Best Banks in India India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?
Although Indian banking is known as world’s best banking but we can’t point out any single bank which provides best banking among all. Because i don’t think that even a single person is satisfied with service sector industry. Our expectation is too high and always running on increasing trend. Like; all customers are not same, all banks are not same. The behavior of employees perceive in different manner by different people. Because due to competition there is a huge change can feel in working style of PSU & Private sector banks which covers only limited area & they have too many complaints also. So we can’t point out any single name. Nowadays banking industry is totally changed, I m talking about the service quality of PSU banks. Lots of customer centric approach is applied today, now banks are more concerned about the customer retention. So if we go through the customer service delivery system of bank of Baroda it will now at par with the peer banks. Their services is now become centralized, a new retail loan factory concept is introduced by the bank which will help to improve the quality of loan,it also reduces the delivery time and make it more customer friendly.
In Short, Try to obtain the benefits of monopolistic competition between PSUs and private sector banks. It is good for retail customers because they always have choice to shift their banking.
The most consumer friendly bank in India is Corporation Bank, followed by State bank of India, Axis Bank and Central Bank of India. I was little surprised when I saw Corporation Bank ranked at the top – I was betting on HDFC Bank to be the most consumer friendly, but it ranked a respectable 5th.
Surprisingly, ICICI Bank, one of India’s largest banks by turnover, did not even make it to shortlisted 15 banks. There are no details on the short listing parameters so I cannot really comment. I find it quite odd that ICICI Bank would fare poorly thank some of these top 15 banks in India.
Ranking on Individual Parameters
- Disclosure about charges and interest rates – Union Bank
- Pro-active communication about new products/services – Union Bank
- Trustworthiness – HDFC Bank
- Complaint Resolution – State bank of India
- Wide ATM coverage – HDFC Bank
- Professionalism of the company –
- Convenient banking hours – Canara Bank
- Well-trained staff – Axis Bank
- Courteous and friendly staff – Union Bank
- Faster service at branches – Federal Bank
- Knowing the customer and their needs – Canara Bank
- Good Internet banking – Axis Bank
- Efficient processes – Stale bank of India
- Effective communication on developments – Axis Bank
- Innovative company – Union Bank of India
- Good phone banking – Axis Bank
List of top 10 banks in India:
-
- State Bank of India: SBI undoubtedly is the leading bank in India when it comes to number of branches, ATM’s, net profits, total assets managed, etc. With an employee base of close to 3 lakh people SBI commands 20% (approx) of the Indian banking sector. SBI, the largest Indian Bank with 1/4th market share, serves over 44 crore customers through its vast network of over 22,000 branches, 58,500 ATMs, 66,000 BC outlets, with an undeterred focus on innovation, and customer centricity, which stems from the core values of the Bank – Service, Transparency, Ethics, Politeness and Sustainability.The Bank has successfully diversified businesses through its 11 subsidiaries i.e SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 233 offices in 32 foreign countries. Brandon Hall Awards, 2020 for Learning initiatives benefitting 2 lakh Employees. Brandon Hall Awards, Excellence in Learning 2020 for “Nayi Disha”
Apply Free SBI Credit Card Online
-
- HDFC Bank: HDFC Bank has been ranked India’s No.1 Bank in forbes’ world’s Best bank report. It has 88,253 permanent employees as of 31 March 2018 and has a presence in Bahrain, Hong Kong and Dubai. HDFC Bank is India’s largest private sector lender by assets. It is the largest bank in India by market capitalisation as of March 2020.
Revenue: 1.17 lakh crores INR (2019, US$17 billion) / Total assets: 11.89 lakh crores INR (2019, US$170 billion). HDFC Bank has a banking network of 5,485 branches and 14,533 ATMs spread across 2,866 cities and towns. Euromoney Private Banking and Wealth Management Survey 2021. HDFC Bank ranks No. 1 in Mass Affluent category
- HDFC Bank: HDFC Bank has been ranked India’s No.1 Bank in forbes’ world’s Best bank report. It has 88,253 permanent employees as of 31 March 2018 and has a presence in Bahrain, Hong Kong and Dubai. HDFC Bank is India’s largest private sector lender by assets. It is the largest bank in India by market capitalisation as of March 2020.
