Top 10 Best Indian Banks – Leading Banks in India
Banks are the major financial institution which accepts deposits directly by loaning or indirectly through capital markets. It forms a bond between customers having capital deficits and capital surplus. The following banks are crowned as Top 10 Best Indian Banks.
1. State Bank of India
SBI was established in July 1955 for providing services to India. This is one of the Top 10 Best Indian Banks. It consists of 7 associate banks such as State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Saurashtra and State Bank of Travancore.
It has non-banking subsidiaries and joint ventures, such as SBI Capital Markets Ltd, SBI DFHI Ltd, SBI Funds Management Pvt Ltd., SBI Factors & Commercial Services Pvt Ltd. and SBI Life Insurance Company Ltd. It consists of 9373 branches and 5826 ATMs among 73 overseas branches.
2. ICICI Bank Ltd
ICICI was formed in 1994. In 1998 it formed as an IPO and acquired bank in Madhura in 2001. It’s parent ans subsidiaries merged with it in 2002. This is one of the Top 10 Best Indian Banks. It’s one of the characterized feature is that it provides a saving habit induced by children -Young stars. ICICI Bank provides Home Loans and Personal Loans – for meeting personal credit requirements. From Dec 2006, the bank had a total of 667 branches and 2681 ATMs.
3. HDFC Bank Ltd
HDFC bank is a financial service bank established in 1994. It is a scheduled commercial bank . It provides financial products and services. Kids Advantage Account- an account established for savings of children. Retail Trust account-a higher interest is earned on trusts and societies. This is one of the Top 10 Best Indian Banks.
HDFC provides wholesale banking services to Blue-chip manufacturing companies in the Indian corp to small & mid-sized corporate and agri-based businesses. It is the first bank to launch international Debit card along with VISA. Besides these facilities it has three main product areas like foreign exchange,local currency money market,Debt securities and equities.It is a part of treasury to the bank.
4. Punjab National bank
It was formed in 1895 at Lahore by one of India’s most prominent reformists, Late Lala Lajpat Rai. It is the first bank with sole and indigenous enterprise. In 1944 it introduces first teller system. PNB consists of several banks viz., Bhagwan Das Bank Ltd (1940), Bharat Bank (1951), Indo Commercial Bank Ltd; and Universal Bank Ltd, (in 1960s). It was nationalized in 1969.
It also has wide variety of products and services for meeting needs of customer. A number of deposit and loan schemes has been inculcated such as housing loans, car ﬁ nance, customer ﬁnance, personal and several types of educational loans. Punjab National Bank has initiated the Gold Card Scheme for its exporter clients as per RBI. Besides these bank provides 12 hour banking services among 77 branches. Electronic Clearing Service is offered at 13 centers in India.
This is one of the Top 10 Best Indian Banks. Total number of branches of the bank are 4066 comprising 1944 rural, 801 semi–urban, 792 urban and 528 metropolitan branches and one foreign branch at Kabul, Afghanistan. 40 additional banks has been opened out of which 17 are merged as network nationalization.
5. Canara Bank
Canara Bank was found in Jul 1, 1906 in Mangalore by Late A Subba Rao Pai. It was nationalized in 1969. 800 branches of the bank are ISO certified. The bank has seven subsidiaries/sponsored institutions. This is one of the Top 10 Best Indian Banks.
It provides regular savings, ﬁxed and current account deposits the Bank offers niche based products like SB Can Champ – a deposit scheme encouraging savings amongst the children; Ashraya Deposit – specially meant for meeting the requirements of senior citizens; Can-Tax Saver Scheme – to provide tax saving beneﬁts; and the Vidyasagar Loan for funding education.
Canara Bank has branches and ofﬁces spread across country. The Bank has a network of 2552 branches, inclusive of its branch at London and an Special Economic Zone, Noida, in the state of Uttar Pradesh. This is one of the Top 10 Best Indian Banks.
6. Union Bank of India
It is a public sector bank. It has also established core banking system. It offers products like New India Insurance which provides basic necessities for healthcare and mediclaim policies. It has 4129 ATM facility. Telebanking services are also provided. Revenue initiated through the bank is Rs 21,144. This is one of the Top 10 Best Indian Banks.
7. Bank of Baroda
BOB was formed in Jul 20, 1908 by Maharaja Sayajirao Gaekwad III of Baroda State. It first opened it’s branch in Ahmadabad and another in Mumbai. It provides safe deposit lockers to its customers. It offers products and services to the customers. the major product it includes are export ﬁnance, bill ﬁnance, advance against shares, infrastructure ﬁnance, foreign currency loans and sub-PLR loans.
Besides these facilities it offers Multi – city cheques at centers like local cheques. Baroda Health and Baroda money express are the other schemes which is provided by the bank which ensure better payment and transfer of funds. Special loan schemes has been given by the bank for the small scale industries and medium enterprises. This is one of the Top 10 Best Indian Banks.
The network of the bank has been spread to almost 2,732 branches and 61 offices to abroad. Some new liability programmes being introduced by the bank are Baroda premium account, Baroda salary advantage account,Baroda tax saving term deposit, Baroda super sixer,Baroda square drive account. 1,050 CBS branches, 1,000 ATMS, 8 AM to 8 PM banking, 24 hr human banking, retail loan factories, SME loan factories, Wealth Management Services is being initiated.
8. Bank of India
Bank of India was formed in 1906 and in 1969 it was further nationalized along with 13 other banks. It has network with 20 foreign branches . It provides Medi Mobile Scheme-allowing practitioner to buy vehicles of their choice. Other liability like BOI Saving plus scheme is being offered , a sweep in and sweep out facility. It has almost 2672 branches supporting 325 ATM’s and 24 overseas branches. This is one of the Top 10 Best Indian Banks.
9. Industrial Development Bank of India Ltd.
IDBI bank Ltd. is a subsidiary of RBI with an aim of providing industrial development in the country. It is a financial service bank. IDBI is the 10th largest development bank in world. The major products it offers are Sabka Account-minimum balance account. This is one of the Top 10 Best Indian Banks.
Citizenidbibank – for the development of economically deprived nations in India. The bank is having a mutual co-operation with Bajaj alliance and Birla Sun Life insurance. It has 1000 branches, 678 centers and 1594 ATMs as on November 16, 2012.
10. Syndicate Bank
Syndicate bank was organised in 1925 in Udupi and the main objective of Syndicate bank is to extend financial assistance to local weavers in the handloom industry. It is one of the oldest commercial bank in India. Syndicate bank offers services like Cash Mangement, RTGS, NEFT, speed clearing and electronic fund transfer system. This is one of the Top 10 Best Indian Banks.
Delivery channels like ATM, Internet banking, SMS banking services are provided by this Syndicate bank. All the services and products are achieved through centralized banking solution. Unemployed youths are trained with self employment ventures at Syndicate bank of Rural Entrepreneurship development out of which 59,764 are women candidates.