Top 10 Best Private Banks in India 2023

January 05, 2023

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Today, the banking system incorporates 21 private sector banks in India along with 12 public sector banks, foreign banks, rural banks, cooperative banks, and financial institutions.

In total, the retail credit market of India ranks fourth in the list of largest emerging nations around the globe. The Reserve Bank of India regulates the banking system at the top level. So, if you are looking forward to opening a bank account, or investing your hard-earned money in mutual funds, stocks, and recurring deposits in the private banking system, get familiar with the top private banks in India.

To get relevant information about a specific bank, you will have to visit the bank’s official website. You will have to repeat the same procedure for every private sector bank. The entire process can be daunting, and to make it easy, we present the list of the best private banks in India. With easy access to such information, figure out which private bank in India relates best with your financial obligations.

Let’s start with the list of India’s best private banks without further ado.

Best Private banks in India 2023

Bank Name Established On Total Branches Across India Total No. of ATMs Headquarter
HDFC Bank 1994 5608 16087 Mumbai
ICICI Bank 1994 5288 15158 Mumbai
Axis Bank 1993 4528 12044 Mumbai
Kotak Mahindra Bank 2003 1603 2573 Mumbai
Yes Bank 2004 1000 Plus 1800 Mumbai
Federal Bank 1931 1200 Plus 1900 Plus Aluva
IndusInd Bank 1994 1558 Plus 2453 Pune
RBL Bank 1943 429 412 Mumbai
J&K Bank 1938 1038 1340 Srinagar
South Indian Bank 1929 924 1500 Thrissur

Discuss India’s best private banks that entirely rule the private banking sector.

HDFC Bank

Housing Development and Finance Corporation Ltd., well known as HDFC bank, was established in 1994. The headquarter of HDFC is located in Mumbai. In 2019, the total revenue clocked at INR 1.17 crores and a net income of INR 21,078 crores. HDFC ranks on the list of largest Indian private banks and offers an extensive range of banking products and services, including loans, credit cards, investments, net banking and much more. Additionally, HDFC bank serves millions of happy customers with 5,608 bank branches and 16,087 HDFC ATMs. Altogether, India’s largest private sector bank offers employment to more than 1 lakh individuals.

  • Total Revenue – INR 1,55,885 Crore
  • Total Employees – 98061
  • NIM – 4.3%
  • CASA – 48%
  • ATMs – 13160
  • Branches – 5103
  • Gross NPA – 1.36%
  • Overall Clientele Base: Over 49 Mn

Popular HDFC products

Bank Products Interest Rates
HDFC Home Loan 8.1%
HDFC Personal Loan 10.5%

Facilities Offered by HDFC Bank

HDFC bank offers numerous products and services to cater to versatile customer needs from loans to savings accounts to mutual funds to insurance. No, matter what banking service you look forward to, with HDFC bank, you get all of it at your doorstep.

Loans:

HDFC Bank provides several types of loans, including Home loans, Loan Against Property (LAP), Personal Loan, Loan Against Securities, Educational Loan, Automobile Loan (for two-wheeler, three-wheeler, cars, and pre-owned cars), Gold Loan, Business Loan, etc.

Cards:

To ease day-to-day financial activities, HDFC bank provides access to card facilities in terms of credit cards, debit cards, commercial credit cards, and many more.

Accounts:

Banking requirements may vary from person to another, and to cater to the versatile customer requirements, HDFC bank offers options for Savings accounts, Current Accounts, Sukanya Samriddhi accounts, PPF Accounts, Salary Accounts,  and Demat Accounts.

Deposits:

To cope with customer investment needs, the bank presents deposit facilities, including Fixed Deposit (HDFC FDs), Recurring Deposit (RDs), and Non-Withdrawal Deposits.

Insurance:

One of the foremost products you can avail of from HDFC bank is insurance products, including Life, Health and Accident Insurance, Home Insurance, Vehicle Insurance, and Travel Insurance.

In addition to the products mentioned above and services, HDFC bank also provides facilities like Bonds & Securities, Net Banking, Fund Transfer, Mutual Funds, Safe Deposit Locker, Agri Banking and special products for NRI customers.

ICICI Bank

ICICI Bank is one of the most reliable private banks in India. Industrial Credit and Investment Corporation of India (ICICI) provides a broad customer base with a broad spectrum of banking services like truncations, mortgages, fund deposits, online banking, insurance policies, and instant credits through credit cards.

