Top 10 Private Banks in India 2020

Top 10 Private Banks in India 2020

The Indian economy is one of the largest economies in the world. It is not only because of the exceptionally high population but also due to an incredible economic variance amongst its people. Thankfully for us, as many as 27 Public Sector and 23 Private Sector Banks, complete with 4 Local Area Private Banks have taken the onus of serving the heterogeneous population of the nation and efficiently so. While public sector banks offer the much-needed aspects of security and cost-effectiveness, private sector banks facilitate their customers with highly convenient and efficient services.

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If you have been wondering about the best private banks in India, we have consolidated just the right list for you. All you need to do is take a quick look and know for yourself!

 

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Top 10 Private Banks in India 2020

Bank Name Total Branches Total ATMs City of Headquater

HDFC Bank

5,314

13,514

Mumbai

ICICI Bank

5,324

15,688

Mumbai

Axis Bank

4,528

12,044

Mumbai

Kotak Mahindra Bank

1,600

2,519

Mumbai

Yes Bank

1,000

1,800

Mumbai

Federal Bank

1,252

1,696

Aluva

IndusInd Bank

1,558

2,453

Pune

RBL Bank

386

394

Mumbai

J&K Bank

1,038

1,340

Srinagar

South Indian Bank

871

1,500

Thrissur

1. HDFC Bank

Established in the year 1994, Housing Development and Finance Corporation Ltd. is headquartered in Mumbai. With revenue of a whopping Rs. 1.17 Lakh Crores and a net income of Rs. 21,078 crores in the year 2019, HDFC is one of the leading private banks in India. Offering numerous services ranging from Retail to Wholesale Banking, Credit to Debit Cards, Home Loans to Auto Loans, amongst others, the bank serves millions of customers across the nation. Today, HDFC boasts of as many as 5,103 branches, 12,160 ATMs, and generates employment to over 1 Lakh people in the nation.

Bank Products Interest Rates
HDFC Home Loan

6.95% Apply Now

HDFC Personal Loan

10.75% Apply Now

Facilities Offered:

Loans: HDFC Bank offers Home Loan, Personal Loan, Loan Against Property, Loan Against Securities, Education Loan, Pre-owned Car Loan, Two Wheeler Loan, Three Wheeler Loan, Gold Loan, Loan on Credit Card, Loan Against Car, Business Growth Loan, and so on.

Cards: The bank offers various cards under Credit Cards, Debit Cards, Millennia Cards, Commercial Credit Cards, Prepaid Cards, and Forex Cards categories.

Accounts: You can open Savings Account, Salary Account, Current Accounts, Rural Accounts, Sukanya Samridhi Account, Public Provident Fund, and Demat Accounts with the bank.

Deposits: The bank offers deposit facilities under Fixed Deposit, Recurring Deposit, Non-Withdrawal Deposits, and My Passion Fund.

Insurance: The bank has many insurance products under Life Insurance, Health & Accident Insurance, Vehicle Insurance, Travel Insurance, Home Insurance, and Cyber Insurance categories.

Other Facilities: Apart from the abovementioned, HDFC Bank also offers various other facilities including Bonds & Securities, Mutual Funds, Safe Deposit Locker, Money Transfer, Bill Payments, Recharge, NRI Banking facilities, SME Banking facilities, Wholesale Banking facilities, Agricultural Banking facilities,  and so on, 

2. ICICI Bank

One of the most reliable of all private banks, ICICI Bank (Industrial Credit and Investment Corporation of India), offers a wide range of services including truncations, loans, deposits, privilege banking, insurance policies, and Credit Cards amongst others. With revenue of Rs 73,913 Crores and a net income of Rs.3,363 Crores in the year 2019, the bank boasts of consolidated assets worth Rs. 12.50 trillion. With as many as 5,324 branches and 15,688 ATMs across India, ICICI Bank generates employment for close to 85,000 people.

Bank Products Interest Rates
ICICI Home Loan

6.95% Apply Now

ICICI Personal Loan

11.25% Apply Now

Facilities Offered:

Loans: ICICI Bank offers various loan facilities under the categories of Home Loan, ICICI Personal Loan, Car Loan, Loan Against Property, Education Loan, Consumer Finance, Gold Loan, Loan Against Securities, Commercial Business Loan, Pradhan Mantri Mudra Yojana, and Stand Up India Scheme.

Cards: The bank offers Credit Cards, Debit Cards, Commercial Cards, Prepaid Cards, Travel Cards, and Unifare Metro Cards.

