Top 10 Largest Banks in India 2024- Government bank & Private Banks - 24th January 2024 (2024)

For a developing nation like India, the banking sector plays a vital role in helping the economy move forward. Banks offer loans to agricultural as well as commercial players. Do you know about Top 10 best banks in India or top banks in India as per the Reserve Bank of India (RBI). There are total 12 Public Sector Banks, 21 Private Sector Banks, and 46 Foreign Private Sector Banks in our country at present.

Here we will take a quick look at the most reliable public sector bank of 2024 with respect to market capitalisation, while also exploring some related aspects.

Table of Contents: Top 10 Largest Banks in India 2024

  • Top 10 Banks in India
  • HDFC Bank Ltd.
  • State Bank of India
  • ICICI Bank Ltd.
  • Kotak Mahindra Bank Ltd.
  • Axis Bank Ltd.
  • IndusInd Bank Ltd.
  • Yes Bank Ltd.
  • Punjab National Bank
  • Bank Of Baroda
  • Bank of India
  • Largest Banks in India FAQs

Note: You can apply for Lowest personal loan interest rates @ MyMoneyMantra

Top 10 Banks in India

Below is the list of top 10 largest banks in India in 2024.

The list is based on the number of branches, ATMs, employees, assets and revenues of the banks.

HDFC Bank Ltd.

As of January 2024, HDFC enjoys a market capitalization of Rs. 9.34 trillion. Headquartered in Mumbai, Housing Development Finance Corporation Ltd. HDFC is the largest private sector bank in India at present and also ranked as Number 1 Bank in India according to as per Forbes World's Best Bank survey. The bank offers a wide variety of products and services including but not limited to Retail and Wholesale Banking, Personal Banking, Home, Auto, and Business Loans, Lifestyle Loans, Credit and Debit Cards. The bank also boasts of rolling out leading digital products such as Payzapp and SmartBUY.

Bank ProductsInterest Rates
HDFC Home Loan8.50% - 9.15%
HDFC Personal Loan10.50%

Some of the important facts about the bank are:

  • 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

HDFC received the following recognitions in the year 2024

  • Fortune India – Grant Thornton Bharat’s study of India’s Best Banks 2024: Best Large Bank – HDFC Bank.
  • Euromoney Awards for Excellence in 2024: Best Bank in India.
  • Euromoney Private Banking and Wealth Management Survey 2022: HDFC Bank ranks No. 1 in Super Affluent category (USD 100k – 5 mn)
  • National Rural Livelihood Mission (NRLM), Ministry of Rural Development, Govt of India: HDFC Bank adjudged Best
  • Performing Bank in SHG Linkage
  • FinanceAsia’s Best Companies in Asia Poll 2024: Most Committed to High Governance Best Standards – HDFC Bank.
  • Asiamoney Best Bank Awards 2024: Best Corporate Bank, Best Bank for SMEs, and Best Bank for Diversity & Inclusion.

State Bank of India (SBI)

The State Bank of India (SBI) is a government bank in India that boasts a market capitalization of Rs. 5.34 trillion. The largest public sector bank of India and second in the list of 10 best banks in India, as well as a financial services statutory body. SBI is headquartered in the financial capital of the nation, Mumbai.

Bank ProductsInterest Rates
SBI Home Loan8.40% - 10.05%
SBI Personal Loan11.15%

In the year 2021, the State Bank of India ranked 221st in the Fortune Global 500 list of the world’s biggest corporations and also won Best Transaction Bank in India by “The Asian Banker” for the second time in a row. It is also called the biggest bank in India. SBI enjoys a market share of 23% in India and has a commendable presence in the overseas arena with over 233 foreign offices across 36 countries.

Some of the important facts about the bank are:

  • Number of Branches – 22,219
  • Number of ATMs – 62,617
  • Number of Employees – 2,45,642
  • Number of POS Terminals – 6.08 Lakh

ICICI Bank Ltd.

The Industrial Credit and Investment Corporation of India, popularly known as ICICI Bank has a market capitalization of Rs. 6.08 trillion, as on 23 Jan 2024. It is the third largest among the top banks in India.

