The Indian banking system comprises 12 public sector banks and 21 private sector Indian banks. When an individual deposits money in a nationalised bank in India, regardless of the quantity, the individual understands that the money will be secure in the bank as opposed to anywhere else. Top private banks in India assist you in depositing your hard-earned money securely and paying you interest on that amount through a saving account interest rate.
Best 10 Banks in India
HDFC is a private bank in India. HDFC was founded in August 1994. HDFC had a market capitalization of Rs. 6,25,666.08 crores as of April 2019. Housing Development Finance Corporation Ltd. has its headquarters in Mumbai. The HDFC Bank is India’s largest private sector bank. The saving account interest rate for HDFC is 3%.
The State Bank of India (SBI) is a government bank with a market worth Rs. 2,93,218.11 crores. SBI is the world’s 43rd most significant bank, ranking 221st on the Fortune Global 500 list of the world’s largest firms in 2020 and the only Indian bank on the list. SBI’s savings account interest rate is 2.75% p.a.
PNB, or Punjab National Bank, is an Indian nationalised bank. The market capitalization of PNB is Rs 37,411.52 crores. This prominent bank, a public sector institution, with a revenue of Rs. 58,687 crores. PNB’s push on digitalization has resulted in 96 lakh mobile banking customers and 250 million online banking users. PNB has a savings account interest rate of 2.70% p.a for below 10 lakh.
Union Bank of India is a government bank with more than 120 million clients and total revenue of US$106 billion. Union Bank of India, the government bank of India, is one of the top public sector banks in India. It offers various financial services in areas such as consumer banking, corporate banking, mortgage loans, investment banking, and so on. The saving account interest rate for UBI is 3.25% p.a.
ICICI Bank is an Indian multinational banking corporation with a market capitalization of Rs. 2,66,974 crore. ICICI Bank is India’s second-largest private bank in terms of assets and market capitalization. The massive network of branches that ICICI Bank has around the government makes it one of the top banks in India.
Axis Bank is one of the highly reputed private banks in India, with a market value of Rs. 1,90,562.56 crores. The bank has 4,594 branches (including 4,050 domestic branches), 11,333 ATMs and 5,710 cash recyclers dispersed around the country. Axis’s saving account interest rate is 3.00% p.a. to 3.50% p.a.
Kotak Mahindra Bank has over 1,600 branches and 2,519 ATMs. The bank now has around 23 million active customers. It is also one of the top private banks in India, offering corporate and retail customers services like life insurance, personal finance, investment banking, and wealth management.
8. Bank of Baroda
Bank of Baroda started as a small bank and now has a global presence in 19 nations. The bank has a considerable presence in rural and semi-urban regions. The bank has six subsidiaries in capital markets, domestic markets, capital markets, and financial solutions. It has joint insurance partnerships as well.
The Bank of India was a private bank in India founded in Mumbai in 1906. Bank of India has about 5000 branches across the nation, overseen by 55 zonal offices and eight NGB offices. The saving account interest rate for BOI is 2.90% p.a.
Canara Bank, one of India’s oldest PSU banks, has just merged with Syndicate Bank to create the country’s fourth largest PSU bank. Canara Bank is also well-known for its customer-centricity, and it has grown into a “Financial Conglomerate” with over ten subsidiaries and joint ventures in India and beyond.
For a developing country like India, the banking industry is critical to economic growth. There is a widespread misconception that private banks in India are superior to government-authorised banks. However, there are certain government banks, such as SBI, which is one of the world’s largest banks with best saving account interest rate and is regarded as one of India’s top banks.