Articles 

Best 10 Banks in India 2024 – Ranking on Individual Parameters

938862 Views , , , ,

In 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?

CIBIL Score

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.

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 – SBI (State bank of India)
  • Professionalism of the company – Axis Bank
  • Convenient banking hours – Canara Bank
  • Well-trained staff – Axis Bank
  • Courteous and friendly staff – HDFC 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 2023

Defining the “best” bank can be subjective and depend on individual needs and priorities. However, considering various factors like financial strength, customer service, product offerings, technology adoption, and digital banking experience, here’s a list of the top 10 banks in India:

SBI (State Bank of India): State Bank of India is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 43rd largest bank in the world and ranked 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020, being the only Indian bank on the list. SBI RECOGNISED AS ICONIC BRAND OF INDIA 2021 BY THE ECONOMIC TIMES.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 425 3800 22,000 62,617 Mumbai

HDFC Bank: HDFC Bank Limited is an Indian banking and financial services company headquartered in the city of Mumbai, India. It is India’s largest private sector bank by assets and world’s 10th largest bank by market capitalisation as of April 2021.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 202 6161 5,779 17,238 Mumbai

PNB (Punjab National Bank): Punjab National Bank, abbreviated as PNB, is an Indian nationalised bank. Headquartered at New Delhi, Delhi, India, it is under the ownership of the Ministry of Finance, government of India. PNB is the second largest Public Sector Bank (PSB) in the country with Global Gross Business at Rs. 18,51,097 crore. The Bank continues to maintain its forte in low cost CASA deposits with a share of 45.42%.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 180 2222 10,528 13,506 New Delhi

Union Bank of India: Union Bank of India, commonly referred to as Union Bank or UBI, is an Indian government-owned bank with 120+ million customers and a total business of US$106 billion. Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from 01.04.2020. Union Bank of India is the first large public sector bank in the country to have implemented 100% core banking solution. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 22 2244 9,100+ 11,400+ Mumbai

Canara Bank: Canara Bank is the third largest nationalised bank in India. It is under the ownership of the Ministry of Finance, government of India. It is headquartered in Bangalore. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Hong Kong, Dubai and New York. Canara Bank services over 10.6 crore customers as on Dec 2021.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 425 0018

1800 425 2470 (Credit Card)

 9,773 12,221 Bengaluru

Axis Bank: Axis Bank Limited, formerly known as UTI Bank, is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It sells financial services to large and mid-size companies, SMEs and retail businesses. Axis Bank wins IFR Asia’s Asian Bank of the Year and India Bond House award under 2023. With a balance sheet size of Rs. 9,96,118 crores as on 31st March 2021, Axis Bank has achieved consistent growth and with a 5 year CAGR (2015-16 to 2020-21) of 13% each in Total Assets & Advances and 15% in Deposits.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 419 5555 4,594 11,333 Mumbai

Bank of Baroda: Bank of Baroda is an Indian nationalized banking and financial services company headquartered in the city of Vadodara, India. It is the fourth largest nationalised bank in India, with 132 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 102 4455 8,537+ 10,318 Vadodara

ICICI Bank: ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in the city of Vadodara, India. ICICI Bank has been awarded the IBS Intelligence (IBSi) Global FinTech Innovation Awards, 2021. ICICI Bank has emerged as the best employer in India in the BFSI sector, in the Forbes list of the “World’s Best Employers” for 2021. Further, the Bank is ranked among the top three BFSI companies globally, according to the list.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1860 120 7777 5,288 15,260 Vadodara

Kotak Mahindra Bank: Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in the city of Mumbai, India. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. Kotak 811 Online Account is very famous in younger generation.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1860 266 2666 1,369 2,429 Mumbai

Bank of India: Bank of India is an Indian nationalised bank. It is under the ownership of Ministry of Finance, Government of India with headquarters in Bandra Kurla Complex, Mumbai.

Toll Free Number No. of Branches No. of ATM’s Headquarter
1800 103 1906 5,825 6,000+ Mumbai

Top 10 Best Banks in India in 2023

Determining the “best” bank depends on individual needs and priorities. Here’s a list of top contenders in different categories:

By Market Capitalization (2023):

  1. HDFC Bank (Private)
  2. ICICI Bank (Private)
  3. State Bank of India (Public)
  4. Kotak Mahindra Bank (Private)

By Overall Performance:

  1. State Bank of India (SBI)
  2. HDFC Bank
  3. ICICI Bank
  4. Kotak Mahindra Bank
  5. Axis Bank
  6. Punjab National Bank (PNB)
  7. Bank of Baroda (BoB)
  8. Canara Bank
  9. Union Bank of India
  10. Indian Bank

By Safety:

  • State Bank of India (SBI)
  • HDFC Bank
  • ICICI Bank

By Customer Service:

  • HDFC Bank
  • ICICI Bank
  • Kotak Mahindra Bank
  • Axis Bank

By Digital Banking:

  • ICICI Bank
  • HDFC Bank
  • Axis Bank
  • Kotak Mahindra Bank

By Specific Products and Services:

  • Best for Savings Accounts: SBI, HDFC Bank, ICICI Bank
  • Best for Loans: HDFC Bank, ICICI Bank, Kotak Mahindra Bank
  • Best for Credit Cards: HDFC Bank, ICICI Bank, SBI
  • Best for NRI Banking: SBI, ICICI Bank, HDFC Bank

It’s important to note that this list is not exhaustive and the “best” bank for you will depend on your individual needs and priorities. Consider factors like:

  • Type of banking services you require: Do you need basic savings and checking accounts, investment options, or loans?
  • Fees and charges: Compare interest rates, account maintenance fees, and other charges offered by different banks.
  • Branch network and ATM accessibility: Choose a bank with branches and ATMs conveniently located where you live and work.
  • Interest Rates: Look for banks offering competitive interest rates on deposits and loans.
  • Online banking and mobile app features: Consider the ease of use and features offered by the bank’s online banking platform and mobile app.
  • Customer reviews and ratings: Read online reviews and ratings to get an idea of other customers’ experiences with a particular bank.

By carefully considering your individual needs and comparing the offerings of different banks, you can choose the best bank in India for you.

Related Posts: