Today we will discuss the Top 10 Best Banks In India 2020.

India has a strong banking and financial sector.

The Indian banking system includes 21 private sector banks, 27 public sector banks, 49 foreign banks, 56 rural regional banks, 1,562 municipal co-operative banks, and 94,384 rural co-operative banks India according to India Brand Equity Foundation (IBEF).

Total deposits at Indian banks rose to 11.66%, while loans for the financial year 17-18 had risen to 10.94%.


Top 10 Best Banks In India


Indian Banking Hike

  • India has made significant progress in financial inclusion in recent years, as recognized by the World Bank.
  • It was found that of the 51.4 million bank accounts opened worldwide between 2014 and 2017, 55% were in India.
  • In India, the number of adult bank account holders increased significantly from 53% in 2014 to 80% in 2019.
  • This is the result of the successful implementation of Jan Dhan Yojana’s campaign by the Indian government, which has enabled a large number of Indians to enter the formal banking system.
  • In March 2017, the number of holders of a Jan Dhan account was 28.17 crores, an increase of 31.44% in March 2018.
  • India is on the way to the complete digitization of financial transactions. In this process, the involvement of the banks was and is crucial.
  • When someone decides to open a bank account, they are looking for some of the key features to make their banking experience enjoyable, while ensuring that all their hard-earned money is stored.

Characteristics Of The Best Bank

Customers take many factors into account when deciding whether a bank is good or not.

Here are some practical considerations of the modern consumer:

  • An excellent reputation to withstand economic recessions.
  • Easily accessible branches of brick and mortar.
  • No / little minimum balance needed.
  • A huge network of ATMs.
  • Excellent customer service.
  • Free bill payment.
  • A smooth online bank.
  • Competitive interest rate.
  • Free checks.
  • Availability of loans.

Based on these characteristics, I have compiled a list of the country’s top 10 banks that offer some or all of the above amenities and facilities.


Top 10 Best Banks In India 2020

Below is the list of top 10 banks in India 2020:

1. HDFC

HDFC Bank ranks number 1 among the best banks in India today. Let’s discuss in brief about HDFC Bank.

  • Housing Development Finance Corporation or HDFC is a respected private bank that has been providing services in India since 1994.
  • Like many others, this bank is headquartered in Mumbai. As of March 31, 2018, HDFC employed more than 88,000 permanent employees.
  • The bank has nearly 4,800 branches and more than 12,000 ATMs in the main regions of the country. In addition to savings accounts, HDFC also offers personal loans, credit cards, car loans, personal financial services, and bank cards.
  • HDFC has become a leading choice for opening salary accounts. As the best bank in the private financial sector, HDFC is central to ICICI.
HDFC Bank
HDFC Bank


2. Axis Bank

Axis Bank ranks number 2 among the best banks in India today. Let’s discuss in brief about Axis Bank.

  • The Axis Bank India’s third private bank was founded in 1993 in Ahmedabad as part of the financial services of the Unit Trust of India (UTI).
  • In 2007, the name was changed to Axis Bank. It provides services to individuals, businesses, credit cards, finance and insurance, investment banking, private equity, mortgages, asset management and more.
  • The most important products and services include savings accounts, credit cards, term deposits and personal loans, which can also be accessed and operated online.
  • The bank has more than 13,000 ATMs and more than 3,000 branches in India.
Axis Bank Best Banks In India
Axis Bank


3. State Bank Of India

State Bank Of India ranks number 3 among the best banks in India today. Let’s discuss in brief about State Bank Of India.

  • In India, the SBI (State Bank of India) is the first name that comes to mind. The State Bank of India is a state-owned bank based in Mumbai, Maharashtra. It was founded on June 2, 1806, and is one of the oldest banks in India.
  • The bank offers a wide range of services, including business banking, private banking, investment banking, finance and insurance, credit cards, mortgages, auto loans and mortgage, private banking, savings, securities, private equity, and asset management.
  • SBI targets a global audience with a strong presence in India and internationally. There are more than 18,000 branches in the country alone.
  • SBI has a greater reach among Indian households compared to other banks in India. This bank is considered one of the safest banks.
  • Generations of many families put their money and their trust in SBI. Although interest rates are lower than many multinational banks, SBI’s popularity has not diminished.
  • SBI also made important contributions to the financial inclusion of Jan Dhan Yojana Pradhan Mantri in 2014 and contributed to the opening of a large number of accounts.
SBI Best Banks In India
SBI


4. IDFC

IDFC Bank ranks number 4 among the best banks in India today. Let’s discuss in brief about IDFC Bank.

  • IDFC was founded on January 30, 1997, with headquarters in Chennai, and commenced operations on June 9, 1997.
  • In 1998, the company was registered with the Reserve Bank of India (RBI) as a financial company. In 1999, it officially became a public financial institution.
  • To comply with RBI guidelines, IDFC established a non-operating financial holding company, IDFC Financial Holding Company Limited, in 2014 to manage its five subsidiaries: IDFC Bank, IDFC MF, IDFC Alternatives, IDFC IDF and IDFC Securities.
  • IDFC is the holding company of NOFHC IDFC Projects Ltd and IDFC Foundation.
  • IDFC Bank commenced operations on 19 October 2015. With 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad, and Kolkata.
  • 15 branches are located in towns with less than 10,000 inhabitants. IDFC Bank opened its 100th branch in Honnali, Karnataka, in October 2017.
  • In December 2018, IDFC merged with Capital First Ltd., an NBFC, and was renamed IDFC FIRST Bank. Capital First shareholders receive 139 shares of IDFC Bank for every 10 shares held.
IDFC Bank Best Banks In India
IDFC Bank


5. Bank of Baroda

Bank of Baroda ranks number 5 among the best banks in India today. Let’s discuss in brief about Bank of Baroda.

