India has a well-networked banking system. We boast in our banking and financial sector. Presently we have 12 Public sector banks, 22 private sector banks, 45 foreign banks, and many rural and cooperative banks in India. With back to back bank mergers, you might be in the state to decide which bank is still trustworthy. To answer your question, we have listed the 12 best banks in India 2020. Based on ownership, commercial banks are either Public sector banks or Private sector banks. We have listed the banks based on ease of opening bank accounts or providing an array of services. Go ahead and get acquainted with the best banks in India.
Top Private Banks in India
1. HDFC Bank
HDFC is the largest bank in India that comes under the private sector. Forbes ranked HDFC as India’s no. 1 bank. Housing Development Finance Corporation Limited or HDFC was established in the year 1994 with its headquarters in Mumbai, Maharashtra. The bank services include retail banking, wholesale banking, auto loans, two-wheeler loans, loans against property, personal loans, lifestyle loans, credit cards, and durable consumer loans. For all its services and scheme, we have put it first in the list of 11 best banks in India 2020. It is operational in more than 200 cities in India. It is also one of the leading banks for salary account opening.
Revenue Generated – 17 Billion Dollars (2019)
Market Capitalizations- 595,969.74 crore
Subsidiaries – HDFC securities, HDFC Bank Limited, Asset Management Arm, HDFC Bank Limited, Bahrain Branch, HDB Financial Services, HDFC Bank Ltd, Depository Arm, Next Gen Publishing. HDFC Bank Ltd., Hong Kong Branch
Among the customers of HDFC, frequent feedback was regarding customer satisfaction. The customer care services are one of the highlights on this bank. One can open a new account or transfer it quickly because most of the account opening can be done from the mobile app. However, the service charges are high, and some technical issues can delay the provision of services. You can also apply for an HDFC Credit card in the simplest ways.
2. ICICI Bank
With its headquarters in Mumbai, ICICI bank is one of the largest banks in India. The bank was established Industrial Credit and Investment Corporation of India in the year 1994. Today, ICICI is spread across 18 countries. ICICI bank is famous for its array of services and products that include health insurance, life insurance, investment banking, asset management, credit card, and more. It has over 5275 branches and more than 14367 ATMs in the country. ICICI gained the second position in the past with the highest assets and third position in market capitalization. It is another bank with growing in salary account opening. This is one of India’s best banks because of its market capital and smooth public interface.
Revenue Generated – 13 Billion Dollars (2020)
Market Capitalizations- 234,436.01 cr
Subsidiaries – ICICI Prudential, ICICI Lombard, ICICI Securities, ICICI Home Finance Company Limited, ICICI Bank Canada, ICICI Securities Primary Dealership Limited, ICICI Bank Canada, ICICI Securities Primary Dealership Limited, ICICI Bank Limited, Singapore Branch and many more.
Among the customers, there is mixed feedback about the bank. The review also varies from person to person. Generally, the subsidiaries are welcomed by the customers as they yield excellent benefits, but the case is not always the same. The opening of the new account is smooth most of the time, and you can also get a hand to hand ATM card. The ICICI app makes all things very convenient and easy. You can also change the ATM pin code from the app. It is secure and offers excellent customer care services.
3. AXIS Bank
Axis bank is the third largest private bank in India. It has its corporate office in Mumbai, Maharashtra, and was established in 1993. Axis bank was formerly known as Unit Trust of India (UTI) bank; however, in 2007, it changed to Axis bank. It has nine international offices along with 4500 branches and 13,000 ATMs. The main products of AXIS bank include savings accounts, fixed deposits, credit cards, and personal loans, which can be operated and accessed online. It offers consumer banking, credit cards, corporate banking, finance and insurance, investment banking, mortgage loans, private equity, wealth management, and many more services.