Bank ProductsInterest Rates
ICICI Home Loan9.00% - 10.05%
ICICI Personal Loan10.50%

Headquartered in Mumbai, the registered office of the bank is in Vadodara of Gujarat. As of last year’s update, the consolidated assets of the bank clocked at Rs. 12.50 trillion. ICICI Bank enjoys a commendable overseas presence with subsidiaries across Canada and the United Kingdom. The bank also boasts of branches in China, Hong Kong, United States of America, South Africa, Sri Lanka, Dubai International Finance Centre, Qatar, Singapore, Bahrain, and Oman, complete with representative offices in UAE, Malaysia, Indonesia, and Bangladesh.

Some of the important facts about the bank are:

  • Number of Branches – 5,275
  • Number of ATMs – 15,589
  • Number of Employees – 97,354

Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank registered a market capitalization of Rs. 3.55 trillion, as of January 2024. Established in the year 2003, the bank now enjoys the title of being the 4th largest private sector bank in the nation. Last year, the bank generated a revenue of Rs. 58,882 Crores.

Bank ProductsInterest Rates
Kotak Home Loan8.70%
Kotak Personal Loan10.50%

Some of the important facts about the bank are:

  • Number of Branches - 4,758
  • Number of ATMs - 10,990
  • Number of Employees – 78,300
  • Number of Cash Recyclers - 5,972

Axis Bank Ltd.

With a market capitalization of Rs. 1,90,562.56 crores, Axis Banks fares 4th on the list of the largest private sector banks in India. Known for its financial services primarily directed at large and mid-size corporates, along with SMEs and retail businesses, the bank clocked a revenue of Rs. 68,116 crores in the year 2019.

Bank ProductsInterest Rates
Axis Home Loan8.60% - 9.05%
Axis Personal Loan10.49%

Some of the important facts about the bank are:

  • Number of Branches – 4,050
  • Number of ATMs – 11,800+
  • Number of Employees – 55,000+
  • Number of Cash Recyclers – 4,917

IndusInd Bank Ltd.

Known to be the leading new generation private bank of India, the IndusInd Bank enjoys a market capitalization of Rs. 936.47 billion. Established back in the year 1994, the bank is headquartered in Mumbai, with most of its branches concentrated in the Indian Metro Cities of Mumbai, Delhi, and Chennai. It also boasts of overseas presence owing to its representative branches in Dubai, Abu Dhabi, and London. The bank clocked a revenue of Rs. 38,230 Crores in the year 2022.

Some of the important facts about the bank are:

  • Number of Branches – 2,015
  • Number of ATMs – 2,886
  • Number of Employees – 33,582+

Yes Bank Ltd.

Yes Bank has earned the reputation of being the fastest growing private sector bank in India, and its market capitalization of Rs. 523.31 billion stand testimony to this fact. Known for its asset management and retail banking functions, the bank was founded in the year 2004 by Rana Kapoor and Ashok Kapur. The bank clocked a revenue of Rs. 25,423 Crores in the year 2022.

Bank ProductsInterest Rates
Yes Bank Home Loan9.40% - 10.25%
Yes Bank Personal Loan10.99%

Some of the important facts about the bank are:

  • Number of Branches – 1,000+
  • Number of ATMs – 1,800+
  • Number of Employees – 23,800+

Additional Info: Also check IDBI Balance Check Number

Punjab National Bank

Punjab National Bank, popularly known as PNB, has a market capitalization of Rs. 626.53 billion. A public sector undertaking, this leading bank has revenue of Rs. 88,339 Crores. What makes this establishment a leading bank of the nation is its commendable base of over 180 million customers.

Bank ProductsInterest Rates
PNB Home Loan8.40% - 10.25%
PNB Personal Loan11.40%

PNB enjoys a creditable overseas presence with branches in Dubai and Hong Kong, complete with Offshore Banking Unit in Mumbai. Then again, PNB has 7 Subsidiaries in the UK, and 9 in Bhutan. Besides, the bank has 122 Joint Venture Branches in Nepal.

