Best Banks in India 2024

Best Banks in India 2024
Best Banks in India 2024

by Tanushree Jaiswal Last Updated: Mar 01, 2024 - 04:18 pm 3k Views
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Navigating the many options for banking services becomes a crucial task for both individuals and enterprises as we enter the Indian financial scene in 2024. The top banks in India provide a wide range of services that extend beyond traditional banking, serving as cornerstones of the country's financial stability. These best banks in India offer individualized client care and state-of-the-art digital solutions that reflect the changing needs of the financial industry. 

Whether you're looking for dependable loan services, creative investment opportunities, or easy online transactions, the best banks in India 2024 are ready to offer a comprehensive banking experience that fits the many demands of a quickly developing economy. 

How to Define Bank as a Best Bank in India?

A bank's overall performance, customer satisfaction, and influence on the financial landscape are all important considerations for defining it as the best banks in India. The following are crucial factors to think about:

• Examine the bank's financial situation, considering asset quality, profitability, and capital sufficiency.
• Consider the various services, such as digital and traditional banking, investment opportunities, and cutting-edge financial goods.
• Analyze the responsiveness, accessibility, and caliber of customer service from different online and physical channels.
• Analyze the bank's digital banking capabilities, technological infrastructure, and user-friendly interfaces that improve the client experience.
• Examine the competitive interest rates on loans, savings accounts, and other financial goods. Think about transparent fee systems.
• Examine the bank's ATM and branch network and its locations in rural and urban areas to ensure it is accessible to a wide range of clients.
• Seek institutions that provide cutting-edge, client-focused offerings like digital wallets, customized financial planning, and other value-added services.
• Consider client feedback, rankings for the sector, and the bank's general standing in the banking sector.
• Analyze the bank's dedication to community development, sustainability, and social responsibility.

List of Top 10 Best Banks in India 2024

Although there are many of the best banks in India, we have created a list of the top 10 banks in India for your reference:

• HDFC Bank
• ICICI Bank
• SBI
• Kotak Mahindra
• Axis Bank
• IndusInd Bank
• Bank of Baroda
• Punjab National Bank
• Union Bank of India
• Canara Bank

Overview of 10 Best Banks in India 2024

Now that you have seen the list of top 10 banks in India 2024, here is an overview of all the banks to help you decide which is the no 1 bank in India for you. Let’s have a comparison and understand each of the best banks in India:  

1. HDFC Bank
HDFC Bank is one of the most popular banks in India, with its headquarters in Mumbai. It is also the largest private sector bank in terms of assets, and in market capitalization, it is ranked the world’s fifth largest bank. It offers personal banking, online net banking services, loans, cards, and more.

Revenue - 717.7 billion (INR)
Net Income - 2,179.4 billion (INR)
Branches - 8,091
ATMs -20, 688
Employment Generated -2,08,066
NIM - 3.4%
CASA - 37.7% of total deposits
Gross NPA - 1.26%
Customer Base - around 120 million
Facility Offered - both domestic and international   

2. ICICI Bank
ICICI Bank is an Indian multinational financial services bank headquartered in Mumbai. It is into business, personal, corporate, and NRI banking. In addition, it also offers services such as cards, internet banking, digital savings, and much more. It is one of the leading private sectors and one of the best banks in India.  

Revenue - 14,601 Cr
Net Income - 59479.76 Cr
Branches - 6,371
ATMs -17,037
Employment Generated -157,799
NIM - 4.43%
CASA - 45.83%
Gross NPA - 2.30%
Customer Base - more than 5.5 million
Facility Offered - both domestic and international   

3. SBI
SBI, or State Bank of India, is a multinational public sector bank. It deals in loans, accounts, cards, corporate banking, investments, deposits, etc. It is considered a powerhouse of the Indian financial sector, offering numerous services to its consumers. Founded in 1955, SBI is among the top 10 banks of India at any given point in time.

