Public Sector Banks

Top 10 Public Sector Banks In India – List of Nationalised/Government Banks

by posted in Mixed Bag

Earning money is hard but to keep it safe and invest it sensibly is harder. Banks are our life guards when it comes to managing our finances and future liabilities.

Add to that the convenience they offer in terms of managing the money, transferring it, making payments, etc.

In fact with digitization, the need to handle hard cash has become almost unnecessary now, thanks to the advancement in banking systems and their popularity.

When it comes to choosing a bank, people usually have a preference of private sector banks for personal finances, but having an account in a public sector bank is also almost necessary. After all, they are the backbone of our economy.

Plus they offer other benefits, lower transaction rates, better interest rates and the assurance of stability. So if you are choosing to park your funds in multiple banks, make sure at least one of them is a public sector bank.

We bring to you the top 10 public sector banks in India that offer high returns on deposits and convenient working environment for all its operations for you to choose from.

1. State Bank Of India

State Bank of India

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India’s largest bank and a Fortune 500 company, SBI ventured into banking in 1973 and since then has been acting on its vision of providing simple, innovative and responsive financial solutions to all its customers.

With an array of services, it is reputed as one of the most trustworthy banks in India and its integrated digital banking platform named YONO has enabled managing all money at one’s fingertips.

Account holders have a good banking experience with SBI especially for education loans as the concerned officials are really cooperative in terms of documentation and other related issues.

Currently, SBI has started issuing a full kit including a fully operational ATM card within 20 minutes to a new customer upon complete documentation.

The bank offers an interest rate of 3.50% p.a. on all saving deposits upto Rs 1 crore and 4.00% p.a. on deposits above that.

Branches- 18,354

ATMs- 59,598

Employees- 2,78,872

Total Assets- 34.45 lakh crores INR

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2. Punjab National Bank

Punjab National Bank

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Punjab National Bank is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, founded in 1894.

It aims to position itself as the `Most Preferred Bank` for customers, the `Best Place to Work In` for employees and a `Benchmark of Excellence` for the industry.

The staff is very friendly with its customers and gives their best advice on policies and banking terms, attending each client with full attention.

On the social front, the bank regularly spends on CSR activities like medical camps, farmer trainings, tree plantations, blood donation camps etc.

On savings upto Rs 50 lakh, an annual interest rate of 3.50% is offered by PNB and 4.00% on savings above that.

Branches- 6,937

ATMs- 9,440

Employees- 70,801

Total Assets- 6.67 lakh crores INR

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3. Canara Bank

Canara Bank

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Canara Bank came into existence in 1969 on the principles of inculcating the habit of thrift and savings among the citizens of the country and also assisting the needy, financially.

It is widely known for customer centricity, attaining the status of a national level player in terms of geographical reach and clientele segments.

Praised for its fast and efficient service, Canara Bank is a very responsive bank when it comes to attending to customers on time and securing all the transactions at a high level.

A rate of 4.00% p.a. is offered by the bank on all its saving deposits with a minimum account balance of Rs 1000.

Branches- 6,639

ATMs- 9,221

Employees-59,413

Total Assets- 6.2 lakh crores INR

For a complete view of the bank, visit the website here

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4. Bank of India

Bank of India

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Bank of India is a commercial bank founded in 1906 that occupies a space in the list of top 5 nationalised banks in India.

The Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations.

It has been the first among the nationalised banks in India to establish a fully computerized branch and ATM facility way back in 1989.

By providing many facilities to customers like mobile banking services to fund transfer from one’s own account to other account, mobile or DTH recharge and light or water bill payment, BOI is rated very high for customer satisfaction.

Interest is paid on SB Account at 3.50% p.a. for balances up to Rs 50 lakh & 4.00 % p.a, for balances above Rs.50 lakh.

Branches- 5,100

ATMs- 7,423

Employees- 45,613

Total Assets- 6.1 lakh crores INR

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5.  Bank Of Baroda

Bank of Baroda

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Bank of Baroda is an Indian state-owned international banking and financial services company which is ranked as the 2nd biggest bank by assets in the country.

The journey of the bank began in 1908 with a goal of becoming a top ranking National Bank of International Standards committed to augmenting stake holders’ value through concern, care and competence.

Fulfilling its social responsibility, Bank of Baroda launched a comprehensive leadership development program ‘Project UDAAN’ with the prime objective of creating leaders for the future.

Such a massive and comprehensive leadership development effort is unparalleled in the Indian banking industry and first of its kind for any Indian state-owned Bank.

It has been providing its customers Internet Banking and other facilities such as online payment of direct and indirect taxes and certain State Government taxes, utility bills, rail tickets, online shopping, donation to temples and institutional fee payment for a long time now.

The mobile banking App of the bank is also pretty good with features like fund transfer, account detail, recharge and much more. Its ATM machines are located in most areas, adding to the convenience factor.