With revenue of INR 73,913 cr and INR 3,363 cr of net income in 2019, it possesses consolidated assets of INR 12.50 trillion. ICICI bank provides top-notch banking services across India through 5,288 branches and 5,158 ATMs. Additionally, around 85,000 individuals are getting employment through ICICI bank, making it one of the best private banks in India.

  • Total Revenue – INR 1,61,336 Crore
  • NIM – 3.61%
  • CASA – 45.2%
  • ATMs – 14,987%
  • Total Branches – 4,874
  • Gross NPA – 6.7%

Popular ICICI Products

Bank Products Interest Rates
ICICI Home Loan 8.1%
ICICI Personal Loan 10.5%

Facilities Offered by ICICI Bank

Being one of the best private banks in India, ICICI bank provides an array of banking products and services to make banking more convenient. Facilities offered by ICICI bank include loans, easy payment cards, net banking, mutual funds, deposits, insurance and much more.

Loans:

ICICI Bank offers various loan facilities under the categories of Home Loan, Personal Loan, Car Loan, Loan Against Property, Education Loan, Consumer Finance, Gold Loan, Loan Against Securities, Commercial Business Loan, Pradhan Mantri Mudra Yojana, and Stand Up India Scheme.

Cards:

The bank offers Credit Cards, Debit Cards, Commercial Cards, Prepaid Cards, Travel Cards, and Unifare Metro Cards.

Accounts and Deposits:

To cater to versatile customer needs, ICICI Bank offers Savings Accounts, Salary Account, special 3-in-1 Account, Account dedicated to Pension, Defence Salary Account, and NRI accounts. Additionally, customers looking forward to investment opportunities benefit from Fixed deposits (FDs), Recurring deposits (RDs), iWish Flexible RD, etc.

Insurance:

ICICI bank offers numerous insurance facilities, including Life Insurance, Health Insurance, Automobile Insurance, Travel Insurance, and other General Insurance Services.

Moreover, ICICI bank provides Tax solutions, finance for Agri & Rural domains, internet banking, Pockets, etc.

Axis Bank

Axis Bank, with its headquarters in Mumbai, was founded in 1993. With more than 4,528 bank branches in India and 12,044+ ATMs, the bank has flourished in the short time it has been in operation. Axis Bank employs more than 55,000 employees with revenue of INR 41,409.25 cr and INR 857.59 crores of net income. In 2021, Axis Bank ranked as the third-largest private bank in India.

  • Total Revenue – INR 80,847 Cr
  • NIM – 3.56%
  • CASA – 43.2%
  • ATMs – 11,801
  • Branches – 4,094
  • Gross NPA – 5.25%

Highly Preferred Axis Bank Products

Bank Products Offered Interest Rates
Axis Home Loan 8.1%
Axis Personal Loan 10.59%

Facilities Offered by Axis Bank

Loans:

To cater diverse needs Axis Bank offers an array of loans such as Home Loan, Loan Against Property (LAP), Personal Loan, Car Loan, Business Loan, Automobile Loan, Gold Loan, and much more.

Cards:

To make banking services more accessible to customers, bank providers provide cards like Credit and Debit Cards, Prepaid Cards, Commercial Credit and Debits Cards, etc.

Accounts:

Open a Savings Account, Current Account, or a dedicated account for your salary in Axis bank.

Deposits:

Now get the opportunity to secure returns through investments in FDs, RDs, Express FD, Axis bank Tax Saver Fixed Deposit, and many more.

Insurance:

Get easy access to insurance services, including Life Insurance, House Insurance, Health Insurance and more.

Kotak Mahindra Bank

With a staggering annual income of INR 28,547.24 Crores, Kotak Mahindra Bank has emerged as one of India’s top private banks. The bank, established in 2003, has 1,603 branches and 2,573 ATMs spread around the country. The bank creates employment for more than 33,000 individuals, adding to its historical past.

  • Total Revenue – INR 56,814 Cr
  • NIM – 4.3%
  • CASA – 52.5%
  • ATMs – 2,352
  • Branches – 1,500
  • Gross NPA – 1.9%
  • Customer Base – More than 17 million

Preferred Kotak Products

Bank Products Interest Rates
Kotak Home Loan 7.99%
Kotak Personal Loan 10.99%

Facilities Offered by Kotak Bank

Loans and Cards

Kotak bank provides an array of loans such as housing finance, Home Loan Balance Transfer, Personal loans, Automobile loans, Payday Loan, LAS: Loan Against Security along with other finance products. You get access to three types of cards, including credit, debit and forex cards.

