Private Banks in India 2023:- The Indian economy is considered to be one of the world’s most powerful. It is not just due to the exceptionally huge population, but also to the extreme economic disparity. Thankfully, there are 12 Public Sector Banks and 21 Private Sector Banks in India serving the country’s diverse population.
In addition to cooperative credit institutions, the Indian banking system includes:
- 12 public sector banks
- 56 regional rural banks
- 21 private sector banks
- 94384 rural cooperative banks.
- 49 foreign banks
- 1562 urban cooperative banks and
India has the fourth largest retail credit market among emerging markets. In 2018, it was valued at US$ 281 billion.
Table of Contents
Private Banks in India 2023
If you have money nowadays, you need also to have a bank account. By efficiently distributing resources, the financial sector contributes significantly to economic progress. It contributes to the growth of the economy by converting your money into investments.
In rural areas, a few banks specialize in serving small enterprises, agriculture, tiny cottage industries, and self-help organizations. Commercial banks, on the other hand, operate in both rural and urban areas. As a result, a strong financial system is critical to the economy’s success.
Types of Private Sector Banks
Private Sector Banks in India are categorized into two groups by financial regulators i.e old and new.
- The old private banks were those that existed prior to the nationalization of 1969 and were still operating independently.
- The new private banks in India are those that have been granted banking licenses following the liberalization of India’s banking policy.
After the liberalization of the banking system in 1990, all of these banks re-emerged. A list of all Private Banks in India is given here.
List of Private Banks in India with Headquarters
|Name of the Bank
|Kolkata, West Bengal
|City Union Bank
|Kumbakonam, Tamil Nadu
|Thrissur city, Kerala
|IDFC FIRST Bank
|Srinagar, Jammu, and Kashmir
|Karur Vysya Bank
|Karur, Tamil Nadu
|Kotak Mahindra Bank
|South Indian Bank
|Tamilnad Mercantile Bank
Housing Development Finance Corporation Bank Limited is the country’s largest private bank in all the Private Banks in India.
- Wholesale Banking
- Retail Banking
- Treasury Auto Loans
- Personal Loans
- Two-Wheeler Loans
- Loans Against Property
- Lifestyle Loan
- Durable Consumer Loan And
- Credit Cards are just a few of the Bank’s outstanding services and products.
Educational Loan: You can apply for an HDFC education loan if you need money for your child’s education. You can get a loan of about INR 7.5 lakh without putting up any collateral. In addition, when you take out a loan, you can earn a great interest rate.
Home Loan: If you can’t decide between a fixed and a floating rate of interest, the HDFC home loan may be the ideal option for you because it allows you to get loan approval before you buy a property.
Credit Cards: HDFC offers a variety of credit cards with a variety of benefits. Depending on your purchasing habits, you can figure out which card is ideal for you.
ICICI Bank Limited is a multinational financial and banking services corporation. Its headquarter is in India. ICICI Bank is the second-largest bank in terms of market capitalization and assets in Private Banks in India. It offers the most comprehensive set of financial services and banking solutions to both retail and corporate customers. Visit the official website to get more info.
Home Loan: Because of its affordability and convenience, an ICICI home loan is the best alternative for you. Within the payback period, you can repay the loan using the EMI option. Before picking a loan, you can use the ICICI Bank EMI Calculator to receive an idea of the EMI amount.
Insurance Services: ICICI Bank offers a variety of insurance products, including life insurance, travel insurance, and health insurance.
Vehicle Loan: With the help of an ICICI Car loan, you may buy new and used cars at a low-interest rate.
Axis Bank is India’s third-largest private bank by assets. In India, the bank currently has about 4000 branches, 11,800 ATMs, and 4,920 cash recyclers. The bank offers a variety of unique financial solutions and has provided excellent service to its customers since its inception.
Insurance Schemes: Axis Bank offers a comprehensive selection of insurance services that can assist you in planning for the future. Life insurance, travel insurance, health insurance, and the Pradhan Mantri Suraksha Beema Yojna are just a few of the insurance plans available.
Loan offers: Axis Bank offers its customers fantastic loan schemes with low-interest rates. Home Loan, Personal Loan, Gold Loan, Vehicle Loan, Loan against Securities, Education Loan, and other loan schemes are among their most popular.
