Have you ever given a thought about the functioning of our economy if we kept all our money at home?
Quite unimaginable, right. Banks are not only institutions that facilitate the process of lending and saving, they are the pillars of our economy because the banks deal with the finance of each citizen of the country.
We’ve got thousands of banks in India but to decide where to open an account becomes a very tough and tedious decision.
One would always prefer to go for the bank that provides highest interest rates on savings and other better financial services to its customers, but its important to keep in mind other benefits of the bank as well before deciding on one.
Private Banks offer certain benefits to its account holders over public sector banks in form of efficient customer service, better hospitality at the bank with no long waiting queues, personal attention, doorstep service, better term plans, fast processing and technological superiority.
To help you choose your bank wisely, here we have shortlisted the top 10 private sector banks in India according to their economic performances.
Table of Contents
1. Axis Bank
Axis Bank, formerly known as UTI Bank, established its first branch in 1994 in Ahmedabad and now is India’s third largest private sector bank.
It offers retail, corporate and international banking services with its initiatives like Axis Pay, Ping Pay, Online locker booking and eKYC.
On the social front, their home loan product- Asha Home Loans, caters to first time home buyers in the lower income segment, and helps them by providing affordable EMI options.
Its user friendly mobile app has eased out all the transactions and you can operate your finances at one click.
The account holders find themselves satisfied with the bank operations, and the well diversified loan book.
Currently, Axis bank offers 3.50% rate of interest on saving deposits below Rs 50 lakh and 4 above that.
Total Assets: 6.9 lakh crores INR
Visit the website here for more information
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2. HDFC Bank
HDFC Bank is India’s largest private sector bank by assets and is the largest bank by market capitalization.
It commenced its operations with its first registered office in Mumbai in 1994.
It provides all the banking services like personal loans, loans against property, two wheeler loans, wholesale banking, retail banking etc. Along with this, it has digital products like Payzapp and Chillr which have smoothened online transactions.
People consider it as the safest bank today and are impressed by its ATM service for its regular updates and easy access.
HDFC Bank offers 4.00% rate of interest on all its saving deposits.
Total Assets: 8.64 lakh crores INR
Log on to HDFC Bank’s website here for more details
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3. Kotak Mahindra Bank
Kotak Mahindra Bank came into existence in 2003 and today it is ranked 245th among the world’s top 500 banks with a brand evaluation of around half a billion dollars and a brand rating of AA+.
The bank offers saving account with a cashback and other offers with an addition to the advantage of earning upto 6% interest p.a.
There are special savings account programs for women, children, senior citizens and working professionals.
The banking services are up to the mark and one does not encounter any trouble in completing the transactions.
Total Assets: 2.15 lakh crores INR
Check out the website here to know more
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4. ICICI Bank
It is an Indian multinational bank and financial services company founded in 1994.
Ranked as the second largest bank in terms of assets and market capitalization, it has contributed to a number of Indian institutions to establish a financial structure in the economy.
To make mobile payments easier and faster, the bank launched a payment service named ‘iMobile SmartKeys’.
In 2015, ICICI bank launched India’s first contactless debit and credit cards that are based on near field communication technology enabling the customers to make electronic payments by just waving the cards near the merchant terminal.
This enhanced the security and improved the speed of all transactions.
The bank offers 3.5% interest rate on saving deposits up to Rs 50 lakhs and 4% above that.
ICICI bank is appreciated for its management policy and fast internet banking by its customers.
Total Assets: 9.3 lakh crores INR
Browse the website here for the better plans on your savings
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5. Yes Bank
Yes bank is the fourth largest bank in India founded in 2004. It’s a full service commercial bank having all banking services.
This bank provides the best demat account with low fees and the phone banking services are really effective.
The interest rate on saving account varies from 6 to 6.5% depending on the deposit amount.
Total Assets: 2.15 lakh crores INR
For all term plans and interest rates, visit the website
IndusInd Bank Limited is a Mumbai based Indian new generation bank established in 1994.
The bank offers commercial, transactional and electronic banking products and services.
It has garnered great popularity among the masses with its responsive attitude to the customer’s queries and non involvement of any hidden charges.