Revenue - 50,232 Cr
Net Income - 368,718 Cr
Branches - 22,405
ATMs -65,627
Employment Generated -245,652
NIM - 3.43%
CASA - 43.80%
Gross NPA - 2.78%
Customer Base - Over 48 crores
Facility Offered - both domestic and international  

4. Kotak Mahindra
Kotak Mahindra is an Indian bank offering its customers financial services and banking products. It provides corporate and retail customer services like investment banking, personal finance, wealth management, and life insurance. It also claims to offer high interest on savings and low interest on loans.

Revenue - 67,981 Cr
Net Income - 14,925 Cr
Branches -1780
ATMs -2963
Employment Generated -100,000+
NIM - 4.55%
CASA - 52.83%
Gross NPA - 0.37%
Customer Base - 41.2 million
Facility Offered - both domestic and international  

5. Axis Bank
Axis Bank was once known as the UTI Bank, an Indian multinational bank. By assets, it is India’s 3rd largest private sector bank, and by market capitalization, it is the 4th largest. It deals with corporate and personal banking, internet banking, and more. It also offers cards and lends loans to its customers in different segments.

Revenue - 106,155 Cr
Net Income - 10,818 Cr
Branches -4903
ATMs -15,953
Employment Generated -91,898
NIM - 4.01%
CASA - 47.16%
Gross NPA - 1.58%
Customer Base - 20 million
Facility Offered - both domestic and international

6. IndusInd Bank
IndusInd Bank offers financial services options to its customers in the form of personal and corporate banking, cards, loans, saving investments, and much more. It is a new-generation private sector bank focusing on domestic and international markets. In 2021, the bank was authorized by RBI to collect direct and indirect taxes on behalf of CBDT and CBIC.

Revenue - 44,540 Cr
Net Income - 7,443 Cr
Branches -2728
ATMs -2939
Employment Generated -33,582
NIM - 4.29%
CASA - 38%
Gross NPA - 1.92%
Customer Base - approximately 33 million
Facility Offered - both domestic and international    

7. Bank of Baroda
A commercial banking company, Bank of Baroda is a public sector bank based out of Gujarat. It is one of the top banks in India and ranked 2nd largest public sector bank. It also has a vast global presence with more than 100 offices in international locations. Bank of Baroda assists customers with banking, cards, loans, and investment options and services.

Revenue - 110,777 Cr
Net Income - 14,905 Cr
Branches -9693
ATMs - 10,033+
Employment Generated -79,806
NIM - 3.53%
CASA - 7.9%
Gross NPA - 3.79%
Customer Base - approximately 153 million
Facility Offered - both domestic and international

8. Punjab National Bank
Punjab National Bank, or PNB, is a government bank where customers can get all their financial and banking needs met. The bank offers numerous services, such as personal and corporate banking, loans, credit cards, investment schemes, deposits, etc. It has been in operation since 1894 and is the 3rd largest public sector and one of the top 10 banks in India with offices worldwide.

Revenue - 99,084 Cr
Net Income - 3,348 Cr
Branches -12,609
ATMs - 12,898+
Employment Generated -103,144
NIM - 2.35%
CASA - 41.99%
Gross NPA - 8.74%
Customer Base - approximately 180 million
Facility Offered - both domestic and international  

9. Union Bank of India
UBI, or Union Bank of India, is a public sector bank specializing in corporate, personal, and NRI banking services. It is one of the largest government-owned and amongst the best banks in India after merging with Andhra and Corporation Banks. However, remember, the Union Bank differs from the Union Bank of India.  

Revenue - 97,078 Cr
Net Income - 8,511 Cr
Branches -8561
ATMs - 10195
Employment Generated -75,500
NIM - 3.13%
CASA - 34.60%
Gross NPA - 7.34%
Customer Base - approximately 153 million
Facility Offered - both domestic and international   

10. Canara Bank
Canara Bank is a public sector bank that started its operations in 1906. It is a good place for people who need financial services, such as personal banking, savings accounts, debit and credit cards, FDs, and more. The bank is doing everything possible to adapt to new technology and has received numerous awards in the same segment.

