As we all know that the banking system plays a vital role in the economic development of the country but in the case of India, the banking system is the backbone of the country’s economy. Therefore As compared to other countries’ banking system the Indian banking system is the most regulated one. In India Reserve Bank of India is the Central Governing body for all commercial Banks. Therefore Reserve Bank of India himself responsible for regulating, monitoring and implementing the policies and guidelines for the Indian Banking sector. Here in this article, we are going to discuss Top 6 Best Banks in India.
Therefore,the financial arrangement of India is partitioned into numerous segments like it incorporates 21 private division banks, 27 open area banks, 49 outside banks, 56 local rustic banks, 1,562 urban agreeable banks and therefore 94,384 provincial helpful banks and so on
Rising in India banking system
In the year of 2014, the government of the Indian financial system introduces a new program, therefore since then the financial condition of the country has been improving every year. It has been recognized by the World Bank that after the inclusion of the program India has made a huge change in the financial condition. This program allows customers to open a bank account with zero balance and get all the basic banking facilities. Therefore Since then, 51.4 crore bank accounts opened all over the country.
The Indian government of the financial system makes the whole banking system digitization transaction. This will be built trust among the consumer that their hard-earned money is in safe custody. This digitization of financial transactions will improve the banking system.
Things need to be considered before opening the bank account.
1:- Purpose- Before opening a bank account at first you need to have some purpose or reason behind the opening of a bank account.
2:- Charges– Next things you need to consider before opening a bank account are charges. You must open your bank account with that bank only where bank transparent in their fee structure, low charges, and no hidden fees.
3:- ATM- You must open your bank account with those banks only whose number of ATMs are available all over the country.
4:- Phone banking:- It is not possible to visit the branch every time for every single small work. However, So you must choose those banks only whose phone banking services are available.
5:- Customer satisfaction:- Nowadays now and then a new program was launched, therefore you can ask all the information from the bank, who will properly guide you.
6:- Offers and discounts:- You must choose those bank only who gives the most discounts and offers from the eCommerce websites.
As per the features which we have mentioned below we have discussed the top 6 Best Banks in India, we have tried to cover all those banks who offer all or most of the conveniences and facilities mentioned above.
Top 5 best bank in India
1:- HDFC Bank- In the list of the best bank in India HDFC Bank holds the 1st position and it is the second-largest bank in India. The headquarter of HDFC Bank is located in Mumbai and it has more than 5100 branches across all over the country. Therefore This Bank also holds the record of the most reputed private sector bank of India. In terms of market capitalization, HDFC Bank is the largest private sector bank in India. In the Indian banking system, the first Electronic Virtual Assistant was introduced by the HDFC Bank. Among the all India bank HDFC bank has the best Asset quality.
Advantages of HDFC Bank.
1:- HDFC Bank is the most secure and therefore reputable bank as compared to another private sector bank.
2:- HDFC Bank has the Largest credit card base in India.
3:- This bank has more than 5100 branches across all over the country.
4:- You will get all transaction information from your what’s app account.
5:- This bank offers better customer service, Phone Banking support, and many more facilities.
Disadvantages of HDFC Bank.
1:- This bank charges high interest.
2:- The mobile banking app of HDFC Bank is not user-friendly therefore as compared to other Bank of India.
3:- You need to keep a minimum balance of rupees 10000 in urban areas and Rs.5000 in rural and semi-urban areas. Therefore Which is very high as compared to other banks.
2:- Bank of Baroda- In terms of asset size bank of Baroda is the second largest bank in India and therefore, the third-largest bank in case of giving loans. Bank of Baroda is the first Indian International Bank as it has the most Foreign branches.
Advantages of Bank of Baroda.
1:- Bank of Baroda is the only bank that has a lot of international Branches.
2:- The Mobile banking app of this bank is very simple and easy to use.
3:- This bank charges very low-interest rates and therefore, the minimum balance maintained in your account is also not very high.
Disadvantages of Bank of Baroda
1:- The banking network is not very high.
2:- Credit card services of this bank are not very popular.
3:- ICICI Bank- In the year 2008 ICICI Bank first introduced mobile bank applications in the Indian banking system. In terms of implementing Banking Technology, ICICI Bank has a huge role. The headquarter of this bank is located in Mumbai. Therefore, ICICI Bank has more than 4882 branches and 14367 ATMs across all over the country.
Advantages of ICICI Bank
1:- All your bank need will be full filled by the professional staff of ICICI Bank.
2:- The best part with the ICICI Bank Debit card is that international transactions are enabled.
Disadvantages of ICICI Bank
1:- High charges.
2:- Credit card facilities are , therefore not as good as compared to other banks.
4:- Kotak Mahindra Bank- In India Kotak Mahindra Bank is mainly known for its highly reputed and technologically updated Bank. Among all banks in India, this bank customer service is best. In the year 1985, this bank has been founded. The headquarter of this bank is located in Mumbai. In terms of banking technology, Kota bank is the best digital bank in India.
Advantages of Kotak Mahindra bank
1:- Good Phone Banking Service.
2:- Kotak Mahindra bank provides a high saving interest rate.
Disadvantages of Kotak Mahindra bank
1:- Thia bank has a very low network in the case of branch and ATMs.
2:- You need to maintain a high minimum balance in your account.
In conclusion, we can say the best bank of India right now, where you can open your account. Therefore, Still now if you want to know anything regarding this bank then you can comment down below in the comment section.