The Top 7 Best Banks in India 2020

Banks serve with numerous purposes in our day to day life from keeping our money safe to availing some other benefits. People choose banks when it comes to highly efficient banking services. Moreover, these banks ensure proper customer interaction and service. In this article, you will come to know about the top 7 banks in India.

Aspects that Make a Good Bank

There’s huge digitization towards the financial transactions these days.

So there are certain factors that need consideration while opening a bank account.

  • A bank must maintain a great reputation for withstanding its economic downturn.
  • It should not keep any minimum(no/low) bank balance requirement
  • It should have great customer service
  • It must possess some easily accessible branches
  • It must have an extensive network of ATMs
  • It must offer smooth online banking and free bill payment
  • It should have the ability to suggest a competitive rate of interest
  • There must be the availability of free check credit and loans
  • Based on the above-mentioned aspects we have listed the handpicked bank services in India.

banks-in-india

  1. HDFC Bank

The Housing Development Finance Corporation, abbreviated as HDFC is a reputed private bank that is offering superior services in India. With its headquarters in Mumbai, it has more than 88000 permanent employees.

The bank has around 4800 branches with 12,000 ATMs across the major parts of India. Besides savings account, it offers personal and car loans, credit cards,  consumer financial services as well as Forex cards.

It has been always a prominent choice among the customers for salary account. in addition to the services, the customers get the opportunity to choose their products to gain product knowledge and availability.

2.State Bank of India (SBI)

This Bank holds about 20% of the shares in the total market assets in India. The largest public sector bank holds one of the topmost ranks. So, you will get here the range of Banking products and services.

Different types of credit cards from shopping to business are available here. You can choose one according to your choice. Besides, you can apply for the home loan for various purposes like renovation, extension, purchase, to name a few. Each of them is available at a competitive rate of interest.

This bank offers personal loans to car loans. You can get about INR 20 lakh personal loan in a hassle-free manner. Similarly, the car loan is available for the longest repayment tenure of 7 years that too at very low-interest rates along with the availability of EMI options.

  1. Axis Bank

This is the third-largest private bank in India. Founded in 1993, it became a part of the financial services offered by UTI. Later on, in 2007, it changed its name to Axis Bank.

This private bank offers services like consumer banking, credit cards, Corporate Banking, investment banking private equity, finance, and insurance, mortgage loans, Wealth Management, to name a few. You will always get the main services like opening a savings account, going ahead with fixed deposits, and personal loans.

Each of these services can be available online. The bank is growing with about 13000 ATMs over 3,000 branches in India. It is one of the largest private sector banks in India.

  1. Union Bank of India

Among some other public sector banks, the Union Bank of India has been performing pretty well over the years with the range of Banking products like Corporate, consumer, and investment banking, mortgage loans, etc.

It has been providing a wide range of customer services. You can open your savings account and deposits. Choose to deposit your money in this bank under schemes like monthly income, Union tax saver, deposit and gold monetization scheme.

Besides, you will get wide availability of credit cards like classic, Gold, Silver, Platinum, signature, and Usecure. A home loan is available if you are a BSNL employee. Even if you are not, you can apply for schemes like Union, Awas Union, smart save as well as Union top-up.

Vehicle loans are also available for you to buy your dream car you can get around 1 25 lakh INR if you are chosen to buy a four-wheeler.

  1. Canara Bank

This is one of the oldest private banking sectors in India and is the fourth largest PSU. You will get an extensive range of products and services that will be constantly making your life easier.

You can open savings, fixed deposit, current, and recurring deposit account, to name a few. The deposit and account schemes are amazing. You can apply for a vehicle loan between 80 to 90% of the road price.

The amount you can take for buying a four-wheeler is around 15 lakh INR. Housing loan is available here for the construction of your home, renovation or even land purchase. You can borrow a loan amount with pretty affordable interest rates. A personal loan from this Bank is also available at a convenient rate of interest. You can repay it within 36 months via EMI.

  1. Bank of Baroda

This bank is a noteworthy public sector bank in India. Bank of Baroda provides services to 127 million customers around 21 countries.

With this huge consumer base, it is working effortlessly to provide education loan personal, vehicle, as well as a housing loan.

You can get the educational loan for letting here child study in Premier institutes of India. This loan facility has made Bank of Baroda as one of the most reputed services. If you are wanting to buy a brand new four-wheeler or two-wheeler, you can get the BOB vehicle loan amount of 100 lakh INR.

A housing loan is available for building your dream home. With this loan, you can also get facilities for renovation, construction, extension as well as land purchase.

The personal loan service will give you an amount of INR 10 lakh if you live in the metro cities while INR  5 lakh if you stay in the semi-rural or urban areas.

You can also repay the amount in the predetermined time via EMI.

  1. Kotak Mahindra Bank

Last but not the least, we have the Kotak Mahindra Bank as one of the most trusted Financial Institutions in India. Founded in 1985 with its headquarters in Mumbai, it has now reached to open 2000 ATMs and 1,300 branches across the country. You will get a range of banking and financial services including investment and personal banking, Life and General Insurance, as well as Wealth Management. It is one of the best banks in India.

Besides, it is also serving tirelessly in fields like opening a savings account that is designed to serve the customers uniquely.

Final word:

So this is our top 7 picks of the best banks in India. Pay attention to your money habit, online banking needs, ATM usage, investment account, deposit, credit cards, low account balance, financial outlook and the bank’s customer service before making an informed decision.