For a daily balance of upto Rs 1 lakh, the bank offers 4% p.a. as the interest rate on savings account.
For Rs 1 lakh – Rs 10 lakh, the interest rate is 5% p.a and for above Rs 10 lakh, it is 6% p.a.
Total Assets: 1.79 lakh crores INR
Visit the website here for more details
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7. Bandhan Bank
Bandhan Bank Ltd. is an Indian banking and financial services company headquartered in Kolkata, West Bengal.
It started as a micro-finance company in 2001, received banking license by Reserve Bank of India in 2014 and became the 8th largest bank in India by market capital of ₹ 56,920 Cr in March 2018.
Their staff is efficient and very helpful. Forms are very simple and the team will assist you on every step. In fact they provide door to door banking also.
Customers review this bank with a 5-Star rating, believing it to give them total piece of mind. However, the fact that the bank doesn’t provide credit cards is a big drawback.
Bandhan Bank offers its customers an interest rate of 6% per annum for savings accounts with a balance over Rs. 1 lakhs and above and 4.25% per annum for accounts with a balance of less than that.
Total Assets: 30,236.09 crores INR
Check out the website here to know more about Bandhan Bank
8. Federal Bank
The Federal Bank Limited is a major private sector commercial bank headquartered at Kerala.
It introduced FedBook, the first electronic passbook launched by any bank in India which is a mobile app through which customers can view their passbook details.
What is most loved by the account holders is the bank’s introduction of automated chat facility, a first of its kind by an Indian bank.
Customer wanting to check the bank’s products and services can visit its website and chat with its Virtual Relationship Officer/Agent.
The virtual agent generates personalised responses to customer queries, providing efficient and effective services.
Federal Bank savings account interest rate is 4% on daily basis and an additional interest rate of 0.50% is available for deposits of senior citizens for all tenors
Total Assets: 1.15 lakh crores INR
Visit the bank’s website here
9. DCB Bank
Rated as the Best Small Bank in India by Businessworld Magna Awards, DCB Bank is a private sector scheduled commercial bank in India that offers products to individuals, small and medium businesses, rural banking and mid corporates across the branch network.
The Bank is leading a water conservation and waste management programme and is proud to have installed zerodor waterless urinals at the eponymous Wagah Border check post, near Amritsar.
The gents public toilets used by tourists are 100% waterless thus saving 1.5 to 1.8 liters per use.
Considering its services, DCB’s NRI Banking offers very attractive Fixed Deposit interest rates in the country.
Moreover, NRI Customers can open a DCB NRI Account from anywhere in the world by logging onto the website.
Indian customers find zero charge on any online facility provided by the bank very attractive, along with the personal attention one receives in the branch office from the staff.
DCB Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure.
FD interest rates range from 4.00% p.a. to 7.00% p.a. for deposits with a tenure of 7 days to less than 365 days.
Total Assets: 24,046.37 crores INR
Log on to the website here for more information
10. RBL Bank
Ratnakar Bank Limited, also known as RBL bank is a scheduled commercial bank, headquartered in Mumbai.
It was established in 1943 and has a range of banking services categorized in five sectors: Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agriculture & Development Banking and Financial Markets.
The bank was rated as the fastest growing small bank according to Business World-PWC Best Bank Survey 2013, 2014 & 2015.
Looking at its social responsibilities, RBL Bank initiated Saksham – A financial literacy programme in collaboration with CDC to provide education to 25,000 individuals and 300 villages in four districts of Madhya Pradesh.
It is also the banking partner of the IPL team Delhi Daredevils.
Account holders find RBL’s online App very easy and user friendly.
You can even open an account using the app in less than 30 minutes. Their ATM card does not have any charges till date for unlimited withdrawals from any bank’s ATM.
The interest rates for savings accounts are calculated on a daily basis depending on the end of the day balance in the account as 7.1% p.a. for Rs 10 lakh and above, 6.1% p.a. for above Rs 1 lakh and 5.1% p.a. for upto Rs 1 lakh.
Total Assets: 48,674.77 crores INR
Browse their website here to get more details on all the financial plans of the bank
Choose your bank wisely, and make sure it takes care of your money, just as you would do.