Some of the important facts about the bank are:

  • Number of Branches – 12,248
  • Number of ATMs – 13,000+
  • Number of Employees – 1,03,144

Additional Reading: Top Credit Rating Agencies in India

Bank Of Baroda

Bank of Baroda also known as BoB, is yet another public sector bank which enjoys a place amongst the Top 10 Banks in India 2024 with a high market capitalization of Rs. 932.40 billion. Headquartered in Vadodra, the bank gained unprecedented popularity in April 2019, for witnessing the first ever 3-way merger, with Dena Bank and Vijaya Bank. The bank had a revenue of Rs. 82,859.5 Crores in 2021 and boasts of a spectacular base of over 132 million customers.

Bank ProductsInterest Rates
BoB Home Loan8.40% - 10.60%
BoB Personal Loan10.10%

Some of the important facts about the bank are-

  • Number of Branches - 9,500+
  • Number of ATMs - 13,000+
  • Number of Employees - 79,806+

Additional Info: Check BOB mini statement through different methods.

Bank of India

Bank of India, also known as BoI, clocked a market capitalization of Rs. 359.68 billion, on Jan 23, 2023. Headquartered in Mumbai, BoI is a founding member of the Society for Worldwide Interbank Financial Telecommunication, also known as SWIFT. The bank clocked revenue of Rs. 45,955 crores last year.

The bank enjoys as many as 5,108 branches and 5,551 ATMs around the world (including 24 outside India like Botswana, France, Hong Kong, Japan, Kenya, New Zealand, Singapore, United States, Tanzania, UK, Uganda, South Africa, and Vietnam).

Bank ProductsInterest Rates
BOI Home Loan8.30%
BOI Personal Loan10.25%

Some of the important facts about the bank are:

  • Number of Branches (in India) - 5,108
  • Number of Employees - 51,459

We hope that you now have a fair idea regarding the leading banks of India, on the basis of their recent market capitalization value.

Fixed Deposits By Banks

Apart from Personal Loan and Home Loan there is one product that has proven to be the most consistent investment tool by a humongous number of people - Fixed Deposits. Banks offer all kinds of returns based on intervals for which an investor decides to invest in Fixed Deposit.

Taking Personal Loan using Fixed Deposits

When in need of funds, you can use your Fixed Deposit (FD) as collateral to secure a Personal Loan. By pledging your FD, you can enjoy lower interest rates and faster loan approval. It's a win-win solution that keeps your savings intact while fulfilling your financial requirements.

Taking Home Loan using Fixed Deposits

If you plan to buy your dream home, consider using your Fixed Deposit (FD) to bolster your Home Loan application. Banks may offer you better loan terms, reduced interest rates, and higher loan amounts by using your FD as collateral. It's a smart move that maximizes your savings potential while getting you closer to your homeownership dreams.

You Can Apply Instant Loan Through Apps

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Largest Banks in India 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 2024?

The State Bank of India (SBI) is the largest bank in India and also one of the biggest corporations in the world. State Bank of India is one of the largest employers and the most trusted bank in India. At present, SBI has 159 computerised banks and 112743 listed branches.

✅ Which is the second largest bank in India?

HDFC Bank is India's second largest private-sector bank by assets and market capitalization. It has clocked the highest market capitalization worth 9.33 trillion at present. With 6,342 branches and 18,130 ATMs across India, the bank enjoys its fame by being the Best Bank in India.

Which bank offers the safest banking in India?

Both public and private sector banks offer safe banking activities throughout India. However, the public sector banks, which are nationalized banks, are safest in terms of banking in India. There are 14 nationalized banks in India, including the State Bank of India, Punjab National Bank, Bank of Baroda, and Bank of 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?

HDFC Bank is bigger than ICICI Bank as it enjoys the market capitalization of Rs. Rs. 9.33 trillion against the market capitalisation of ICICI worth Rs. 6.08 trillion as on Januray 2023.

Moreover, HDFC Bank has 6,342 branches with 18,130 ATMs across India as compared to ICICI Bank that has 5,275 branches with 15,589 ATMs.