Revenue Generated – 9.9 billion dollars (2019)
Market Capitalizations- 121,911.46 cr
Subsidiaries – Axis Asset Management Company Ltd, Axis Mutual Fund Trustee Ltd, Axis Capital Ltd., Axis Finance Ltd., Axis Securities Ltd., A.TREDS Ltd., Axis Bank UK Ltd., Axis Trustee Services Ltd., Freecharge, Accelyst Solutions Private Ltd., Axis Private Equity Ltd.
Among the customers of Axis Banks, we have observed mixed experience. The banking app of Axis has been awarded as the best app for banking in India. Therefore it is known for excellent customer care services. It offers hassle-free new account opening and easy loan approval. The customers are most satisfied with their credit card services.
4. Kotak Mahindra Bank
The bank started its operations in the year 2003. With its headquarters in Mumbai, it has 1300 branches and more than 2000 ATMs. It is one of the well-known private sector banks in India. The bank offers different types of financial services and banking services, including investment banking, personal banking, general insurance wealth management, and life insurance. The primary services provided by the Kotak Mahindra bank include banking and financial services. The services have compelled us to put it in the list of best banks in India.
Revenue Generated – 4.1 Billion dollars (2019)
Market Capitalizations- 269,917.81 cr
Subsidiaries – Kotak Securities, Kotak Life Insurance, Kotak Mahindra General Insurance, Kotak Mahindra Capital Company Limited, Kotak Mahindra Prime Limited, Kotak Mahindra Investments Limited, Kotak Mahindra Asset Management Company Limited, Kotak Mahindra (UK) Ltd., Kotak Mahindra (International) Limited, Kotak Mahindra Trusteeship Services Limited, Kotak Mahindra Bank Limited, Asset Management Arm, Kotak Mahindra, Inc., Kotak Mahindra Trustee Company Limited, and many more.
The bank is accessible for its various savings accounts designed to meet the different needs of different customers. The user can easily get the loan or health insurance. They can also choose the bank for asset management.
Citibank is one of the top-rated banks in India. It provides a wide variety of services, including loans, deposits, debit and credit cards, loans, saving accounts, insurance, internet banking, mortgages, etc. Citi bank was the first bank that came up with credit cards in India in 1990. It has nearly 700 branches. This bank is evolving to be the best in India.
Revenue Generated – 1.6 Billion Dollars (2018)
Market Capital- 9,094.83 cr
Subsidiaries – Citibank India, Citibank Singapore, Citibank Philippines, Citi mortgage, Citibank Brasil, Citibank Vietnam, Citibank (China), Citibank United Arab Emirates, Citibank del Peru SA, Citibank NA, Venezuela, Citibank Nominees Singapore Pte. Ltd., banco de Honduras, JSC Citibank Kazakhstan, etc.
The customers are generally happy with the bank’s banking sector, but we have seen a decline in public use when it comes to financial services. With ups and downs, the bank has successfully stood in the market with a more than 9k cr. This shows that the customers are opening up new accounts, and the services are user friendly.
6. IndusInd Bank
IndusInd is one of the top-rated private banks in India. In 1994, it provided a wide variety of services, including loans, deposits, debit and credit cards, loans, saving accounts, insurance, internet banking, mortgages, etc. The IndusInd bank has extended the banking network to Dubai and London too. Today it has nearly 1,558 branches and 2453 ATMs in India alone. The bank offers exciting investment plans, card facilities, and loans. It is undoubtedly one of the best banks in India.
Revenue Generated – 7.92 Billion Dollars (2019)
Market Capital- 35,482.84 cr
Subsidiaries – Mutual Fund investment, National Pension Scheme (NPS), Sovereign Gold Bond, ASBA, IndusOnline savings account, Defence Salary accounts, Senior Citizen Schemes, Young Saver Deposits, Regular Recurring Deposit,
Among the customers of IndusInd bank, the bank has held them with the offers and customized plans that cater to their unique needs. Personal banking services are one of the highlights of this bank. One can open a new account or transfer the account quickly and take up loans. However, there is dissatisfaction regarding customer care services, and the mobile app is not user friendly.