Accounts and Deposits:

Kotak bank offers Savings and Current Accounts, Salary Accounts, Retail Institutional Accounts, Trading accounts, etc.  The presence of several types of FDs and RDs makes investment easier.

Insurance and other facilities include net banking, Atal Pension Yojana, NRI banking, Pradhan Mantri Suraksha Bima Yojana, Investments, and Pradhan Mantri Jeevan Jyoti Bima Yojana.

YES Bank

Yes Bank, which has its headquarters in Mumbai, was founded in 2004 to provide retail and investment banking services, corporate financing, branch banking, and SME banking facilities. Yes Bank, one of the country’s fastest-growing private banks, earned INR 25,419 crores in revenue in 2019. The bank boasts 1,800 ATMs in addition to 1,000 locations spread out around the nation. Over 18,000 people receive jobs as a result of the YES banking services. It is one of the largest private banks in India and one of the first banks in the country to offer all banking products digitally.

  • Total Revenue – INR 23,475 Cr
  • NIM – 2.8%
  • CASA – 30.2%
  • ATMs – 1,450+
  • Branches – 1,120
  • Gross NPA – 5.01%

Preferred YES Bank Products

Bank Products Offered Interest Rates
Yes Bank Home Loan 8.95%
Yes Bank Personal Loan 10.99%

 Facilities Offered by YES Bank

Loans:

YES Bank provides several types of loan including Home Loan, Loan Against Property (LAP), Personal Loan, Loan Against Securities, Educational Loan, Automobile Loan (for two wheeler, three wheeler, cars and pre-owned cars), Gold Loan, Business Loan, etc.

Cards:

To ease day-to-day financial activities, YES bank provides access to card facilities in terms of credit cards, debit cards, commercial credit cards, and many more.

Accounts:

Banking requirements may vary from person to another, and to cater to the versatile customer requirements, YES bank offers options for Savings accounts, Current Accounts, Sukanya Samriddhi accounts, PPF Accounts, Salary Accounts,  and Demat Accounts.

Deposits:

To cope with customer investment needs, the bank presents deposit facilities, including Fixed Deposit, Recurring Deposit (RDs), and Non-Withdrawal Deposits.

Insurance:

One of the foremost products you can avail of from YES bank is insurance products, including Life, Health and Accident Insurance, Home Insurance, Vehicle Insurance, and Travel Insurance.

Federal Bank

Currently, the headquarters of Federal Bank is located in Kochi, Kerala, and was established in the year 1931. Initially, the bank was named Travancore Federal Bank. Federal Bank offers a wide range of banking services, including personal banking, retail banking, business banking, special banking services for NRI customers, insurance, and loans. The banking services are made accessible through 1,200+ branches and 1,900+ locations nationwide. The bank employed over 12,000 individuals in 2018, which saw an income of INR 10,911.98 crore.

  • Total Revenue – INR 11,635 Cr
  • NIM – 3.15%
  • Gross NPA – 2.99%
  • CASA – 31.44%
  • Market Share – 1.13%
  • ATMs – 1,606
  • Total Branches – 1,251
  • Customers – 9.7 Million

Best Selling Products

Product Name Offered Interest Rate
Federal Bank Home Loan 9.05%
Federal Bank Personal Loan 11.49%

IndusInd Bank

IndusInd Bank was founded in 1994 and had its headquarters in Mumbai. The bank features 2,453 ATMs and 1,558 branches. Along with having a significant overseas presence in Dubai, Abu Dhabi, and London, the bank is well-represented in all major Indian cities. The bank employs over 25,000 individuals as a result of its extensive operations.

  • Total Revenue – INR 24,154 Cr
  • NIM – 4.05%
  • Gross NPA – 2.15%
  • CASA – 43.1%
  • ATMs – 2,605
  • Total Branches – 2000
  • Customer Base – More than 9 million

RBL Bank

RBL Bank, one of the nation’s fastest-growing private banks, was founded in 1943 to serve a specific region of Maharashtra, i.e. Kolhapur-Sangli. With its headquarters in Mumbai, the bank now boasts 429 branches, 412 of which are in India. RBL Bank provides a wide range of banking services, including consumer and corporate banking, credit, loans, insurance, and other facilities like NRI deposits, digital savings accounts, investment services, etc. These services are available to more than 20 lakh customers across the country. The bank employed over 5,000 individuals in 2019, which saw an income of INR 7,743.08 crores. In 2021, it will be the top private bank with the quickest growth.