As a seasoned financial expert, I can provide in-depth insights into the banking sector, particularly focusing on the top banks in India as of 2024. The information provided in the article showcases a comprehensive analysis of the leading banks, including their market capitalization, key financial products, interest rates, and notable achievements. Let's delve into the details of the top 10 banks mentioned in the article:

  1. HDFC Bank Ltd.

    • Market Capitalization: Rs. 9.34 trillion (as of January 2024)
    • Headquarters: Mumbai
    • Key Products: Home Loans, Personal Loans, Retail and Wholesale Banking, Credit and Debit Cards
    • Notable Recognition: Forbes World's Best Bank, Euromoney Awards for Excellence
  2. State Bank of India (SBI)

    • Market Capitalization: Rs. 5.34 trillion
    • Headquarters: Mumbai
    • Key Products: Home Loans, Personal Loans
    • Achievements: Fortune Global 500, Best Transaction Bank in India (The Asian Banker)
  3. ICICI Bank Ltd.

    • Market Capitalization: Rs. 6.08 trillion (as of January 2024)
    • Headquarters: Mumbai
    • Key Products: Home Loans, Personal Loans
    • Overseas Presence: Subsidiaries in Canada and the UK, branches in multiple countries
  4. Kotak Mahindra Bank Ltd.

    • Market Capitalization: Rs. 3.55 trillion (as of January 2024)
    • Established: 2003
    • Key Products: Home Loans, Personal Loans
    • Revenue: Rs. 58,882 Crores (last year)
  5. Axis Bank Ltd.

    • Market Capitalization: Rs. 1,90,562.56 crores
    • Key Products: Home Loans, Personal Loans
    • Revenue: Rs. 68,116 crores (in the year 2019)
  6. IndusInd Bank Ltd.

    • Market Capitalization: Rs. 936.47 billion
    • Established: 1994
    • Key Products: Not specified
    • Revenue: Rs. 38,230 Crores (in the year 2022)
  7. Yes Bank Ltd.

    • Market Capitalization: Rs. 523.31 billion
    • Established: 2004
    • Key Products: Home Loans, Personal Loans
    • Revenue: Rs. 25,423 Crores (in the year 2022)
  8. Punjab National Bank (PNB)

    • Market Capitalization: Rs. 626.53 billion
    • Key Products: Home Loans, Personal Loans
    • Revenue: Rs. 88,339 Crores
  9. Bank of Baroda (BoB)

    • Market Capitalization: Rs. 932.40 billion
    • Headquartered: Vadodra
    • Key Products: Home Loans, Personal Loans
    • Revenue: Rs. 82,859.5 Crores (in 2021)
  10. Bank of India (BoI)

    • Market Capitalization: Rs. 359.68 billion (as of Jan 23, 2023)
    • Headquarters: Mumbai
    • Key Products: Home Loans, Personal Loans
    • Global Presence: Branches and ATMs worldwide

In addition to the detailed insights into each bank, the article also touches upon the use of Fixed Deposits (FDs) as collateral for securing Personal Loans and Home Loans, providing practical financial advice.

If you have any specific questions or if there's a particular aspect you'd like to explore further, feel free to ask.

Top 10 Largest Banks in India 2024- Government bank & Private Banks - 24th January 2024 (2024)

FAQs

Top 10 Largest Banks in India 2024- Government bank & Private Banks - 24th January 2024? ›

There are 12 public sector banks and 21 private banks. Compared to commercial banks, public sector banks have a substantially larger customer base. Compared to private banks, public sector banks have much greater transparency regarding their interest rate policy.

Which is the best bank in India in 2024? ›

Top Indian Banks of 2024 Ranked by Market Capitalization
RankBank NameMarket Cap (In INR Lakh Crore)
1HDFC bank10.57
2ICICI bank7.14
3SBI6.63
4Kotak bank3.44
6 more rows
Apr 10, 2024

How many private banks are there in India in 2024? ›

There are 12 public sector banks and 21 private banks. Compared to commercial banks, public sector banks have a substantially larger customer base. Compared to private banks, public sector banks have much greater transparency regarding their interest rate policy.

What are the top 10 private banks? ›

Summary: Top 10 Best Private Banks in India 2024
Bank NameProfit (Rs.)Market Cap
HDFC Bank46440 Cr.11.05 Trillion
ICICI Bank31,896 Cr.7.01 Trillion
Axis Bank6,071 Cr.3.27 Trillion
Kotak Mahindra Bank4,264 Cr.3.56 Trillion
6 more rows
Mar 13, 2024

Which is the No 1 bank in India? ›

The SBI, or the State Bank of India, is the largest bank in India by total assets, while HDFC Bank tops the list in terms of market capitalisation.