Card Services: People prefer not to carry cash around all of the time. Keeping this in mind, Axis Bank offers a wide range of cards, including credit cards, debit cards, prepaid cards, transit cards, commercial credit, and more.
The bank has around 1150 locations and over 2000 ATMs. IDBI was founded with the intention of promoting our country’s industrial sector. IDBI Bank provides easy access and quick solutions to consumers with financial concerns through services like as loans, payment services, deposits & accounts, and investment solutions.
Savings and current accounts: You can put your hard-earned money in these accounts, which come in a wide range of options. Super Savings Account, Power Kidz Account, Super Shakti Account, Flexi Current Account, Being Me Account, and others are among them.
Credit Cards: Depending on your needs, you can choose from a variety of credit cards. Royale Signature, Euphoria World, Winnings Credit Card, and others are among them.
Loan: IDBI Bank offers a wide range of loan options, whether you’re looking for a home loan, an education loan, or a personal loan to meet your current financial needs. You can pay them in Equated monthly installments if you want to pay them later (EMI).
Jammu and Kashmir Bank, India’s first private bank to become a state-owned bank, is one of the country’s best banks, operating as a universal bank in Jammu and Kashmir and a specialized bank in the rest of the country.
Loans: Jammu and Kashmir has practically every type of loan, from a laptop finance scheme to a housing loan scheme. Saral Finance, Scooty Finance for Ladies, Modular Kitchen Finance, Smartphone Finance, and Car Credit for new and old cars are some of the loan schemes available.
Term Deposits: If you wish to set your money aside for a specific period of time, the Jammu and Kashmir Bank offers many term deposit options. Tax Saver Term Deposit scheme, Smart Saver Term Deposit scheme, Child-care Deposit scheme, Depositor’s Pension Scheme, and others were among the programs available.
Personal Accounts: You have a variety of alternatives to pick from. A General or Deluxe Salary account would be suitable for you if you want to deposit your salary every month. If you need to put money aside for your family, the Family Protection Savings Account is a good option. Other options include Student Savings Accounts, Pension Accounts, and so forth.
Yes, Bank Limited was established in 2004, however, it is currently under investigation by the RBI for a bad loan of Rs 42,000 crore from the previous year. Rather than concentrating on business banking, the bank intends to operate as a retail bank. Yes Bank used to make syndicated loans to large firms and medium-sized businesses.
Vehicle Loan: If you wish to buy a four-wheeler or a two-wheeler, you can get a car or a bike loan from Yes Bank at a low-interest rate with flexible repayment choices. This could be the best option for you, with features like speedier processing and easily accessible documentation. On its car loan scheme, Yes Bank additionally guarantees a 2-day service guarantee.
Credit Card: A credit card from Yes Bank could be the greatest choice for your wallet, with outstanding reward point possibilities, cashback offers, secure transactions, speedier processing, and bill payment. Rewards Cashback, Prosperity Edge, Rewards, and many other Yes bank credit cards are available. You can also get a credit card in exchange for a fixed deposit.
Housing Loan: Yes Bank has a fantastic house loan program. This home loan program, with interest rates ranging from 9.85 percent to 12 percent per year, maybe a good fit for you. A maximum loan amount of INR 5 crores is available.
It was founded in 1994 to cater to the needs of the NRI community. This is the primary reason for the Bank’s presence in major cities. The bank is also well-represented in other countries, including as Dubai, Abu Dhabi, and London. It employs about 25000 individuals and provides a variety of banking services.
Investments: If you want to put your money into something that will give you a good return or a steady income, you can invest in one of IndusInd Bank’s investment plans. Mutual Fund Investment, ASBA, Sovereign Gold Bond, National Pension Scheme, and other schemes are among them.
Accounts and Deposits: Do you want to start savings, salary, or fixed or recurring deposit account? You have a variety of IndusInd Bank accounts to choose from. IndusOnline savings accounts, Regular Recurring Deposits, Defense Salary Accounts, Senior Citizen Schemes, Young Saver Deposits, and other schemes are among them.