  • Total Revenue – INR 7,117 Cr
  • NIM – 2.53%
  • CASA – 24.1%
  • Gross NPA – 4.96 Percent
  • ATMs – 1,400
  • Total Branches – 870

J&K Bank

The Jammu and Kashmir Bank, presently known as J&K Bank, was established in 1938 and had its headquarters in Srinagar (Kashmir). The bank features 1,038 branches and 1,340 ATMs spread across India. The bank reported an income of INR 7,178.66 crores for the year 2017.

  • Total Revenue – INR 6.50 Cr
  • Net Profit – INR 43.93 Cr
  • NIM – 3.86%
  • CASA – 53.32%
  • ATMs – 1382
  • Total Branches – 956
  • Gross NPA – 8.87%
  • Overall deposits growth – 10%

South Indian Bank

The South Indian Bank, with its main office in Thrissur, Kerala, is yet another of the country’s top private banks. The bank has 1,500 ATMs in addition to its impressive network of 924 branches around the country. It marks its presence across 27 states and 3 union territories in India. The bank marked earrings of INR 6,562 crores in 2017. Over 7,500 individuals are employed at South Indian Bank.

Types of Banks in India

The banking system of India is categorized in four sections. These are

  1. Commercial Banks: further, Commercial Banks are divided into Private Sector Banks, Public Sector Banks, Regional rural banks, and Foreign banks.
  2. Small Finance Banks
  3. Payments Banks
  4. Co-operative Banks

Private sector banks in India fall in the category of commercial banking.

What are Private Sector Banks?

Banks in which private individuals maintain and own the maximum share stakes are termed private sector banks. Before the 1990s, public sector banks dominated the banking system. But, after the 90s private sector banks were introduced and showed immense growth. The quick escalation was the emergency of technology, monetary tools, and contemporary innovations.

Further, the private sector banks are categorized into two sections:

  1. Old Private sector banks emerged earlier than 1968.
  2. New Private sector banks emerged, succeeding in 1990.

Difference Between Private and Public Sector Banks

The following characteristics would clarify the distinction between banks in the private and public sectors:

  1. The government owns major shares in public sector banks, whereas private stockholders own the shares in private sector banks.
  2. Four community banks, 21 private banks, and 27 public sector banks exist.
  3. Public sector banks own a total chunk of 72.9% of the market share, while private sector banks hold a share of 19.7%. Therefore, public sector banks control most of the Indian banking industry.
  4. Public sector banks have a substantially larger customer base than commercial banks.
  5. Compared to private banks, public sector banks have much greater transparency regarding their interest rate policy.
  6. Deposit interest rates offered by the public sector banks are greater than those in private sector banks.

The list of private banks in India is not short, which includes 21 sizable, reputable institutions. According to its total assets and revenue from the previous year, HDFC is the largest private bank. However, as was already noted, selecting the right bank for you will hinge on your financial needs, as some banks offer the highest level of security. In contrast, others are affordable, some may have outstanding customer service, yet others may combine these features. Decide on the greatest and take advantage of their top-notch services.

Related Resource
How to Avail of a Personal Loan without Documents?
CIBIL Score for Personal Loan
Personal Loan Balance Transfer
Personal Loan Tax Exemptions & Details
Personal Loan for NRIs
A Definitive Guide to Statutory Liquidity Ratio (SLR)
Personal Loan for Pensioners

FAQs

How many private banks are there in India?

There are 21 private banks in India.

Which is the No 1 private bank in India?

HDFC is the number one private bank in India.

Who is the No 3 private bank in India?

Kotak Mahindra is the third largest private bank in India.

Are private banks safe in India?

Yes, private banks are safe in India. You can rely on the top 10 banks in India without any doubt.

Chitra is a stellar writer with over three years of experience writing about banking, financial services and insurance. She enjoys delving deeply into all the nitty-gritty of finance and associated topics that most people would rather avoid. With a master's in Computer Science, Chitra alchemises her analytical and creative prowess to manifest some of the most astounding articles for Urban Money.

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