  • The Bank of Baroda is another banking and financial service in India.
  • Headquartered in Baroda (now Vadodara), Gujarat, headquartered in Mumbai. In July 1906 Maharaja Sayajirao Gaekwad III, then Maharaja of Baroda founded this bank.
  • On July 19, 1969, the Indian government nationalized the Bank of Baroda, which later went into the category of PSUs (for-profit public enterprises).
  • In July 2017, the Bank of Baroda has a network of 5,538 branches and more than 10,000 ATMs domestically and abroad.
Bank Of Baroda Best Banks In India
Bank Of Baroda


6. Punjab National Bank

Punjab National Bank ranks number 6 among the best banks in India 2020. Let’s discuss in brief about Punjab National Bank.

  • The Punjab National Bank or PNB offers a wide range of services, including savings accounts, loans, and credit cards.
  • It is a state-owned Indian multinational company specializing in banking and financial services headquartered in New Delhi.
  • The bank offers internet banking, mobile banking, and SMS banking. Unfortunately, after the bankruptcy of Nirav Modi in February 2018, the bank experienced some very difficult times.
  • Nevertheless, the bank was able to make a significant contribution to the Digital India initiative.
  • According to recent findings from the Department of Financial Services, the PNB is the # 1 PSU bank on digital transactions in India, according to an article in the Economic Times.
PNB Best Banks In India
PNB


7. ICICI

ICICI Bank ranks number 7 among the best banks in India today. Let’s discuss in brief about ICICI Bank.

  • ICICI is another very popular private bank in India.
  • The wide range of banking products and financial services is tailored to the needs of individuals and companies across the country.
  • In 2014, ICICI took second place among the banks with the highest assets and third place in terms of market capitalization.
  • ICICI is present in 18 countries outside India. It was founded by the Indian Credit and Investment Company in June 1994 in Vadodara.
  • The bank operates more than 8,700 branches and more than 14,000 ATMs in key regions of the country.
  • The subsidiaries specialize in life insurance, property insurance, investment banking, asset management, and venture capital financing.
  • ICICI’s online investment and personal banking services are growing in popularity.
  • Amazon’s regular buyers will be excited to see ICICI partner with Amazon Pay in 2018 to create a credit card that will provide Amazon Prime users with additional (unlimited) award points to make their experience a reality to let.
  • Online shopping is even more satisfying, according to an article in the Economic Times.
ICICI Bank Best
ICICI Bank


8. Canara Bank

Canara Bank ranks number 8 among the best banks in India today. Let’s discuss in brief about Canara Bank.

  • One of the largest and oldest public banks, Canara Bank, was founded in 1906 by Ammembal Subba Rao Pai in Mangalore.
  • This governmental bank is the headquarters of Bangalore. It was nationalized in 1969 by the Indian government.
  • The main products and services of Canara Bank are Personal Banking, Investment Banking, Private Banking, Mortgages and Credit Cards, Asset Management and Pensions.
  • It offers its customers a seamless experience through easy-to-use online banking.
Canara Bank
Canara Bank


9. IDBI

IDBI Bank ranks number 9 among the best banks in India 2020. Let’s discuss in brief about IDBI Bank.

  • The Industrial Development Bank of India or IDBI is a public-sector bank established in July 1964 as a special parliamentary bill to finance large industries.
  • The bank is headquartered in Mumbai. IDBI can be a convenient choice for commercial banks, consumer services, investment services, finance and insurance, private banking, mortgages, private placements, and agricultural loans.
  • The bank offers a wide range of credit card and problem-free loan options.
  • IDBI also made an important contribution to the Digital India campaign and enabled most online transactions.
IDBI Bank
IDBI Bank


10. Bank of India (BOI)

Bank of India ranks number 10 among the best banks in India today. Let’s discuss in brief about Bank of India.

  • The Bank of India (BOI), one of the five largest nationalized banks, is a business bank founded in 1906. It is also located in Mumbai.
  • The bank offers the convenience of mobile banking and online payments. At the beginning of 2017, BOI has more than 5,000 branches nationwide.
  • The bank was founded to serve all Indian communities.
Bank Of India
Bank Of India


FAQ- Top 10 Best Banks In India 2020

Que. Which is the 1st private bank in India?

Ans. By market capitalization, HDFC is the largest bank in India, followed by Axis Bank and ICICI Bank.

Que. Which bank has the most ATMs in India?

Ans. As of 31.03.15 SBI had around 16,433 branches. And the SBI Group must have a network of around 30,000 ATMs. The State Bank of India is the largest bank with the largest number of ATMs in India.

Que. What is the first bank in India?

Ans. Hindustan Bank
The first bank in India is the Bank of Hindustan, founded in 1770. The second bank is the General Bank of India, founded in 1786. The oldest bank operating in India is the State Bank of India. It was founded in June 1806 at the Calcutta Bank.

WhatsApp chat