Indian banking system currently consists of around 25 private sector banks. All of them are doing their continuous efforts to make a big name in the country. A few of them have established their name over the past few years and many others are doing their best to reach a new level.
People used to ignore private sector banks initially and trusted Govt. banks only, but after the passing of years and with the facility provided by these private sector banks, people have started showing faith in them. Not it has been observed that people rather opt to open an account in one of these private sector banks rather than any Govt. bank because of the extra facilities provided by these banks. Over the year, a lot of private banks have emerged, but a few of them have remained at the top from past few years. Here are the top 10 best and largest private sector banks in India 2020.
Table of Contents
10. South Indian Bank
It is one of the oldest private sector banks in the country and it was established during the Swadeshi movement to help people get rid of all those greedy money lenders who used to take big interest rates for the given money. The bank achieved a lot of things after the passing of years, it is one of the most renowned banks in the Southern part of the country. The bank became the first private sector bank to open an NRI account in 1992. The bank strives to give its best to its clients in coming years.
9. Jammu and Kashmir Bank
It is the universal bank of Jammu and Kashmir, however, act as a specialised bank in other states. It is also the only private sector bank which is designated as RBIs agent for banking business. It carries out the banking business of central government and also collects the tax from CBDT. According to the bank, they always follow a way to give innovative ideas and financial solutions to various small or bigger businesses. The bank was established in 1938 and since then it has made a big name in the country. The bank also carries a P1+ rating which says that it is one of the safest banks in the country.
8. Federal bank
The federal bank was initially known as Travancore federal bank and it is one of the rare banks that have a great history attached to it. The bank was established even before the country got freedom, however in the year of freedom, the bank changed its named to the Federal bank and till now, it has made a mark in the banking industry. The federal bank has opened over 1000 ATMs in various cities of the country to help people get instant access to their money.
7. Standard Chartered Bank
This is one of the oldest banks in the country as it was established in 1858. The bank has opened over 95 branches in 42 cities which have made a big impact on the eyes of people and people have started showing faith in this bank. All the business owners and various company owners have their business accounts in this bank as it provides one of the best services to its business clients with lots of facilities.
6. Indusind bank
The IndusInd bank has now made a big name in the banking industry and the bank has achieved this goal by spending a lot of money and time on promoting its services. Lots of advertisements regarding this bank’s services are seen daily either on TV or through various banners, which clearly says that the bank is spending a good amount of money for its promotion. The bank always comes up with unique and innovative ideas for its clients such as Cash-On-Mobile, Direct Connect, 365 days banking etc. The bank has spent a lot of years in the banking industry and has always strived to give its best to clients.
5. YES bank
Yes bank has become one of the most well-known private sector banks of India. With branches opened in almost every part of India, the bank has made a big impact in the banking industry. We can say that it is the fastest growing bank in the country. They have an aim to build the finest quality bank of the world in India by 2020. The bank has just completed 12 years in the banking industry and has managed to secure 5th position in this list.
4. Kotak Mahindra Bank
Kotak Mahindra is one of the few banks in the country that provides you various financial services according to your needs. You can take benefits of various banking services as well as various other services such as investing in mutual funds, life insurance etc. The bank is well trusted by various big business owners and rich individuals for keeping their money safe. The bank has spent more than 30 years in the industry and has secured a good position in terms of all the private sector banks of India.
3. Axis bank
Axis banks are one of the best private sector banks of the country. The company has opened more than 2900 branches in the country till now and has managed to set up more than 12000 ATMs in the country for the facility of customers. They also have opened their international offices and branches in various cities which make this bank one of the best private sector bank as well as the most faithful bank of the country. The bank began its operations in 1994 and from then it never looked back and has reached a good place now.
2. ICICI Bank
It is one of India’s largest private sector banks in terms of its popularity as well as its annual profit. The bank has opened over 4400 branches in different cities of India and has also opened around 14000 ATMs in India for customer’s ease. It is the oldest among the new generation private sector banks and thus people show a good amount of faith in this bank.
1. HDFC bank
At no. 1 is HDFC bank which is very famous among people for providing best quality banking services. The bank was incorporated in 1994 and till date, they have opened around 4555 branches and more than 12000 ATMS in 2597 towns and cities. The bank also offers various financial services which also helps clients in various ways. People love HDFC bank due to the client service they provide which is better than all other banks.