Which is the no. 1 safest bank in India? ›

Which bank is the safest bank in India? SBI, or the State Bank of India, is amongst the safest banks in India. The Reserve Bank of India regulates the bank and is the most significant public sector bank.

Which is the most powerful private bank in India? ›

HDFC Bank is the largest bank in India in terms of market cap and the fourth-largest bank in the world on the same terms. As one of the leading private banks in India, it holds a prominent position in the financial industry.

Which is the 3 largest private bank in India? ›

Axis Bank, founded in 1993, stands as a prominent player in India's private banking landscape. It is India's third-largest private sector bank by assets and fourth-largest by market capitalisation. It offers various financial services, including retail banking, corporate banking, and wealth management.

Who is No. 2 bank in India? ›

Top 10 Banks in India 2022 vs 2023
RankBank NameNet Profit 2023 (Rs. Cr.)
1State Bank of India (SBI)56,558
2HDFC Bank46,149
3ICICI Bank34,463
4Punjab National Bank (PNB)3,069
6 more rows
Sep 12, 2023

Which private bank is better in India? ›

Kotak Mahindra Bank is amongst the top private sector banks in India. It offers a wide variety of financial services, accepting deposits and lending out loans such as personal loans and home loans. It has a nationwide presence with more than 1,996 branches and 2,963 ATMs.

Which government bank is best in India? ›

State Bank of India is currently the top or number 1 government bank in the country. Currently, it has a massive customer base of 48 crores, along with 22,405 branches and 65,627 ATMs across the country.

Which is the 7th largest private bank in India? ›

Revenue in 2023
  • HDFC Bank. 1994. Mumbai. Rs. 2.05 lakh cr.
  • ICICI Bank. 1994. Mumbai. Rs. 186,178.80 cr.
  • Axis Bank. 1993. Mumbai. Rs. ...
  • Kotak Mahindra Bank. 2003. Mumbai. ₹ 67,981.02 cr.
  • Yes Bank. 2004. Mumbai. ₹ 26,826.76 cr.
  • Federal Bank. 1931. Aluva. ₹ 15,142.16 cr.
  • Induslnd Bank. 1994. Pune. ₹ 44,540 cr.
  • RBL Bank. 1943. Mumbai. ₹ 10,516 cr.
Mar 26, 2024

What are the top 5 safest banks? ›

Summary: Safest Banks In The U.S. Of May 2024
BankForbes Advisor RatingFees
Bank of America4.2Monthly service, out-of-network ATM and overdraft fee
Wells Fargo Bank4.0Monthly service, out-of-network ATM and overdraft fees
Citi®4.0Monthly service and out-of-network ATM fees
Barclays3.4Non-sufficient funds fees
1 more row
May 9, 2024

Which bank is very rich in India? ›

1. HDFC Bank
TypePrivate Company
HeadquartersMumbai – India
Area servedIndia
ProductsBanking
Revenue₹2.05 lakh crore (US$26 billion)
8 more rows

Which is the largest government bank in India? ›

State Bank of India

Which is the fastest growing bank in India? ›

RBL Bank is one of India's fastest growing private sector banks, which offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking & Financial Inclusion, Treasury and Financial Markets ...

Which bank has good future in India? ›

HDFC Bank is one of India's largest private sector banks, and it is known for its extensive branch network. Thus, investors can consider it the best bank for investment in India. It offers a wide range of financial products and services.

Which bank is growing fast in India? ›

Kotak Mahindra is one of the fastest growing banks in India, and the flagship for the financial services conglomerate Kotak Group. The bank's product offer is huge, with a range of services and accounts for personal, corporate, business and private customers.

Which bank in India gives highest returns? ›

As of 2024, Canara Bank offers the highest interest rate of 7.25% for 444 days. Q4. Can I withdraw from a Tax Saver Term Deposit early? No, you cannot remove a tax-saver term deposit early because it has a 5-year lock-in period.

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