Accounts & Deposits: ICICI Bank provides Savings Account, Salary Account, 3-in-1 Account, Pension Account, Defence Salary Account, Fixed Deposit, Recurring Deposit, iWish Flexible RD, and other accounts and deposits facilities.

Insurance: The bank has Life Insurance, Health Insurance, Car Insurance, Travel Insurance, and General Insurance services.

Other Facilities: Apart from the facilities mentioned above, the bank also offers Tax solutions, Investments, Agri & Rural finance, My Money, Pockets, and other facilities, 

3. Axis Bank 

Headquartered in Mumbai, Axis Bank was established in the year 1993. In the short span of its existence, the bank has managed to flourish all across India, with Over 4,528 branches and 12,044+ ATMs. With revenue of Rs.41,409.25 Crores and a net income of Rs.857.59 Crores, Axis Bank generates employment to over 55,000 people.

Bank Products Interest Rates
Axis Bank Home Loan

7.75% Apply Now

Axis Bank Personal Loan

12% Apply Now

Facilities Offered:

Loans: Axis Bank offers various loans, including Home Loan, Personal Loan, Car Loan, Holiday Loan, Loan Against Property, Education Loan, Business Loan, Gold Loan, Loan Against Securities, Two-Wheeler Loan, Loan Against Fixed Deposit, and Commercial Vehicle & Construction Equipment Loan .

Cards: The bank offers Credit Cards, Debit Cards, Commercial Credit Cards, Commercial Debits Cards, Prepaid Cards, and Transit Cards.

Accounts: The bank offers Savings Account, Salary Account, Current Account, and other bank accounts

Deposits: Under its range of attractive deposit products, the bank provides Fixed Deposits, Express FD, Recurring Deposits, Fixed Deposit Plus, Tax Saver Fixed Deposit, and Auto Fixed Deposit.

Insurance: The bank has Life Insurance, Home Insurance, Motor Insurance, Travel Insurance, and Two-Wheeler Insurance, Health Insurance, and other insurance services.

Other Facilities: The bank also offers Forex, Investments, Agri & Rural, FASTag, Business Banking, Priority Banking, NRI Banking, and Wealth Management services, 

4. Kotak Mahindra Bank

With exceptionally high revenue of Rs. 28,547.24 Crores Kotak Mahindra Bank has earned the reputation of being a leading private sector bank in India. Founded in the year 2003, the bank enjoys as many as 1,600 branches complete with 2,519+ ATMs across the nation. To add to its already illustrious legacy, the bank generates employment for over 33,000 people.

Facilities Offered:

Loans: Kotak Mahinda Bank offers Home Loan, Home Loan Balance Transfer, Home Improvement, Personal Loan, Car Loan, Gold Loan, Consumer Finance, Kotak PayDay Loan, Loan Against Security (Kotak Stock Ace), Education Loan, and other lending products.

Cards: The bank offers Credit Cards, Debit Cards, and Forex/Prepaid Cards.

Accounts: The bank offers Savings Account, Corporate Salary Accounts, Current Account, Retail Institutional Accounts, Bank+Demat+Trading A/c, and Safe Deposit Locker.  

Deposits: Under this category the bank offers Regular Fixed Deposit, Recurring Deposit, Tax Saving Fixed Deposit, Senior Citizen Fixed Deposit, and Sweep-In Facility.

Insurance: The bank has Life Insurance, Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, and Pradhan Mantri Jeevan Jyoti Bima Yojana.

Other Facilities: The bank also offers Investments, Payments, and NRI Banking services, 

5. Yes Bank

Headquartered in Mumbai, Yes Bank was established in the year 2004, with the objective of offering asset management services and retail banking functions, along with investment banking, corporate finance, branch banking,  and SME banking facilities. One of the fastest-growing private banks of the nation, Yes Bank, enjoyed the revenue of Rs. 25,419 crores in the year 2019. The bank boasts of 1,000 branches across the country, complemented by 1,800 ATMs. It generates employment for over 18,000 people. 

Bank Products Interest Rates
Yes Bank Home Loan

9.10% Apply Now

Yes Bank Personal Loan

10.75% Apply Now

Facilities Offered:

Loans: Yes Bank offers Home Loan, Yes Khushi Affordable Home Loan, Personal Loan, Car Loan, Two-Wheeler Loan, Loan Against Securities, Loan Against Property, Business Loan, Gold Loan, Commercial Loans, MSME Loans, and other loan products.