Top Government Banks in India
1. State Bank of India
State Bank of India (SBI) is the largest bank in India, with the largest market share of 23%. SBI is also the largest financial services statutory body and its headquarter is located in Mumbai, the nation’s financial capital. It is spread across 36 other countries with more than 59,291 ATMs and 26,340 branches. In 2018, the State Bank of India was ranked 216th in the Fortune Global 500 list of the world’s biggest corporations. It is undoubtedly the most trusted and one of the best banks in India.
Revenue Generated – 40.2 Billion Dollars (2019)
Market Capital- 168,228.93 cr
Subsidiaries – SBI Card, SBI Life, State Bank of India UK, State Bank of Bikaner and Jaipur, State Bank of Indore, SBI Capital Markets, APGVB, Nepal SBI Bank, Jet Airways, Kaveri Grameena Bank, Jio Payments Bank, etc.
SBI is known for its choice of products, widespread SBI branches, and product knowledge. Every city and probably you will find the SBI branch near your place as well. The ease of account transfer and availability is among the highlights. Customers often are dissatisfied with the customer care services, lots of old school paperwork, tedious and lengthy process, and even the employees seem disinterested in helping the customers. It looks like any Govt. office.
2. Punjab National Bank
Punjab National Bank –PNB is one of the oldest and best banks in India. It was founded in the year 1894. In the British era, the bank was mainly used to run British companies and banks. PNB has more than 700 branches and over 3700 ATMs in India. In the year 2012, it was awarded as the Best Public Sector bank. It is a one-stop destination for any banking needs. However, the bank has seen some tough times after the fraudulent loan by Nirav Modi, yet the bank manages to keep in pace with banking digitalization. Recently, PNB was ranked no. 1 for digital transitions in India. On 1st April, PNB was merged with the United Bank of India and Oriental Bank of India, which has boosted their operational market capitalization. After the merger, it is one of India’s best banks, which falls under the public sector undertaking.
Revenue Generated – 24.7 Billion Dollars (2019)
Market Capital- 30,819.81 cr
Subsidiaries – PNB Housing Finance, PNB Gilts, Punjab National Bank International, Punjab National Bank Investment Service, Druk PNB Bank, PNB Investment Services Limited, Punjab National Bank, Asset Management Arm, Punjab National Bank Employees Gratuity Fund, Punjab National Bank Employees Pension Fund, JSC Punjab National Bank Kazakhstan.
The most satisfying service of PNB is the ease of online payment. It has made the digital transaction very smooth and hassle-free. Along with that, housing finance, personal banking, pension fund, and many other features have helped the customers save and deposit.
3. Bank of Baroda
It started ventured in India in the year 1953. Maharaja Sayajirao Gaekwad III, the Maharaja of Baroda Bank of Baroda, opened its first branch in Ahmedabad. On 19th July 1969, Bank of Baroda was nationalized by the government, after which the bank came under the category of a PSU (public sector undertaking). It has more than 9,500 branched and 13,400 ATMs. Many reputed banks like Hind bank, New Citizen Bank, Surat Banking Corporation, and many more. In April 2019, it witnessed the first-ever 3-way merger, with Dena Bank and Vijaya Bank announced by the finance minister. There is no doubt that it is one of the best banks in India.
Revenue Generated – 35 Billion Dollars (2019)
Market Capital- 21,924.59 cr
Subsidiaries – Nainital Bank, Bank of Baroda (Ghana), Baroda Sun Technologies Limited, Bank of Baroda Provident Fund Trust, Baroda Trustee Company Private Limited, Bank of Baroda, DIFC Branch, Bank of Baroda (New Zealand), Bank of Baroda New York Branch and many more to name.
Bank of Baroda is reliable state-owned banking and financial service in India, which has successfully served customers with various products and less paperwork. The users generally get discontent by their rate of interest and deposit schemes. You can consider opening an account or using its services with the utmost trust.