-
- Union Bank of India: Union Bank of India is one of the leading public sector banks of the country. The Bank is a listed entity and the Government of India holds 89.07 percent in Bank’s total share capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company. Today, it has a network of 9500+ domestic branches, 13300+ ATMs, 11700+ BC Points, serving over 120 million customers with 75000+ employees. Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from 01.04.2020. with this, the Bank’s total business as of 1st April 2020 stood at Rs.15,34,749 crore, comprising Rs. 868632 crore of deposits and Rs. 666117 crore of advances.The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.
-
- ICICI Bank: ICICI Bank is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs. 14.76 trillion at September 30, 2020. ICICI Bank currently has a network of 5,288 branches and 15,158 ATMs across India. ICICI Bank currently has a network of 5,275 branches and 15,589 ATMs across India. ICICI Bank was declared as ‘House of the Year, India’ at Asia Risk Awards 2020. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies. More details on ICICI Bank Personal Loan
-
- Punjab National Bank: PNB is the third largest bank in India. Punjab National Bank is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, India. The bank was founded in 1894. As of 31 March 2017, the bank has over 80 million customers, 6,937 branches and 10681 ATMs across 764 cities. IBA Banking Technology Awards 2019
-
- Bank of Baroda: BOB is the forth largest bank in India when it comes to managing assets. According to market cap the bank is undervalued/priced. serve over 82 Million Customers across 22 Countries. Branch Network of above 5500+. Bank of Baroda bags an award “Winner for the Most Customer Centric Bank Using Technology” at the IBA Banking Technology 2019 Awards Function, held at St. Reges, Mumbai.
-
- Canara Bank: The bank has about 3200 branches with over 4000 ATM’s. Received runner up CIMSME award for best MSME bank (Large category) and financially inclusive bank (Large category).
-
- Axis Bank: Axis Bank is India’s third largest private sector bank, with a vast retail footprint of over 12,000+ ATMs and 4,528 branches across the country. With a balance sheet size of Rs. 9,15,165 crores as on 31st March 2020, Axis Bank has achieved consistent growth and with a 5 year CAGR (2014-15 to 2019-20) of 15% each in Total Assets, Deposits and Advances.
- Axis Bank wins Best Engagement & Loyalty Scheme of the Year at 8th Payments & Cards Awards 2020
- Axis Bank wins GOLD in Branded Content category at Shark Awards 2020
- Axis Bank wins for the Best Cyber Security Project, Best Financial AI Project & Best Risk Management Project at The Asset Digital Awards
- Axis Bank wins for the Best Use of IT in Risk Management/Fraud Prevention at The Dun & Bradstreet BankTech Awards
- Axis Bank wins for Best Banking Technology at The IAMAI Digital Awards
- Axis Bank wins for Innovation at The Finnoviti Awards
- Axis Bank: Axis Bank is India’s third largest private sector bank, with a vast retail footprint of over 12,000+ ATMs and 4,528 branches across the country. With a balance sheet size of Rs. 9,15,165 crores as on 31st March 2020, Axis Bank has achieved consistent growth and with a 5 year CAGR (2014-15 to 2019-20) of 15% each in Total Assets, Deposits and Advances.
-
- Bank of India: The Bank has over 5000 branches in India spread over all states/ union territories including specialized branches. Bank of India is a commercial bank with headquarters in the Bandra Kurla Complex, Mumbai and it is one of the top 5 banks in India.
- IDBI Bank: The bank has about 1150 branches with about 2000 ATM’s. The bank employees about 15000 people. It manages assets worth 42 billion USD.
Best Personal Loan Banks in India 2021
| ICICI Bank | 10.99 – 16.50% |
| Kotak Mahindra | 10.50 – 17.25% |
| Standard Chartered | 14.00 – 21.00% |
| HDFC Bank | 10.75 – 20.75% |
| Bajaj Finserv | 11.99% onwards |
| IndusInd Bank | 11.25% onwards |
| SBI | 11.65% – 15.05% |
| Citibank | 10.99% |
| Tata Capital | 11.25% – 19% |
| Fullerton India | 11.99 – 26.00% |
| Clix Capital | 12.00 – 24.00% |
Best Home Loan Banks in India 2021
| SBI | 6.70 – 6.75% |
| HDFC Ltd | 6.75 – 7.15% |
| ICICI Bank | 6.95 – 7.60% |
| LIC Housing Finance | 6.90 – 7.30% |
| PNB Housing | 7.35 – 9.05% |
| Axis Bank | 6.90% – 8.40% |
| Bank of Baroda | 6.85 – 7.85% |
| Canara Bank | 6.90 – 8.90% |
| Aadhar Home loan | N.A |