Top 10 Biggest Banks in India of 2024 - Public and Private Banks
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| 10 Biggest Banks in India Today |
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The banking industry is crucial to the advancement of the economy in a developing country like India. Banks provide loans to commercial and agricultural players alike.
With a combined market share of more than 70%, India's top 10 banks have long dominated the country's banking industry. Additionally, investing in Indian banks has grown to be one of the most desirable sectors in the Asia-Pacific region.
Here, we'll quickly examine the public sector bank with the highest market capitalization in 2023–2024 while also looking at some related topics.
Why you need to know the biggest and best bank in India?
Any public sector bank or private sector bank's main job is to take deposits and lend money to people and businesses who need it. Around the world, banks are regarded as being synonymous with trust.
No matter how much money is deposited, anyone who does so in one of India's nationalized banks can rest assured that it will be safer there than it would be elsewhere. The best banks in India can assist you in investing your hard-earned cash in a place where you will also earn interest on it.
In addition to this, banks in India offer a range of other banking services, including credit and debit card services, fixed deposit plans, and loan options.
Check more: How Many Banks Are There In India 2023/2024 - Public and Private Banks
Top 10 Largest Banks in India 2023/2024 - Government & Private Banks
(The list is based on the number of branches, ATMs, employees, assets and revenues of the banks)
1. HDFC Bank Ltd.
The market value of HDFC is Rs. 9.34 trillion. Housing Development Finance Corporation Ltd. is based in Mumbai. According to the Forbes World's Best Bank survey, HDFC is currently the largest private sector bank in India and is also ranked as the top bank in the country. In addition to retail and wholesale banking, personal banking, home, auto, and business loans, lifestyle loans, credit cards, and debit cards are just a few of the many services and products the bank provides. The bank also takes pride in launching popular digital products like Payzapp and SmartBUY.
| Bank Products | Interest Rates |
|---|---|
| HDFC Home Loan | 8.50% - 9.40% |
| HDFC Personal Loan | 10.75% - 25% |
Key Facts:
Number of Branches – 6,342
Number of ATMs – 18,130
Number of Employees – 1.41 Lakh+
Number of POS Terminals – 2,43,888
Number of Debit Cards – 4 Crore
Number of Credit Cards – 1.76 Crore
2. State Bank of India (SBI)
A government bank in India with a market value of Rs. 5.34 trillion is known as the State Bank of India (SBI). The second-ranked bank out of the top 10 in India, the largest public sector bank, and a statutory body for the financial services industry. Mumbai, the nation's financial center, is where SBI is headquartered.
The State Bank of India won the Best Transaction Bank in India award from "The Asian Banker" for the second consecutive year in 2021, placing 221st on the Fortune Global 500 list of the largest corporations in the world. It is also referred to as India's largest bank. With over 233 foreign offices spread across 36 countries, SBI has a commendable international presence and a 23% market share in India.
| Bank Products | Interest Rates |
|---|---|
| SBI Home Loan | 8.40% - 10.15% |
| SBI Personal Loan | 11.05% |
Key Facts:
Number of Branches – 22,219
Number of ATMs – 62,617
Number of Employees – 2,45,642
Number of POS Terminals – 6.08 Lakh
3. ICICI Bank Ltd.
As of January 23, 2023, the Industrial Credit and Investment Corporation of India, better known as ICICI Bank, had a market value of Rs. 6.08 trillion. It ranks third among the top banks in India in terms of size.
The bank has its head office in Mumbai, but its registered office is in the Gujarati city of Vadodara. The bank's total assets as of the most recent update were Rs. 12.50 trillion. With subsidiaries located all over Canada and the United Kingdom, ICICI Bank has a commendable international presence. The bank also boasts of having branches in the following countries: China, Hong Kong, the United States, South Africa, Sri Lanka, the Dubai International Finance Centre, Qatar, Singapore, Bahrain, and Oman, along with representative offices in the United Arab Emirates, Malaysia, Indonesia, and Bangladesh.
| Bank Products | Interest Rates |
|---|---|
| ICICI Home Loan | 9.00% - 10.05% |
| ICICI Personal Loan | 10.50% |
Key Facts:
Number of Branches – 5,275
Number of ATMs – 15,589
Number of Employees – 97,354
4. Kotak Mahindra Bank Ltd.
As of January 2023, Kotak Mahindra Bank had a market value of Rs. 3.55 trillion. The bank was founded in 2003 and is currently ranked as the fourth-largest private sector bank in the country. The bank made Rs. 58,882 Crores in revenue last year.
| Bank Products | Interest Rates |
|---|---|
| Kotak Home Loan | 8.75% - 9.60% |
| Kotak Personal Loan | 10.50% till 24th Oct |
Key Facts:
Number of Branches - 4,758
Number of ATMs - 10,990
Number of Employees – 78,300
Number of Cash Recyclers - 5,972
5. Axis Bank Ltd.
On the ranking of the biggest private sector banks in India, Axis Banks comes in at position 4 with a market capitalization of Rs. 1,90,562.56 crores. The bank, which is well-known for its financial services aimed primarily at large and mid-size corporations as well as SMEs and retail businesses, recorded revenue of Rs. 68,116 crores in 2019.
| Bank Products | Interest Rates |
|---|---|
| Axis Home Loan | 8.60% - 9.05% |
| Axis Personal Loan | 10.49% |
Key Facts:
Number of Branches – 4,050
Number of ATMs – 11,800+
Number of Employees – 55,000+
Number of Cash Recyclers – 4,917
6. IndusInd Bank Ltd.
The IndusInd Bank, widely regarded as the top new-generation private bank in India, has a market value of Rs. 936.47 billion. The bank was founded in 1994 and has its main office in Mumbai. The majority of its branches are located in the Indian metropolises of Mumbai, Delhi, and Chennai. Because it has representative branches in Dubai, Abu Dhabi, and London, it can also boast of having a global presence. The bank generated 38,230 crores in revenue.
