by Asiamoney many times.
6. Bank of Baroda
A bank can be established anywhere, but if it has the conquering attitude, then there is a great potential to be spread worldwide. Bank of Baroda is the third largest government-owned bank in India. Since its inception in 1908, the bank has been providing trustworthy and quality service to all its customers. Their head office is situated in Gujarat. They are serving over 132 million customers all over the globe, and this is really admirable.
The bank was 1145 on Forbes Global 2000 list. With over 100 overseas offices across the globe, the bank is prevailing over other peers. The name has been enlisted on the stock exchange. Based on the data, the bank has 8,214 branches and 10,033 ATMs all over the country. Their presence spreads across New York, London, Singapore, Brussels, Uganda, Tanzania, Botswana, South Africa, Trinidad, and so on. In 2018, Bank of Baroda and Dena Bank merged together and became the second-largest lender in the country.
Known as one of the top banks in India, the Bank of Baroda has proved itself a credible financial institution. With 84,283 employees, they have responded to create history in the country’s financial institutions. Their products include consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, wealth management, etc.
7. Kotak Mahindra Bank Ltd.
This name is another addition to our top 10 banks in India list. Though the name is a relatively new entity in the financial sector, they have already gained much reputation and been familiar with the Indian family. This is yet another private sector bank in India. Their head office is situated in Mumbai, Maharashtra. Based on the data, this is the third-largest private sector bank by market capitalization.
With over 1600 branches and 2500 ATMs, they were ranked 245th among the world’s top 500 banks by Banker magazine. Kotak Mahindra Bank now has 33,000+ employees all across the country. More important to know about the bank is it donated Rs 50 crore to the PM Cares Fund to fight against Covid-19.
8. Punjab National Bank
This is yet another government-owned bank that has enlisted on the stock exchange. This is the very old bank which was founded in 1894. Their head office is situated in New Delhi. This is the 2nd largest government-owned bank in India. Since its inception, the bank has been providing quality service to 180 million customers. This is why PNB has been added to our top 10 banks in India list.
With over 12,200 branches and 13,000 ATMs, the bank has been providing value to foreign countries also. They are spread across the UK, China, United Arab Emirates, Kazakhstan, Norway, Australia, etc. The number of employees is 1, 03,000 all across the world. Their products include credit cards, consumer banking, corporate banking, private equity, wealth management, and many more. After announcing the merge of Oriental Bank of Commerce and United Bank of India with Punjab National Bank, it would be the second-largest bank in the country.
9. IndusInd Bank
These last two banks are significant to our addition because they have gained reputation over a few years. This one is the IndusInd Bank, one of the top banks in India that has been providing service since 1994. Though the name is little known to many, the bank has gained a reputation for its quality service. The bank is considered the first among the new-generation private banks in India.
Their head office is situated in Pune, Maharashtra. With over 30,600 employees, they have spread their presence across the globe. Based on the 2018 data, the bank has 1,558 branches and 2453 ATMs spread across the whole country. Their representative offices are spread across London, Dubai, and Abu Dhabi. Their products include consumer banking, corporate banking, finance and insurance, private banking, wealth management, mortgage loans, etc. Remember, whenever you are going to open an account in any of the banks, make sure to ask for the minimum amount of deposit because, at last, that would be the main criterion.
10. Yes Bank Ltd.
We are checking the top banks in India, then why would we forget the name of Yes Bank? Though the bank is a new entry in the financial institutions of India, it is promising. This is a private sector bank headquartered in Mumbai, Maharashtra. The RBI took control of this bank due to its huge amount of bad loans. Now, the bank is a State Bank of India-owned entity with 30% of its share.
The bank has been enlisted on the stock exchanges. With over 18,200 employees, Yes Bank has been providing services such as credit cards, consumer banking, corporate banking, finance and insurance, mortgage loans, private banking, wealth management, and investment banking. It is important to know to share the details with you. The founder of this bank was arrested because of money laundering. Some large banks now run the bank like SBI, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, and some investors Rakesh Jhunjhunwala, Rakesh Damani, and Ajim Premji Trust.
Conclusion
You have a choice to choose one among these top 10 banks in India. It depends on your criteria. One of the most impor6ant advantages of a bank is that corporate companies can borrow money to grow their business. The economy will improve subsequently. As there are public sector banks are offering quality, the private sector banks also follow the same thing. That’s why their number is growing, and the particular bank is playing monopoly.
Though every bank is counted as the top bank in India, it depends on their services. You might be surprised that HDFC, being very new to other government banks, is ruling one of the top 10 banks in India. Where the public sector banks are gradually increasing, the private sector banks are rapidly achieving that status. Finding a consumer-friendly and reputed bank is not so difficult today. I hope this article on the top 10 banks in India helped you to gain some knowledge about these banks.
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