If you have money in today’s world, you must have a bank account with the best bank in India. Furthermore, following the Pradhan Mantri Jan Dhan Yojna – A Financial Inclusion Program by the Government of India – the chances of an individual not having a bank account are very low. But do you know which banks are the best in India, which are public sector banks, and which are the top banks in India? If not, don’t worry because we will tell you about some of the best banks in India, including the top 7 banks in India in both public and private banking categories, as well as their banking products, in detail.
State Bank of India (SBI)
With 23 percent of total market assets in India, this bank is the largest public sector bank in India and ranks first on the list of best banks in India. It also accounts for one-quarter of all loans and deposits in the current financial market. It offers a wide range of banking products to its customers, as shown below.
Credit Card: SBI, India’s government bank, offers a variety of credit cards to customers ranging from shopping to travel and fuel to business cards. You can select one based on your spending habits. There is always a card available for everyone.
PNB (Punjab National Bank)
After a recent merger with the Oriental Bank of Commerce and the United Bank of India, Punjab National Bank, India’s government bank, has become the country’s second-largest public sector bank, with an overall business of around INR 8 trillion. It offers a wide variety of fantastic products to its customers. A few of them are listed below.
Deposits: PNB, the Indian government bank, offers a variety of deposit schemes that allow you to earn interest on the money you deposit with them. Savings accounts, current accounts, and fixed deposit schemes are a few examples. You can invest your hard-earned money in these schemes.
Union Bank of India (UBI)
Union Bank of India, the government bank of India, has been a consistent performer among the best public sector banks in India over the years. It offers a variety of banking products in areas such as consumer banking, corporate banking, mortgage loans, investment banking, and so on. Also, Andhra Bank and Corporation Bank recently merged into this bank, bringing the total business to INR 14.59 Trillion. Check out the various schemes that nationalised banks in India offer to their customers in the table below.
Deposits and Accounts: You can choose to put your money into one of Union Bank of India’s fantastic deposit schemes. The Monthly Income Scheme, Union Tax Saver Deposit, and Gold Monetisation Scheme are a few examples.
The Canara Bank
Canara Bank, one of India’s oldest public sector banks, has recently merged with Syndicate Bank to become the country’s fourth largest PSU bank. Canara Bank, India’s government bank, provides banking services that are perfectly aligned with the headline ‘Together We Can.’ Canara Bank has made customers’ lives easier and more convenient by offering a wide range of amazing products. Take a look at some of the top-tier services provided by the bank.
Accounts and deposits: Canara Bank has everything you need to open a savings account, current account, fixed deposit account, recurring deposit account, or even a savings bank deposit for your children. You have the option of investing your hard-earned money.
The Bank of Baroda
When discussing the best bank in India or the best Public Sector Banks in India, it is simply impossible to ignore the Bank of Baroda, which has recently merged with Vijaya Bank and Dena Bank to become the country’s third-largest lender. Bank of Baroda, also known as India’s International Bank, has over 127 million customers in 21 countries and its customer base is growing by the day. We have highlighted a variety of banking products offered by the bank below.
The Bank of India
There is a public sector bank in India that has consistently put its best foot forward with the impeccable banking services it provides to its customers. Since its inception in 1906, this public sector bank has provided its customers with banking products such as credit cards, insurance services, home loans, personal loans, vehicle loans, and so on. It became one of India’s government-owned nationalised banks after its nationalisation in 1969. A detailed description of its services can be found below.
Credit Card: Since the inception of credit card services in India, Bank of India has been assisting customers in making the most of their shopping experiences by offering a diverse range of credit cards.
Central Bank of India
This public sector bank has a large network of branches in all 29 states as well as six of India’s seven union territories. Aside from this incredible achievement, the Central Bank of India was the first commercial bank to be entirely managed and owned by Indians. Individuals, both salaried and self-employed, can use this government bank of India for banking services. A few of them are listed below.
Credit Cards: Everyone loves credit cards because they provide financial freedom and convenience. If you’re looking for a credit card, you’ll have to choose from a number of options. The Central is packed with amazing features such as a reward, cashback offers, and other benefits.