Cards: The bank offers Credit Cards, Debit Cards, MCTC Card, and Prepaid Cards.

Accounts: The bank offers Savings Account, Salary Accounts, and Current Accounts. 

Deposits: Yes Bank offers Fixed Deposit and Recurring Deposit facilities.

Insurance: The bank offers Life Insurance, Health Insurance, and General Insurance schemes.

Other Facilities: The bank also offers Wealth Management, YES Privileges, YES Premia, Safety Deposit Lockers, Government Schemes, NRI Banking, Business Banking, Corporate Banking, and Digital Banking services, 

6. Federal Bank

Founded in the year 1931 as Travancore Federal Bank, the present-day Federal Bank is headquartered in Kochi, Kerala. With 1,696 branches and 1,516 ATMs across the country, Federal Bank offers multiple services including but not limited to personal banking, retail banking, corporate banking, NRI banking, insurance, and loans. The bank recorded revenue of Rs. 10,911.98 Crores in the year 2018, and generated employment for over 12,000 people.

Facilities Offered:

Loans: Federal Bank offers Personal Loans, Housing Loans, Car Loans, Gold Loans, Property Loans, Education Loans, SME Business Loans, Agri Loans, and other loan products.

Cards: The bank offers Credit Cards, Debit Cards, Contactless Cards, Forex Card, Gift Cards, and EMI on Debit Card.

Accounts: The bank offers Savings Accounts, Salary Accounts, Noor Personal Account, RFC Account, and so on. 

Deposits: Yes Bank offers Fixed Deposit, Recurring Deposit, Millionaire Deposit, and Tax Saving Deposit facilities.

Insurance: The bank offers Life Insurance, Health Insurance, Wealth Insurance, and General Insurance schemes.

Other Facilities: The bank also offers NRI Banking, Business Banking, Online Trading, Investment, and other services, 

7. IndusInd Bank

Headquartered in Mumbai, IndusInd Bank was established in the year 1994. The bank boasts of 1,558 branches and 2,453 ATMs. The bank enjoys a prominent presence in all metropolitan cities of India, along with an international presence in Dubai, Abu Dhabi, and London. Owing to its widespread operations, the bank generates employment for over 25,000 people.

Facilities Offered:

Loans: IndusInd Bank offers Personal Loan, Vehicle Loan, Loan Against Property, Home Loans, Gold Loan, Loan Against Securities, Professional Loan to Doctors, Agri Loan, Loan on Credit Card, and other loan products.

Cards: The bank offers Credit Card, Debit Card, Duo Card, Forex Card, and Prepaid Card.

Accounts: The bank offers Defence Salary Account, Individual Saving Account, Corporate Salary Account, and Regular Current Account. 

Deposits: Yes Bank offers Fixed Deposit, Recurring Deposit, Sweep in/ Sweep Out, Senior Citizen Scheme, Young Saver Deposit, and Deposit Plus schemes.

Other Facilities: The bank also offers Insurance schemes, Investments products, Payment products, Foreign Exchange, NRI Banking, Pioneer Banking, Business Banking, Corporate Banking, and Inclusive Banking services, 

8. RBL Bank

One of the fastest-growing private banks of the nation, RBL Bank, was established in the year 1943 with the aim of serving the Kolhapur-Sangli belt of Maharashtra. Today, the bank boasts of as many as 386 branches and 394 ATMs in India, with its headquarters in Mumbai. Catering to over 20 Lakh people across the nation, RBL Bank offers numerous services, including Consumer Banking, Corporate Banking, Finance, and Insurance, complete with facilities like NRI deposits, Digital Savings Account, Investment Services, and Loans amongst others. The bank clocked in a revenue of Rs. 7,743.08 Crores in 2019, while also generating employment for over 5,000 people.

Facilities Offered:

Loans: RBL Bank offers Loan Against Property, Overdraft Against Property, Personal Loan, Business Loan, Home Loan, Car Loan, Education Loan, Working Capital Finance, and other loan products.

Cards: The bank offers Debit Cards, and a huge variety of Credit Cards.

Accounts: The bank offers Savings Accounts, Salary Accounts, and Special Institutions Accounts. 

Deposits: RBL Bank offers Fixed Deposits, Senior Citizen Fixed Deposits, Tax Savings Fixed Deposits, Recurring Deposits, Flexi Sure Fixed Deposits.

