Top Banks in India 2020 | Interest Rates & Savings Account Requirements

Hello guys, welcome to my blog about the Top Banks in India. It includes public as well as private sector banks. So today, here we will talk about the Top 10 Indian Banks. Here we will see where is their operation headquarters and how do these banks operate, what kind of facilities they provide to their savings account customers and what are the requirements for opening normal savings account with them.

The 10 Top Banks in India

HDFC Bank

Housing Development Finance Corporation (HDFC) Bank is INDIA’s largest operating private sector bank. The bank was incorporated on 30th August 1994. The headquarters of HDFC bank is in Mumbai, Maharashtra. The present chairman of the HDFC bank is Mrs. Shyamala Gopinath.

Facilities Provided To Savings Account Customers:-
• Easy Transaction
• Online Bill Payments
• ATM Facilities
• Net Banking and Mobile Banking
• Debit Card
• Nominal Interest Rates (3.5% for & above 50 lakh, 3.00% for below 50 lakh)
• Cross Product Benefits

Requirements For Opening & Maintaining A Savings Account:-
• For Senior Citizens (Above 60) minimum balance of 5000 is required for Urban/Semi-Urban areas.
• For Below 18 no minimum balance is required.
• For the Above 18 minimum balance of 10,000 for urban, 5000 for semi-urban, 2,500 for rural is required.
(Debit cards offers to vary as per requirements)

Website:- HDFC – Top Banks in India

SBI Bank

The State Bank Of India (SBI) is a public sector bank. It is a Multinational Bank. It was founded on 1st July 1995 and today it has the highest number of branches so far. The headquarter of SBI is in Mumbai, Maharashtra. The managing directors are Mr. Praveen Kumar Gupta (Retail and Digital Banking), Mr. Dinesh Kumar Khara (Global Banking and Subsidiaries), Mr. Arijit Basu (Commercial Clients Group and IT), Mr. Challa Sreenivasulu Setty (Stressed Assets).

Facilities Provided To Savings Account Customers:-
• Nomination Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• DD Pay Orders
• Personal Accident Insurance at Nominal Premium
• Interest Rates (Upto 1 lakh is 2.70%, Above 1 lakh 2.70% annually)

Requirements For Opening & Maintaining A Savings Account:-
• No Minimum Amount Is Required
(Debit Cards Offers Vary As Per Account Type)
Website:- SBI Bank – Top Banks in India

ICICI Bank

Industrial Credit and Investment Corporation of India (ICICI) is an Indian multinational private sector banking and financial services company with its registered office in Vadodara, Gujarat, and corporate office in Mumbai, Maharashtra. It was founded in June 1994 in Vadodara. The CEO Mr.Sandeep Bakhshi.

Facilities Provided To Savings Account Customers:-
• Nominal Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• DD Pay Orders
• Nominal Interest Rates(4.00% )

Requirements For Opening & Maintaining A Savings Account:-
• For Metro Cities Minimum 10000 is required
• For Semi-Urban Minimum 5000 is required
• For Rural Areas Minimum 2500 is required
(Debit Cards Offers Vary As Per Account Type)
Websites:- ICICI Bank – Top Banks in India

Axis Bank

Unlike other banks, Axis bank doesn’t have any full form it is actually a name. After HDFC & ICICI it is the third-largest private bank. It was founded on 3rd December 1993. Its registered office is in Ahmedabad, Gujarat. Its corporate office is established in Mumbai, Maharashtra. Mr. Amitabh Chaudhry is the present CEO of AXIS bank from 1 January 2019.

Facilities Provided To Savings Account Customers:-
• Nominal Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• DD Pay Orders
• Nominal Interest Rates(3.50% on annual bases for less than 50lakh, 4.00% for above)

Requirements For Opening & Maintaining A Savings Account:-
• For Easy Access Savings Account Minimum 10000 is required
Website:- Axis Bank – Top Banks in India

Kotak Mahindra Bank

Kotak Mahindra Bank Ltd was initially named as Kotak Capital Management Finance Ltd. in 1985. On April 8, 1986, almost after 1 year, its name was changed to Kotak Mahindra Finance Ltd. And later in February 2003, it was issued by RBI with the banking license. It is a private sector bank and its headquarter is in Mumbai, Maharashtra. Mr. Prakash Apte is the Chairman of Kotak Mahindra Bank.