Revenue - 3,656 Cr
Net Income - 9,417 Cr
Branches -9518
ATMs - 12118
Employment Generated -86,919
NIM - 3.02%
CASA - 33.48%
Gross NPA - 4.39%
Customer Base - approximately 11.19 crores
Facility Offered - both domestic and international

Summary: Top 10 Best Banks in India 2024

As of 2024, the banking industry in India is still solid and diverse, providing individuals and companies with a wide range of financial services. The best banks in India for 2024 are exceptional in several areas, including market penetration, technical innovation, customer service, and financial soundness. These best banks in India offer a broad range of services, including savings accounts, loans, investment products, and digital banking solutions, and have effectively negotiated the changing financial landscape.  

They are positioned as cornerstones of the nation's financial system by their dedication to client pleasure, compliance with legal requirements, and strategic vision. The top banks in India stand out as trustworthy partners as clients demand dependability, efficiency, and a flawless banking experience; they also make a substantial contribution to the country's financial well-being and economic prosperity.

Let's look at the top 10 banks in India in comparison on some crucial parameters:

Bank Name Profit (Rs.) Market Cap (Rs.)
HDFC Bank 164 billion 1,105,645
ICICI Bank 11,052.60 701,004
SBI 14,330 551,809
Kotak Mahindra 3,005 355,511
Axis Bank 6071 326,680
IndusInd Bank 2,301 115,948
Bank of Baroda 10.49 lakh 118,243
Punjab National Bank 1,990.18 112,533
Union Bank of India 3,590 105,887
Canara Bank 3738 82,415

Top 10 Best Banks in India 2023 vs 2024

If you want to compare the top 10 banks in India 2023 vs 2024, here is a quick comparison based on net profit. It will help you determine the best banks in India if you wish to invest in them by buying their shares.

The numbers for 2024 are only for a small period, and hence, they may look less compared to the entire 2023.

Bank Name Net Profit 2023 (cr) Net Profit 2024 (cr)
HDFC Bank 137,294.38 164 billion
ICICI Bank 75,567.84 11,052.60
SBI 56,113.86 14,330
Kotak Mahindra 41,395.15 3,005
Axis Bank 47,680.34 6071
IndusInd Bank 26,312.86 2,301
Bank of Baroda 14,109.62 10.49 lakh
Punjab National Bank 2,507.20 1,990.18
Union Bank of India 8,433.28 3,590
Canara Bank 10,603.76 3738

Final Thoughts

To sum up, the banks listed as the best banks in India for 2024 are the pinnacle of both financial strength and client focus. These banks, which form the backbone of the nation's economic system, have proven to be tenacious, flexible, and dedicated to quality. These organizations have effectively embraced innovation in an era marked by technological breakthroughs, providing cutting-edge solutions that meet the varied needs of a rapidly changing customer base. 

Embodying the values of trust, transparency, and progressive financial management, the top banks in India for 2024 offer stability and dependability and act as drivers for economic growth as we negotiate the intricacies of the financial world. Their constant quest for perfection places them in a position to play a significant role in India's continuous economic prosperity.

Frequently Asked Questions

Which is the largest bank of India?

Regarding assets, branches, and clientele, the State Bank of India, or SBI, is the biggest in India. It has the distinction of being the biggest and best banks in India in the public sector.

How many nationalized banks in India are there?

There are twelve government banks and public sector banks in India. Some of them are also included in the above list of best banks in India.

Which is the largest public sector bank in India?

The most significant public sector and one of the best banks in India was founded in 1955 and is called SBI. It is a well-known name in the country's banking industry. It serves millions of domestic and foreign customers with various banking and financial services.

Which is the largest private sector bank in India?

HDFC Bank is the largest and one of the best banks in India, with around 8000 branches and over 18000 ATMs.

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.

How many types of banks are there in India?

India's banking system has four distinct categories: commercial banks, cooperative banks, specialized banks, and the central bank. RBI is the central bank; other banks are in the remaining three categories.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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