Insurance: The bank offers Life Insurance, Health Insurance, and General Insurance schemes.

Other Facilities: The bank also offers Aspire Banking, Signature Banking, Safe Deposit Lockers, NRI Banking, Wholesale Banking, Business Banking, and other services,

9. J&K Bank

Headquartered in Srinagar (Kashmir), the Jammu and Kashmir Bank, now known as J&K Bank, was founded in the year 1938. The bank boasts of 1,038 branches across India, along with 1,340 ATMs. In the year 2017, the bank registered revenue of Rs. 7,178.66 crores.

Facilities Offered:

Loans: J&K Bank offers a plethora of lending products for all your financial requirements, including Housing Loan, Consumer Loan, Laptop/PC Finance, Saholiat/Saral Finance, Education Loan Scheme, Festival Advance Scheme, Car Loan, Two-Wheeler Finance, Skill Loan Scheme, Commercial Vehicle Finance, Construction Equipment Finance, Contractor Finance, Dastkar Finance, School Bus Finance, Saral Finance to Small Businessmen, Loan Against Mortgage of Immovable Property, All Purpose AgroTerm Loan, Fruit Advances Scheme (Apple), Giri Finance Scheme, Apiculture Finance, Zafran Finance, and so on.

Cards: The bank offers Global Debit Card, Credit Card, and Prepaid Cards.

Accounts: The bank offers Deluxe/General/Student/Basic Savings Accounts, Deluxe/General Salary Accounts, General Small Account, Pension Account, Savings Account – Government, NRE/NRO Savings Account, and Business Accounts. 

Deposits: The bank offers Fixed Deposits, NRE/NRO Fixed Deposits, Tax Saver Term Deposit, Recurring Deposit, and other deposit schemes.

Insurance: The bank offers Life Insurance and Non-Life Insurance products.

Other Facilities: The bank also offers NRI Banking, Investor Banking, Payment Solutions, Government Sponsored Schemes, and other services,

10. South Indian Bank

Yet another leading private bank of the nation is the South Indian Bank, which has its headquarters in Thrissur, Kerala. In addition to its brilliant network of 871 branches across the nation, the bank also boasts of 1,500 ATMs with its presence in 27 states and 3 union territories in India! In the year 2017, the bank reported revenue of Rs. 6,562 Crores. South Indian Bank generates employment for over 7,500 people.

Facilities Offered:

Loans: South Indian Bank offers Home Loans, Personal Loan, Car Loan, Gold Loans, Education Loans, Property Loan, Business Finance, and other loans.

Accounts & Deposits: The bank offers Savings Account, Inoperative Accounts, Term Deposits, and Unclaimed Deposits.

Insurance: The bank offers Life Insurance, Health Insurance, General, ECGC, AND PM’s Social Security Schemes.

Other Facilities: The bank also offers Mutual Funds, Money Transfer, Priority Banking, NRI Banking, Business Banking, and Online Banking services,

FAQ

✅ Which is the No 1 private bank in India 2020?

Housing Development Finance Corporation Limited, popularly known as HDFC Bank, ranks number 1 among the list of best private banks in India. The bank provides loans, credit cards, FOREX, insurance, and other financial services.

✅ Which private bank is the fastest growing in India?

HDFC Bank is the fastest-growing bank in India, with 296% growth over the past 5 years, according to a report by brand consultancy Brand Finance. It has recorded a compound annual growth rate of 31.7% over the same period.

✅ Which private bank is the richest in India?

According to a statistic presented by Statista, HDFC Bank was the richest private bank in India in terms of total assets as of 2019. The total assets recorded were over 858 billion U.S. dollars.

✅ Which bank closed permanently in India?

Punjab and Maharashtra Cooperative Bank (PMC) got shut down permanently by RBI recently due to inadequate capital and no scope for revival. The RBI requested the Registrar of Cooperative Societies to wind up the bank and appoint an official liquidator.

✅ Is YES Bank a safe bank?

Yes. In fact, RBI is monitoring the bank regularly and will provide liquidity. YES Bank is in discussions to raise capital. In one of its meeting, RBI mentioned assured that depositors’ money is absolutely safe.

✅ Can YES Bank recover?

Yes. As per the bank’s administrator, the bank is hoping to recover about Rs. 8,500 crores from its loan defaulters, mainly comprising of corporate entities, in the coming financial year (that is starting from April 1, 2020).

 

Also Read: Top 10 Commercial Banks in India

 

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