Card Services: This bank offers a variety of plastic cards that you can carry in your wallet, credit cards, including debit cards, prepaid cards, FX cards, Duo cards, and commercial cards.
Loans: You can choose from a wide range of loan alternatives, two-wheeler loans, including home loans, personal loans, auto loans, and used car loans, depending on your needs. You can easily apply for loan options without worrying about the high-interest rate.
Kotak Mahindra Bank
Kotak Mahindra Finance Ltd. was a non-banking financial company (NBFC) until it received a banking license from the RBI in 2003. It became the first NBFC to become a bank when it changed its name to Kotak Mahindra Bank Limited. Later that year, it paid Rs 150 billion for ING Vysya Bank. It generated Rs 28547 crores in revenue in 2019, from which it made a profit of Rs 5827 crore.
Accounts and Deposits: Customers can take use of Kotak Mahindra Bank’s excellent account and deposit services. Fixed Deposit (FD), Tax Saving FD, Recurring Deposit, Senior Citizen FD, Corporate Salary Accountants, Retail Institutional Accounts, and so on are only a few of them. You may also use the Kotak Mahindra Fixed Deposit Calculator to figure out how much money you’ll get after a given period of time.
Loans: Loans are available from Kotak Mahindra for a variety of purposes, including the purchase of a home or an automobile. The loan can be given to them at a reasonable rate of interest and with convenient repayment options.
Card Services: You can pick between forex/prepaid cards, debit cards, and credit cards issued by the bank. PVR Gold, League Platinum, Aqua Gold, Urbane Gold, and other Kotak Mahindra credit cards are among them.
IDFC First Bank
IDFC Bank was established in the year 1997 and this bank received its NBFC license from the RBI in 1998. However, after launching as a universal bank in 2015, it announced the merger of NBFC Capital First with IDFC Bank, which is now known as IDFC First Bank. After demonetization, IDFC Bank was the first bank in India to initiate Aadhar-linked cashless transactions.
Savings Accounts: Senior Citizens Savings Account, Corporate Salary Account, Regular Savings Account, Vishesh Savings Account, Minor’s Savings Account, and other savings accounts are available.
Micro-Enterprise Loan: If you wish to start a new business in rural areas, a micro-enterprise loan designed specifically for small rural entrepreneurs is an option. You are not required to produce any supporting documentation. You don’t even require income verification for loans up to INR 3 lakhs. Vypaar Vridhi Loan is another name for this type of loan.
Investment Services: IDFC First Bank offers a wide range of investment services, including mutual funds, online trading, gold bond Demat trading, and investment-linked insurance.Women’s JLG Loan: IDFC First Bank created the Sakhi Shakti Loan to give women more options when it comes to loans and savings.
Home Loan: You can get an IDFC First home loan at a low rate of interest and with minimal paperwork. Several customers have been able to purchase their homes thanks to this financing option, which is open to both salaried and self-employed individuals.
In 1949, it was renamed Federal Bank Ltd after completing the requirements of the Banking Regulation Act. It acquired five institutions between 1963 and 1970, and in 1994, it became a commercial bank. The bank currently has branches in places such as Dubai and Abu Dhabi and has 1.2 million NRI customers.
Cards: Debit cards, gift cards, Forex cards, credit cards, contactless debit cards, and other Federal Bank cards are available. You may even use your debit card to set up an EMI payment plan.
Loan Products: If you wish to fund your child’s education, you can choose an education loan or a personal loan to buy a new phone, for example. If you want to buy a brand new car, you can even get a car loan. The possibilities are endless.
Insurance and Investments: Federal Bank offers a number of insurance plans, including Health Insurance, General Insurance, and Life Insurance, among others. You can also put your money into one of their mutual fund schemes. Aside from that, you can use the Fed-e-Trade service to undertake online trading.
Private Banks in India FAQ’s
With a turnover of Rs 105161, Cr HDFC Bank is India’s largest private bank by total sales and market capitalization.
HDFC Bank is a private sector bank, not a government-owned institution.
ICICI Bank is India’s safest bank. This Bank is India’s largest private bank. ICICI Bank was established in 1994 as a wholly-owned subsidiary of ICICI Limited an Indian financial organization. It is one of the best Private Banks in India.