Key Facts:
Number of Branches – 2,015
Number of ATMs – 2,886
Number of Employees – 33,582+
7. Yes Bank Ltd.
Yes Bank's market capitalization of Rs. 523.31 billion is evidence that it has established a reputation as the fastest-growing private sector bank in India. Rana Kapoor and Ashok Kapur established the bank in 2004, and it is well known for its asset management and retail banking operations. The bank generated Rs. 25,423 Crores in revenue.
| Bank Products | Interest Rates |
|---|---|
| Yes Bank Home Loan | 9.40% - 10.25% |
| Yes Bank Personal Loan | 10.99% |
Key Facts:
Number of Branches – 1,000+
Number of ATMs – 1,800+
Number of Employees – 23,800+
8. Punjab National Bank
PNB, also referred to as Punjab National Bank, has a market value of Rs. 626.53 billion. This top bank is a public sector organization with revenues of Rs. 88,339 Crores. The commendable base of more than 180 million customers that this institution boasts is what distinguishes it as a top bank in the country.
With locations in Mumbai and Dubai as well as Hong Kong, PNB has a respectable international presence. However, PNB has nine subsidiaries in Bhutan and seven in the UK. In addition, there are 122 Joint Venture Branches for the bank in Nepal.
| Bank Products | Interest Rates |
| PNB Home Loan | 8.50% - 11.25% |
| PNB Personal Loan | 11.40% |
Key Facts:
Number of Branches – 12,248
Number of ATMs – 13,000+
Number of Employees – 1,03,144
9. Bank Of Baroda
With a market capitalization of Rs. 932.40 billion, Bank of Baroda, also known as BoB, is another public sector bank that ranks among the top 10 banks in India for 2023. The bank, which has its headquarters in Vadodra, experienced an unprecedented surge in popularity in April 2019 when Dena Bank and Vijaya Bank joined forces to form the first-ever 3-way merger. The bank generated Rs. 82,859.5 crores in revenue in 2021 and boasts a staggering clientele of over 132 million people.
| Bank Products | Interest Rates |
| BoB Home Loan | 8.60% - 10.60% |
| BoB Personal Loan | 10.90% |
Key Facts:
Number of Branches - 9,500+
Number of ATMs - 13,000+
Number of Employees - 79,806+
10. Bank of India
On January 23, 2023, Bank of India, also known as BoI, recorded a market capitalization of Rs. 359.68 billion. BoI, which has its headquarters in Mumbai, is a founding member of SWIFT, the Society for Worldwide Interbank Financial Telecommunication. The bank earned Rs. 45,955 crores in revenue last year.
With 24 countries outside of India, including Botswana, France, Hong Kong, Japan, Kenya, New Zealand, Singapore, United States, Tanzania, UK, Uganda, South Africa, and Vietnam, the bank has 5,108 branches and 5,551 ATMs worldwide.
| Bank Products | Interest Rates |
| BOI Home Loan | 8.45% onwards |
| BOI Personal Loan | 10.25% |
Key Facts:
Number of Branches (in India) - 5,108
Number of Employees - 51,459
FAQs
Which is the No. 1 Bank in India?
As per Forbes World’s Best Bank survey, HDFC Bank is ranked No. 1 bank by customers in India.
Which is the largest bank in India 2023?
The State Bank of India (SBI) is one of the biggest companies in the world and the biggest bank in India. One of India's largest employers and most reputable financial institution is State Bank of India. SBI currently has 112743 listed branches and 159 computerized banks.
Which is the second largest bank in India?
According to assets and market capitalization, HDFC Bank is the second-largest private bank in India. It currently has the highest market capitalization, totaling $9.33 trillion. As the Best Bank in India, the bank has 6,342 branches and 18,130 ATMs throughout the country.
Which bank offers the safest banking in India?
In India, both public and private sector banks provide secure banking services. However, when it comes to banking in India, the public sector banks—banks that have been nationalized—are the safest. The State Bank of India, Punjab National Bank, Bank of Baroda, and Bank of India are among the 14 nationalized banks in India.
Which is India’s largest private bank?
HDFC Bank is the largest private sector bank in India at present. The bank clocked the consolidated assets worth Rs. 9.33 trillion as on Jan 23, 2023.
Which bank is bigger, ICICI or HDFC?
In comparison to ICICI Bank, which had a market capitalization of Rs. 6.08 trillion as of January 2023, HDFC Bank has a market capitalization of Rs. 9.33 trillion.
In addition, HDFC Bank has 6,342 locations with 18,130 ATMs throughout India, while ICICI Bank only has 5,275 locations with 15,589 ATMs.
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