Indian economy is considered to be one of the largest economies across the globe; it is not only because of the high population but due to incredible economic variance among people. India has 22 private sector banks and they provide much-needed security as well as facility to their customers in an efficient way. Many people in India prefer opening a personal account in private banks due to fast service and profitable schemes. These days it has become essential to have a bank account. The main purpose of having a bank account is to receive deposits and lend money to needful individuals. The money deposited in the bank will remain safe as compared to anywhere else. In private sector banks, the equity is owned by private bodies or individuals rather than the government. The deposit interest rate in private banks will be slightly more than public banks. The private bank in India usually targets company employees for salary account and credit cards. Private sectors charge for extra services provided by them. The customer these days has more choice in picking up their bank. A competition has been established between the banks operating in India. Here are given the list of top 10 private banks in India which have been ranked according to their asset.
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1. HDFC Bank
HDFC has been ranked No: 1 in Forbes world’s best bank report. The bank is headquartered in Mumbai and offering services in India since 1994. They have 88,253 permanent employees and it is the largest bank in the country by market capitalization as of March 2020. The revenue of the bank is 1.17 lakh crores INR and total asset of 11.89 lakh crores INR. The HDFC bank comes first providing ATM coverage almost in all areas and they are trustworthy. The bank serves millions of customers and their services include retail, wholesale banking, credit and debit cards, educational loan, home loans, auto loans, and others. Today, the bank has 5314 branches and 13,514 ATM across India. HDFC bank is the top-performing private bank in India.
2. ICICI Bank
ICICI bank stands the second position when it comes to the number of assets managed by the bank. They are the second-largest bank in terms of market capitalization and assets. The private bank has a total asset of INR 12.50 trillion as per June 2019. The bank was established in 1994 at Vadodara and currently, they have 5275 branches and 15,589 ATM across India. The bank has received several awards including the prestigious Global Business Development Award in 2014. The bank offers a wide range of products and services to customers and businesses like fixed deposits, saving & current accounts, loans, credit cards, privilege banking, and insurance policies. ICICI has spread across 18 countries apart from India. The private sector is specialized in life insurance, non-life insurance, asset management, investment banking, and venture capital funding. ICICI collaborated with Amazon Pay in 2018.
3. Axis Bank
Axis bank was established in 1993 and headquartered in Mumbai and stands 3rd in the list of private sector banks. The bank is one of the best banks with a large number of ATM networks across the country. It is the most preferred bank by customers after HDFC and ICICI. They have 2225 branches and more than 12000 ATM in the country. The bank’s net profit is about 1.5 billion USD and manages assets worth 54 billion USD. Earlier the bank was named UTI and conducted business under the name for many years and in 2007 the name was officially changed to Axis bank. Currently, the bank has 9 International offices and they employ around 61,940 people. The private bank offer services in various categories like loans, retail banking, corporate banking, and wealth management and mortgage loans.
4. Kotak Mahindra Bank
The private bank was found in Feb 2003 by Uday Kotak, headquartered in Mumbai. In 2015, they acquired ING Vysya Bank and became strong in the banking sector. The bank has more than 2000 ATMs and 1,300 branches in the country. They are quite popular for its various savings account designed to meet the needs of different customers. In 2019, the bank generated revenue of 4.1 billion dollars. The bank has generated employment for more than 33,000 people. Kotak Mahindra offer loan at an affordable rate of interest and customers can opt for various card services when traveling abroad. Some of the products and services you can choose from Kotak Mahindra include wealth management, investment banking, general insurance, life insurance, and personal finance.
5. Yes bank
Yes bank was launched in the year 2004 founded by Rana Kapoor and Ashok Kapur with headquarters in Mumbai is one of the fastest-growing private banks in the nation. The private bank earned revenue of INR 25419 crores in 2019. They have more than 500 branches spread across the country complemented by 1220 ATMs. They have three entities Yes Bank, Yes Capital, and Yes Asset Management Services. The private bank offers numerous banking services such as institutional banking, corporate banking, commercial banking, investment banking, and branch banking. The private bank has received lots of appreciation for its quality service.
6. Federal Bank
Travancore Federal Bank was found in 1931, headquartered in Kochi, Kerala. With a tagline “A Perfect Banking Partner” the private bank provides a convenient banking solution to customers. The bank has 20 billion dollars’ worth of the asset. They have 1150 branches and 1602 ATMs across the country. The bank has branches in 24 states in India. The bank offers numerous products and services like NRI banking, loans, corporate banking, insurance, retail banking, and personal banking. The federal bank has launched the first electronic passbook, FedBook which is a mobile app through which customers can view their passbook details easily. The bank is recommended for long term investment and they offer lots of services online which remains hassle-free for customers.
7. Induslnd Bank
The Induslnd bank is owned by a renowned Hinduja group and it was established in 1994, headquartered in Mumbai. The private bank has 560 branches and 1025 ATMs spread across various cities in India. Due to the strong performance culture and innovative execution has made the bank reap success. The bank offers an International presence in Dubai, Abu Dhabi, and London. They are one of the top banks in India that provide various products and services to customers. The bank provides a safe investment with guaranteed returns and offering the highest interest FD rates in the market. The new generation bank provides multi-channel facilities and customers can enjoy handling major stock exchanges, BSE and NSE. The IndusInd bank is rated as one of the top-performing banks in various survey reports.
8. RBL Bank
This is one of the fastest-growing private bank established in the year 1943 to serve people at Kolhapur-Sangli belt of Maharashtra. RBL bank formerly known as Ratnakar Bank has a network of 372 branches and 394 ATM across India. The bank mainly serves small and medium enterprises and the bank was categorized as a scheduled commercial bank as per the RBI act. The bank offers specialized services in different verticals: commercial banking, retail asset, development banking, corporate & institutional banking and financial marketing operations. Currently, they are serving 7.8 million customers and the branches are spread across 28 India states.
9. J&K Bank
Jammu and Kashmir bank is the first private bank that emerged as the state-owned bank in India. The bank was founded in 1938 by the Maharaja of Jammu and Kashmir, Maharaja Hari Singh, headquartered in Srinagar. In 2019, the bank has agreed to become a sponsor of real Kashmir and the deal was fixed with Nilkamal Limited for a sum of INR 80 million. The bank offers banking and financial product and services like a deposit account, loan, investment, cards, and banking. The specialized bank has 833 branches and 726 ATMs spread across the country. The bank is rated P1+ indicating a high degree of safety by the state government of J&K.
10. South Indian Bank
South Indian Bank is a leading new generation bank founded in 1929, headquartered in Trissur, Kerala. The bank has 970 branches, 4 service branches and 20 regional offices spread across more than 27 states in India. They have set up more than 1500 ATMs and cash deposit machines all over India. They are the first bank in Kerala to implement a core banking system. The private bank has developed fully integrated branch automated software. SIB was the first scheduled bank in the private sector to get a license from RBI. Their main aim was to serve the merchant community of people in Trissur.