Today if you are having money with you, probably you would have a bank account. Moreover, after the advent of Pradhan Mantri Jan Dhan Yojna, a Financial Inclusion Program by the Central Government, the chances of people having no bank account are relatively slim and minimal. But when it comes to open a bank account people usually wonder which is the best public or private sector bank to deal with and hence to minimize your confusion and hassles here a list of Top Banks in India which you must consider to open an account and keep your hard-earned cash safely.
Who is The No 1 Bank in India – List of Public Sector Banks?
- State Bank of India or SBI
With more than 23% of shares of total market assets, SBI is the largest public sector or nationalized bank India and one of the Top Banks in India as per RBI. SBI holds the amount 1/4th of total loans as well as deposits in the past fiscal market and expected to increase in the coming fiscal year. It offers its customers a variety of banking instruments and products that make it the top choice for all Indians. This includes:
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- Credit Cards – SBI offers different types of credit cards to its patrons ranging from Travel to Shopping, Fuel to business cards and more and they can choose as per the spending behavior.
- Loans – From personal loan to home loan and car loans, all types of loans are offered by SBI and at the much lower interest rate as compared to other public and private sector banks. It also offers flexible repayment option and penalties on non-payment are also lower. For all its loan schemes, SBI offers the longest repayment tenure which makes it easier for Indians to opt for SBI loans.
- Punjab National Bank
After the recent merger with the United Bank India and Oriental Bank of Commerce, PNB or Punjab National Bank has become the 2nd largest public sector bank with over 8 Trillion businesses yearly. PNB specializes in a variety of amazing products and some of them are mentioned below.
- Deposits – There are different deposit schemes offered by the bank with the highest earn interest rates for the amount that customer deposits into the bank. Saving deposit account, fixed deposits, current account, and more are some of the deposit schemes by the bank.
- Loans – Car loans, education loans, housing loans, personal loans and more, there are different types of loans offered by PNB. It offers housing loans to both government employees and another individual who wants to buy a house. There are also educational loans for students as well.
Which is the Most Safest Bank in India – Private Sector Banks?
- ICICI Bank
When the list of top and leading Private Banks in India is created, the first name that holds the position is the ICICI Bank and for many good reasons. In regards to market capitalization and assets, ICICI Bank holds the 2nd place and it is the largest private sector bank with network branches across the nation. Although it is a private bank, it still holds a position in 3rd place when it comes to finding the Big Four Banks of India based on total assets, market capitalizations and deposit schemes.
From fixed deposits to saving and current accounts, credit cards, and loans, all these products from ICICI make it the best bank in the country. Home loans, car loans, personal loans, credit cards, and gift cards, everything is offered by this private bank, making it the top choice of people who want extended features of private banks in India.
- HDFC Bank
Being one of the largest private banks in India in regards to market capitalization and total assets, HDFC Bank is the top performer with amazing and exciting banking products and services. This is the private bank that holds a position in the 100 Most Valuable Global Brands across the globe.
From educational loans to home loans, credit cards to personal loans and even car loans and life insurance, this is the lead in all banking products. It is the bank with many amazing features that make banking a breeze for its patrons.
So, this is the List of Public Sector Banks in India along with leading and top private banks which you may consider when it comes to open an account and enjoy secure banking in India.
