In any country, the banking sector acts as the strongest economical pillar that helps to keep the economy stable. Apart from that, there are numerous services that a bank offers like providing loans and advances to their customers. Along with that you can also earn interest by depositing money in your savings bank account. In total there are 48 public as well as private sector banks in the country. Out of which there are 27 public sector banks and 21 private sector banks. Moreover, out of the 27 public sector banks, only 6 belong to the State Bank group while the remaining 21 are nationalised banks. Whereas, the 21 private sector banks along with 45 other foreign private sector banks are also present in the country.
Before we talk about the top 10 banks in India, it is important to note that the Government of India has announced a merger for all the 27 public sector banks into 12 strong PSU banks. This merger can be expected to be in effect at the end of this financial year.
List of Top 10 Banks in the Country
Below are the top 10 banks in the country along with their features and other information:
HDFC Bank Ltd.
The HDFC is the number one bank in India with a total market capitalization of over INR 6 lakh crore. HDFC stands for Housing Development Finance Corporation Ltd. and is the largest private sector bank across the nation. The bank offers various Retail as well as wholesale banking solutions, personal banking services and a variety of other financial services. HDFC has over 5000 branches across the country with more than 13000 ATMs and over 1 lakh plus employees. You can avail a home loan from HDFC bank at an interest rate of 7.55% and a personal loan at 10.50%.
State Bank of India
The strongest government owned bank in India that has a market capitalization of more than INR 2.9 Lakh Crore. With around 24000 branches, 59000 ATMs and more than 2,50,000 employees, SBI is the biggest public sector bank in India. Also, you can apply for a home loan and a personal loan at an interest rate of 6.70% and 9.60% respectively. Moreover, SBI has over 195 international branches spread across 36 countries and it also has a 23% market share in the Indian banking sector.
ICICI Bank Ltd.
Investment Credit and Investment Corporation of India is the full form of ICICI, and is the 3rd biggest bank in the Indian banking sector. ICICI has a market capitalization of over INR 3.5 lakh crore. Although the registered office of this bank is located in Vadodara, Gujarat, its headquarters is located in Mumbai, Maharashtra. In 2019, the total assets of the bank were valued at INR 12.50 trillion. ICICI bank has over 15000 ATMs across India and over 4800 branches with 85000 employees working in them. ICICI Bank also has overseas branches in Hong Kong, China, USA, South Africa, Qatar, Oman, UAE and other parts of the world. Moreover, you can secure a home loan from ICICI Bank at an interest rate of 7.10% and a personal loan at INR 10.50%.
Kotak Mahindra Bank Ltd.
With a market capitalization of over INR 3.80 lakh crore, the Kotak Mahindra Bank is the 3rd largest private sector bank across the country. The bank has around 2100 plus ATMs in India, with more than 1000 branches in the country and has more than 33000 employees. If you look forward to applying for a home loan at Kotak Mahindra Bank, then you can apply for the same at an interest rate of 7.50% and a personal loan at 10.99%.
Axis Bank Ltd.
The Axis Bank makes it at the 4th place in the list of the top 10 banks in the country. Axis has a market capitalization of over INR 1.9 lakh crore. Although Axis Bank is well known for its financial services towards the corporate sector. But still you can apply for a home loan at an interest rate of 7.60% and a personal loan at 10.49% from Axis Bank. It has more than 4000 branches in the country with more than 55000 employees. It also has more than 11000 ATMs across the country.
IndusInd Bank Ltd.
IndusInd Bank was launched in the year 1994, but ever since it has been growing and today is one of the top 10 banks in India. With a market capitalization of over INR 70 thousand crore, it has its branches across the major metro cities in the country. Having more than 25000 employees and over 1500 branches it also has more than 2000 ATMs across India. Moreover, you can apply for an IndusInd Home loan at an interest rate of 6.70% and a personal loan at 10.49%.
Yes Bank Ltd.
Yes Bank was established in 2004, and has raised their market capitalization to INR 46 thousand crore since then. The bank provides a home loan at an interest rate of 8.95% and a personal loan at 10.99%. The bank has around 1200 ATMs and over 1100 branches with more than 18000 employees.
Punjab National Bank
With a market capitalization of INR 37 thousand crore, PNB provides home loans at affordable interest rates starting from 7.40% and personal loans from 8.45%. The bank has a widespread network of over 7000 branches with more than 70000 employees across the country. The bank also has more than 10000 ATMs throughout the country.
Bank of Baroda
BoB or Bank of Baroda is a public sector bank with a market capitalization of over INR 35 thousand crore. The bank’s headquarters is located in Vadodara, Gujarat. Bank of Baroda recently faced a three way merger with Dena Bank and Vijaya Bank. You can apply for a home loan at Bank of Baroda at 7.45% and a personal loan at 9.20%. The bank has more than 85000 employees spread across 9500 plus branches throughout the country. Bank of Baroda also has more than 13000 ATMs in the country.
Bank of India
Headquartered in Mumbai, Bank of India or BoI has a market capitalization of INR 28 thousand crore. With more than 5000 bank branches and over 48000 employees across the country, Bank of India is one of the best public sector banks in the country. You can apply for a home loan at an interest rate of 6.90% and a personal loan at an interest rate of 11.25%.
Above is the list of the top 10 banks in India, in which you can apply for a loan. You can even open a savings account in any of the above\\ banks and earn Saving Account Interest Rate. However, it is advisable to check all the details about the bank before you open a bank account.
Read Also: How To Build CIBIL Score From Scratch
