Banks are an asset to the economy as they help the public on a financial scale. Which is done in the form of savings, personal loans, credit cards, business, and home loans etc. Banks have always been a helpful hand to people in need to build their future by supporting them financially. With diversity and great plans to improve the economy banking of India has always gone above and beyond. With all of this let us learn about the top 10 best banks in India that offer services to the public.
Types of Banks in India
When talking about there are seven main types of banking which have gradually developed with industry and have scattered into different names in the banking sector. For now, let us learn about the main types of banks in India.
- Central Bank
- Cooperative Banks
- Commercial Banks
- Payments Banks
- Small Finance Banks
- Local Area Banks
- Regional Rural Banks (RRB)
Rank List of Top 10 Banks in India 2024
|
Ranking |
Top Banks of India |
Net Profit in 2023 – INR in Crores |
| 1 | SBI | ₹ 16,884/Cr |
| 2 | Bank of Baroda (BoB) | ₹ 14,90/Cr |
| 3 | HDFC | ₹ 11,951/Cr |
| 4 | ICICI | ₹ 10,636/Cr |
| 5 | Induslnd Bank | ₹ 7,443/Cr |
| 6 | Axis Bank | ₹ 6,625/Cr |
| 7 | Canara | ₹ 3,534.8/Cr |
| 8 | Union Bank of India | ₹ 3,236/Cr |
| 9 | Bank of India | ₹ 1,551.1/Cr |
| 10 | Punjab National Bank | ₹1,255/Cr |
List of Top 10 Banks in India 2024
1. State Bank of India – SBI
- Founded: 1st July 1955
- Chairman: Dinesh Kumar Khara
- Customer Care Number: Â 1800 1234
State Bank of India is a multinational public sector service bank. When talking about the best banks in India or the history of Banking SBI has a vast length to explore as it traveled to be a combination of three banks and with time was named “Imperial Bank of India”. With RBI the Central Bank of India SBI acquired a controlling request with their Act of 1955. On July 1st, 1955 Imperial Bank of India was named the State Bank of India.
With being the oldest bank SBI can be stated as the No.1 bank in India. The headquarters of SBI is in Mumbai and it is the bank with the largest number of customers 22,405 branches. Which is why SBI is on the list of top government banks in India.
2. Union Bank of India
- Founded: 11th Nov 1919
- Chairman:Â Srinivasan Varadarajan
- Customer Care Number: 1800 22 2244
Largest and most well-known government bank across India. UBI is a public sector bank that offers best practices that support the citizens in their financial aspects. With 8500 branches across India, UBI is a versatile banking agency in the Indian banking & finance sector.
Union Bank of India was established on 11 November 1919Â by Seth Sitaram Poddar in Mumbai i.e. Bombay. It was integrated by Mahatma Gandhi, and with time the branch started to spread and cover places across India. With 120 million+ customers and branches covering across the world Union Bank of India deserves to be in the list of top 5 banks in India.
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3. ICICI Bank
- Founded: 5th Jan 1955
- CEO: Sandeep Bakhshi
- Customer Care Number: Â 1800 1080
The Industrial Credit and Investment Corporation of India (ICICI) was a government institution established on 5 January 1955. The merger of ICICI Bank is a story to be told. Because the capital services and the industrial services both ICICI’s formed an ICICI the best bank in India on October 2001.
4. Axis Bank
- Founded: 3rd Dec 1993
- CEO: Amitabh Choudhry
- Customer Care Number: Â 1860 419 5555
When the question is which bank is best in India we can’t miss Axis in the best-ranking bank’s list. Axis Bank is It is India’s third-largest private sector bank by assets and fourth-largest by market capitalization. This best bank in India was founded on 3rd December 1993 as UTI Bank. Axis Bank offers retail, corporate, and international banking services.
5. Kotak Mahindra Bank
- Founded: 21 Nov 1985
- CEO: Uday Kotak
- Customer Care Number: 1860 266 2666
Kotak is an Indian banking & financial services company headquartered in Mumbai. The Kotak Mahindra Bank is India’s top-ranking bank in 2024 as it is the third largest private sector bank by market capitalization after HDFC Bank and ICICI Bank. It is a well-known financial service provider as it lays out several options for loans and personal banking. With all the main sector banking qualities Kotak Bank plays a vital role in India’s economy. Which is why it is on the list of the top 5 nationalized banks in India.
6. HDFC Bank
- Founded: 1994
- Chairman: Atanu Chakraborty
- Customer Care Number: 1800 202 6161
The world’s fourth-largest bank in market capitalization is Housing Development Finance Corporation Limited (HDFC). Being the sixteenth largest employer in India, HDFC Bank offers great financial services across the country. Credit cards, Debit Cards, and best interest rates have become an economic asset.
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7. Induslnd Bank
- Founded: April 1994
- Founder: S. P. Hinduja
- Customer Care Number: Â 1860 267 7777
Induslnd Bank is a specialized banking service enabled for the community. The headquarters of Induslnd resides in Mumbai, India. It is stated that the bank holds upto 60% Indian customers whereas the 40% are NRI’s. The best example set in banking services is Induslnd Bank is among the top international banks in India.
8. Yes Bank
- Founded: 2004
- CEO: Prashant Kumar
- Customer Care Number: 1800 1200
Yes, Bank is a new-age private sector bank established in 2004 by Rana Kapoor and Late Ashok Kapur. With the best offers to grab on credit cards, the bank provides great financial service in terms of personal loans & FD in the commercial banking sector. One of the well-known bank names with the best fixed deposit interest and more to explore to build your life.
9. Bank of Baroda – BoB
- Founded: 20 July 1908
- Founder: Sayajirao Gaekwad III
- Customer Care Number: 1800 5700
One of the well-known in the list of government banks in India is the Bank of Baroda. It is the second largest public sector bank in India after SBI. As the bank holds a business of US$218 billion, and 153b million customers across the world. Bank of Baroda was nationalized by the Indian government along with 13 other major commercial banks in India on 20 July 1908. With all the factors rapped BoB is on the list of top 10 Banks in India.
10. Canara Bank
- Founded: 1st July 1906
- CEO: K. Satyanarayana Raju
- Customer Care Number: 1800 1030
The best well-known public sector bank in India, Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906. With a Net income of billions and friendly banking service, Canara Bank is the best in the list of banks in India. With over 86,000 employees working Canara Bank is a well-versed and settled banking company that is contributing to the nation’s economy.
Frequently Asked Questions About Banks of India
HDFC is the No.1 private bank in India, as it holds 12.3M Crores market value.
Hoare & Company, in 1672. It is the first & the oldest privately owned bank in the world.
The Industrial & Commercial Bank of China (ICBC) is the No.1 Bank in the World.
Bank of Hindustan established in 1770 is India’s First Bank.
SBI is known as the biggest/largest public sector bank in India.
Conclusion
Altogether, those were some of the top Indian banks’ names that you got to learn about. With UPI apps in hand bank transactions have comparatively become way easier and with these biggest banks in India hope you found the one to open your first bank account.
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