The Indian banking sector is among the top and most regulated sectors in India and contribute significantly in the economy of the country. The emergence of private sector banks gave a tough competition to various players, because of the quality of services they offer.
In the last few decades, the Indian banking industry has grown manifold and helped in improving the economy of the country. We have rounded up the list of top 10 best Banks in India, both private and public, offering the best services to their clients.
Some of these are best at providing the loans and credit cards, and other related products. While, some of them offers ‘best’ retail banking services like savings account, current accounts, locker facility etc. to their clients.
1. HDFC Bank
Housing Development Finance Corporation Limited (HDFC) is one of the largest banks in India, as per its market capitalization. HDFC Bank was established in the year 1994 and it was the first private sector bank to get a nod from RBI.
Some of the most popular products of the bank are:
- Credit Card
- Retail Banking
- Corporate Banking
- Investment Banking
2. State Bank of India (SBI)
State Bank of India (SBI) is the largest public sector bank of the country and is second in the list of top 10 best banks in India. Established in the year 1806 as Bank of Calcutta, State Bank of India is a multinational banking and financial services company.
SBI has the largest network of branches in the country, with more than 17000 branches including 190 branches at foreign locations.
The bank is best known for its services like:
- Retail banking
- mortgage loans
- Provident Fund Schemes
- General Insurance
3. ICICI Bank
ICICI bank is the second largest private sector bank of India, established in 1994. The bank is a wholly owned subsidiary of ICICI Limited.
It is best at providing: Home Loan, Credit Card, Consumer banking, corporate banking, investment banking, finance & insurance products.
4. Axis Bank
Axis Bank was established in 1994 as a “UTI Bank”, the third largest private sector bank in India, was renamed as “Axis Bank” in July 2007.
Axis Bank is known for offering the best service to its clients, from retailers to large corporates.
5. Kotak Mahindra Bank
Kotak Mahindra Bank, one of the fastest growing Indian bank is at fifth position in our list of top 10 best banks in India.
It was established in 1985 as a non-banking financial company named as Kotak Mahindra Finance Limited. In 2003, RBI gave a green signal to the firm, to carry out the banking operations.
The bank Offers wide variety of services such as:
- Deposit accounts
- Credit cards
- Corporate banking
- Investment services
- Business banking solutions
- Treasury and Fixed income products
6. Bank of Baroda (BoB)
Bank of Baroda (BoB) is the next bank on this list, which is a leading bank and came into existence in the year 1908. Bank of Baroda is one of the fastest growing government bank in India and the second largest public sector bank, after SBI.
It was awarded the”Best Public Sector Bank” by CNBC TV 18 in 2012. The bank has a strong presence not only in India, but in the countries around the globe, including: UAE, USA, Australia, Singapore, UK, Bahrain and many more.
7. Punjab National Bank (PNB)
Punjab National Bank is one of the largest and oldest banks of India, established in 1895. PNB is the third largest public sector bank of India, after SBI and BOB.
The Bank offers wide range of products and financial services, including: Home Loan, Education Loan, Safe Deposit Lockers, Agriculture Banking, etc.
8. IndusInd Bank Limited
The bank provides commercial, transactional and electronic banking products and services, that are best designed to suit its customers. IndusInd Bank Limited was established in 1994 and was introduced as a new-generation private banks in India.
It is one of the most efficient banks of the country.
9. YES Bank
Another major private sector player, “YES Bank” occupies the ninth position on our list. The bank is best known to provide services like Corporate and Institutional Banking, Investment Banking, Corporate Finance, Wealth Management, NRI Banking, SMEs etc.
The bank has a network of more than 600 branches, located majorly in tier 1 and tier 2 cities of the country.
10. Canara Bank
Canara Bank is an Indian state-owned bank established in 1906. The bank has a network of more than 5000 branches including its overseas subsidiaries and branch offices in USA, UK, UAE, Hong Kong, Russia and China.
Source: 401(K) 2012 via Flickr