Facilities Provided To Savings Account Customers:-
• Nomination Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• DD Pay Orders
• Interest Rates (3.50% up to 1 lakh, 4.00% for above 1lakh)

Requirements For Opening & Maintaining A Savings Account:-
• For savings account minimum 10000 is required.
Website:- Kotak Mahindra Bank – Top Banks in India

IndusInd Bank

The fact about Indusind Bank is that its name is derived from INDUS Valley Civilization. It’s headquarter is established in Pune, Maharashtra. It was inaugurated in April 1994 as a private sector bank. The Present CEO is Mr. Sumant Kathpalia. And the Founder was S.P.Hinduja.

Facilities Provided To Savings Account Customers:-
• Nomination Facility
• Online Account Opening And Video Chatting With Bank Officials
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• DD Pay Orders
• Interest Rates (4.00% up to 1 lakh,5.00% for 1-10lakh,6.00% for above 10 lakh)

Requirements For Opening & Maintaining A Savings Account:-
• For savings account minium 10000 balance is required for class A branches
• For other branches minimum of 5000 balance is required.
Website:- IndusInd Bank – Top Banks in India

Punjab National Bank (PNB)

Punjab National Bank is a public sector bank with its headquarters situated in New Delhi. This bank was founded on 12th April 1894. It is the second-largest public sector bank in India after SBI. Mr.Sunil Mehta is the Chairman.

Facilities Provided To Savings Account Customers:-
• Nomination Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• Online Account Opening
• Interest Rates (3.50% up to 50 lakh, 3.75% for above 50lakh)

Requirements For Opening & Maintaining A Savings Account:-
• For Metropolitan areas minimum 2000 is required
• For Urban areas minimum 1000 is required
• For Semi-Urban & Rural areas 500 is required
Website:- Punjab National Bank – Top Banks in India

Bank Of Baroda

Bank Of Baroda is India’s third-largest public sector bank. It was founded on 20th July 1908 with its headquarter in Vadodara, Gujarat. The MD & CEO is Mr. Sanjiv Chadha and The Chairman is Mr. Hasmukh Adhia.

Facilities Provided To Savings Account Customers:-
• Nomination Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• DD Pay Orders
• Interest Rates (3.00% up to 1 lakh,2.75% for above 1lakh)

Requirements For Opening & Maintaining A Savings Account:-
• For Urban areas minimum 1000 balance is required
• For Rural Areas minimum 500 balance is required
Website:- Bank Of Baroda – Top Banks in India

Yes Bank

Yes Bank was a private sector bank founded by Rana Kapoor and Ashok Kapur In the year 2004. The headquarter is situated in Mumbai, Maharashtra. After the downfall of the YES Bank RBI took control of the bank and appointed former Chief Financial Officer Of SBI Mr. Prashant Kumar as new MD & CEO of the YES Bank. After that, it comes under the control of SBI so now it acts as a Public sector bank.

Facilities Provided To Savings Account Customers:-
• Nomination Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• Select Account Number Of Your Choice
• Doorstep Banking Service
• Interest Rates (5.00% up to 1 lakh,64.00% for between 1lakh and 1 crore, 6.25% above 1 crore)

Requirements For Opening & Maintaining A Savings Account:-
• As it is controlled by SBI so there are no minimum balance requirements
Website:- Yes Bank – Top Banks in India

Bank Of India

Bank Of India is a Public sector bank. It was founded on 7th September 1906. The headquarter is in Bandra Kurla Of Mumbai, Maharashtra. The MD & CEO is Mr.Atanu Kumar Das.

Facilities Provided To Savings Account Customers:-
• Nomination Facility
• Passbook Facility
• Chequebook Facility
• Debit Card
• Internet Banking & Mobile Banking
• Fund Transfer
• DD Pay Orders
• Interest Rates (3.50% up to 50 lakh, 4.00% for above 50lakh)

Requirements For Opening & Maintaining A Savings Account:-
• For savings account normally Zero facility is there but in some cases, a minimum 500 balance is required.
Website:- Bank Of India – Top Banks in India

Conclusion -Top Banks in India

So in this article, we went through the Top Banks in India and discussed their rate of interest. We also checked their requirements to create a savings account and the number of facilities provided by them. One thing I want to tell you guys is that the list I prepared is based on my individual research and is related to any official documentary.

If you liked this article or have any questions related to it, feel free to ask me in the comments down below. Also to read more such articles, check them out at BharatGlobal!