4. Union Bank of India
Founded in the year 1919, Union Bank of India has 4300 branches. The bank has to date merged with numerous banks that include Shri Jadeja Shankarling Bank, Belgium Bank, Miraj Bank, Corporation Bank, Andhra Bank, and more to list. It is the most steady performer bank in the country. Recently, Andhra Bank and Corporation Bank were merged into this bank, boosting the business to INR 14.59 Trillion. It has a wide range of banking and financial products in categories like consumer banking, mortgage loans, investment banking, corporate banking, and more.
Revenue Generated –38.5 Billion Dollars (2020)
Market Capital- 30,819.81 cr
Subsidiaries – Union Bank of India, Hong Kong, Union Bank of India, Asset Management Arm, Union Bank of India (UK) Ltd, Union Bank of India Employees’ Pension Fund, Union Asset Management Company Private Limited, Union Bank of India Employees Gratuity Fund, Union Trustee Company Private Limited and Union Bank of India Employees Provident Fund.
There are many customer-friendly schemes of the Union Bank of India. The customers can go more monthly savings, tax saver deposits, or new account opening with minimum paperwork. Home loans and vehicle loans are also well received by users.
5. Bank of India
Bank of India is amongst the best banks in India. It has over 5500 branches and was established in the year 1906 in Mumbai, Maharashtra. In the year 1969, the bank was undertaken by the government of India. The bank was set up for serving all Indian communities. The bank has 56 offices in overseas locations, across Botswana, Hong Kong, France, Japan, Kenya, New Zealand, Singapore, United States, UK, Tanzania, South Africa, and Uganda Vietnam. The bank offers the convenience of online payments and mobile banking. Bank of India is also a founding member of the SWIFT, also known as Society for Worldwide Interbank Financial Telecommunication.
Revenue Generated – 46 Billion Dollars (2019)
Market Capital- 15,139.39 cr
Subsidiaries – Bank Of India Indonesia, Bank of India (Tanzania) Ltd., Bank of India, Jersey Branch, Bank of India, Jersey Branch, Bank of India, Asset Management Arm, BOI Shareholding Ltd., Bank of India, New York Branch, Bank Of India-London, BOI AXA Investment Managers Private Limited and many more.
Bank of India is one of the most reliable banks in India. It has an array of financial products which is customer friendly. They have made the process of taking loans better than before. They are also improving the working of online portable for better net banking facilities. However, customer care services are really poor.
6. Canara Bank
Canara Bank is one of the largest PSU Bank in India. It was established in Mangalore by Ammembal SR Pai in the year 1906. Present headquarter is in Bangalore. Among many other banks, Canara bank was nationalized by the Indian government in the year 1969. With its tagline, Together we can, it gives a range of banking and financial products, making the lives of customers easier. The bank gives the glitch-free net banking platform. The bank is constantly evolving on the ways to provide top-class banking services.
Revenue Generated – 46 Billion Dollars (2020)
Market Capital- 14,498.68 cr
Subsidiaries – Canfin Homes Limited (CFHL), with a network of 110 branches and 28 satellite offices throughout India, Canbank Venture Capital Fund Limited, Canara Bank Securities Limited, Canbank Financial Services Limited, Canbank Factors Limited, Canara HSBC Oriental Life Insurance Company Limited, Canbank Computer Services Limited and Canara Robeco Asset Management Company Limited
Canara bank of India is one of the oldest and reliable banking and financial service providers in India. By the long market sustaining model, the bank has successfully served customers with various products. It has also upgraded and revolutionized the banking experience for the customers. The seamless online mobile portal and net banking have helped the customers in many ways. You can consider opening an account or using its services.
Whether you are planning to open an account in the private or government bank or considering taking a loan, this blog would serve a great help to you as we have here listed 11 best banks in India 2020. These are the most preferred banks in the country. We would advise before choosing your bank, analyze your money-handling habit, ATM usage, the demand of minimum amount in your account, investment accounts, credit cards, investment accounts, and regular deposits. Then you will determine the suitable bank for your needs. It is also good to choose a bank in your proximity and locality even if you are using online banking. We hope that we could inform you of India’s top banks amid ups and downs in the banking sector based on services, products, and market capitalization value.