Bank of Baroda and HDFC Bank are also partner banks in Chillr Mobile app. Non-partner bank customers can only receive funds. Only the mobile number of the beneficiary in the remitter’s phonebook is needed.

This application enables customers to send money to any registered Chillr user on their phone contact list.

3.50% p.a. is offered as a rate of interest on all saving deposits upto Rs 50 lakh and 4.00% p.a. on amount above.

Branches- 5,538

ATMs- 9,615

Employees- 52,420

Total Assets- 6.94 lakh crores INR

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6. IDBI Bank

IDBI Bank

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Industrial Development Bank of India was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry and is owned by the Government of India.

It is the recipient of the Banking Technology awards for best use of Business Intelligence and the best Risk Management from Indian Banks Association.

IDBI’s operations are driven by their core Banking IT platform.

Their team aims to touch the life or more and more people with their expanding retail footprint while maintaining their services for corporate and infrastructure financing.

They have a large network of branches and ATMs, spread across the length and breadth of India.

Their customer service and response are up to the mark and the online banking system is very convenient to follow.

On a daily savings balance of Rs 25 lakh, the bank offers an interest rate of 3.50% p.a. and for the amount above Rs 25 lakh, it is 4.00% p.a.

Branches- 1,995

ATMs- 3,735

Employees- 17,570

Total Assets- 3.74 lakh crores INR

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7. Union Bank Of India

Union bank

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Union Bank of India is one of the largest government owned banks of India with an aspiration to become the bank of first choice in their chosen areas by building beneficial and lasting relationships with customers through a process of continuous improvement.

The bank provides facilities such as Instant Debit card, Internet Banking, Mobile banking etc at minimum hassle for a customer.

The interest rates are also satisfactory (3.50% p.a. – 4.00% p.a.) and even better for senior citizens as they get some per cent extra profit on Union banking schemes.

On the technology front, the bank has taken early initiatives and 100% of its branches are computerized. Telebanking facility is available to all its Core Banking Customers – individual as well as corporate.

Branches- 4,214

ATMs- 7,556

Employees- 35,514

Total Assets- 4.05 lakh crores INR

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8. Vijaya Bank

Vijaya Bank

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Vijaya Bank is a public sector bank with its corporate office in Bengaluru. It offers a wide range of financial products and services to customers through its various delivery channels.

As a corporate social responsibility, the bank has provided sanitation facilities to 56 government schools mostly in rural areas and has established 32 rural health centres where patients are provided primary healthcare and medicine free of cost. It has also devised a unique programme to adopt girl children.

Vijaya Bank initiated FreeBuzz a missed call service to enable customers to know their account balance easily and V-GyanSagar to impart financial literacy to public.

It is an Android based mobile application that enables its subscribers to receive regular updates on banking and financial news, providing explanation of all banking terminologies.

Acquiring a loan quickly at nominal rates is quite simple and easy which is very attractive to the customers of the bank.

The savings rate of interest offered by bank is 4.00% p.a.

Branches-2,031

ATMs- 2,171

Employees- 15,679

Total Assets- 1.55 lakh crores INR

Get more details of the bank here

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9. Indian Overseas Bank

Indian Overseas Bank

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Indian Overseas Bank is a major public sector bank with the main objective of specializing in foreign exchange business in banking to take the bank across the globe.

It mainly provides loans, credit cards, savings, investment vehicles etc. and offers banking products and services as well as capital markets.

New account holders experience a very fast account opening process in the well-organized office environment of the bank.

As an initiative towards the society, IOB has been committed to and involved in various social causes, the most prominent being women empowerment through the Sakthi IOB Chidambaram Chettiar Memorial Trust along with the promotion of Agricultural Seed Bank.

The rate of interest provided by the bank on savings varies from 4.00% – 6.00% p.a.

Branches- 3,400

ATMs- 3,608

Employees- 31,846

Total Assets- 2.74 lakh crores INR

Get more details of the bank here

Check out these awesome Bank Offers & Coupons across various categories like travel, entertainment, fashion, grocery etc to save BIG!


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10. Central Bank Of India

 

Central Bank Of India

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Central Bank Of India is one of the oldest and largest government owned commercial   banks in India possessing a corporate vision of emerging as a strong, vibrant and  a pro-active bank.

The bank is responsible enough to maintain the trust of its customers as far as security breach is concerned and is backed with speedy transactions.

For online shopping the bank provides Anmol points that act as vouchers for future purchases and is an incentive for all prospective account holders.

The services currently available include  personal and corporate internet banking, mobile banking, IMPS, and tax payments.

The interest rates vary from 4.75% – 6.10% p.a. for regular deposits but for senior citizens it ranges from 5.25%- 7.00% p.a.

Branches- 4,715

ATMs- 4,808

Employees- 37,685

Total Assets- 3.05 lakh crores INR

Get more details of the bank here

With so much choice of banks, the decision of which bank to use completely depends on your requirements.

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