If you’re preparing to move to India, a crucial thing to think about is how you’ll manage your money in Indian rupees.
Opening an Indian bank account could be very helpful for paying bills, covering expenses and getting paid yourself. But which bank should you choose?
Read on for a full rundown of the top banks in India, from State Bank of India to Punjab National Bank. We’ll also give you some info on the accounts each bank offers.
But let’s start with an overview of banking in India.
Banking in India (an overview)
The banking sector in India is made up of commercial banks, plus a network of smaller co-operative and regional banks. The system is regulated by the Reserve Bank of India (RBI).
To open a bank account in India, you’ll usually need to be a resident. You can apply online or in branch (depending on the bank), with the following documents:¹
- Aadhaar card - featuring a 12-digit identification number issued by the Unique Identification Authority of India
- Permanent Account Number (PAN)
- Recent photos of yourself
You may also require your passport and proof of address, although required documents vary from bank to bank.
You should be aware though that the process of getting your Aadhaar card, PAN and applying for an account can be quite time-consuming, with quite a few steps involved.
In terms of fees, banking in India can be quite expensive. You may encounter fees for debit cards, not keeping a minimum balance in your account and making ATM withdrawals beyond a certain free limit.
And like banks in many other countries, Indian banks often charge high fees for overseas transfers - known as remittances.
If you need to manage your money internationally and want to save money, check out the Wise account instead.
Learn more about the Wise account 🚀
Top 10 banks in India
Now, let’s take a look at some of your options when it comes to choosing a bank in India.
Here are some of the country’s biggest and most popular banks:²
| Bank name | Operational HQ |
|---|---|
| HDFC Bank | Mumbai |
| ICICI Bank | Mumbai |
| State Bank of India (SBI) | Mumbai |
| Kotak Mahindra Bank | Mumbai |
| Axis Bank | Mumbai |
| Punjab National Bank | New Delhi |
| Bank of Baroda | Vadodara, Gujarat |
| Indian Overseas Bank | Chennai |
| IndusInd Bank | Mumbai |
| Union Bank of India | Mumbai |
HDFC Bank
One of the biggest banks in India by market capitalisation,² HDFC Bank has a huge network of branches and ATMs across the country.
It also has a large number of accounts to choose from, including current accounts for businesses, salary accounts, deposit accounts and investment products.
For everyday banking, the Regular Savings Account at HDFC is a good bet. Despite the name, it has many of the same features as a current account. This includes a debit card, and access to BillPay for monthly bills.³
ICICI Bank
Another of the major banks in India is ICICI Bank, which has millions of customers throughout India and overseas. It’s a bank known for its customer-first approach.²
It too has a long list of accounts, including savings accounts, wealth management products, accounts for children and students, senior citizens accounts, and many more.
For businesses, there are current accounts for trade, merchant, startup and premium companies.
A good starting point for everyday banking at ICICI is its Digital Savings Account, which lets you spend, save, borrow and invest all from one online account. You’ll also get a debit card.⁴
State Bank of India (SBI)
At over 200 years old, State Bank of India is one of the oldest and largest banks in the country. It’s a multinational bank, with headquarters in Mumbai.
Like HDFC, SBI has a large number of salary and savings accounts to choose from. It also offers current accounts and loans for businesses, along with specialist services for the agricultural sector.
If you’re after a current account as a newcomer, one of the easiest to open at SBI is the Basic Savings Bank Deposit Account - as you only need basic documentation. The account comes with a basic debit card and has no minimum balance requirements.⁵
Kotak Mahindra Bank
Kotak Mahindra is one of the fastest growing banks in India, and the flagship for the financial services conglomerate Kotak Group.
The bank’s product offer is huge, with a range of services and accounts for personal, corporate, business and private customers. This includes online current accounts and lending solutions for businesses of all sizes, plus trading/forex services for import and export companies.
For personal customers, a popular choice of everyday account is the 811 Edge Savings Account. It’s a digital account which offers free online transfers, a Platinum Chip Debit Card (annual fee applies) and interest on your balance.⁶
Axis Bank
One of the largest private-sector banks in India, Axis Bank specialises in business banking and financial services for corporate customers of all kinds.
However, it does also have accounts available for personal customers. This includes the Amaze Savings Account, which has a free debit card, no minimum balance requirement, in-app services and rewards, and free domestic transactions. There is a monthly maintenance fee, however.⁷
Punjab National Bank (PNB)
PNB has a history dating back to 1893, and today has a customer base of millions. The bank is also known for its presence in both rural and semi-urban areas, as well as the big cities.
For personal customers, PNB offers a selection of deposit and savings accounts. This includes its Basic Saving Bank Deposit Account, which comes with a debit card and no minimum balance requirements. However, withdrawals are limited to a certain number per month.⁸
For businesses, the bank has current accounts, corporate loans and cash management services.
Bank of Baroda
The nationalised Bank of Baroda has a history dating back to 1908 and is known for its extensive branch network.
It has personal accounts and business accounts of all kinds, including specialised options for millennials, professionals, senior citizens and farmers. Business services include accounts for SMEs and startups, agriculture, trading and corporate organisations.
If you’re looking for an everyday banking account at Bank of Baroda, a good entry level option is the BOB LITE Savings Account. It’s open to all and comes with a free debit card and no minimum balance requirement.⁹
Indian Overseas Bank
As you might expect from its name, the Indian Overseas Bank (IOB) has branches in other countries including Singapore, Hong Kong, Thailand, South Korea and Sri Lanka.²
In India, IOB offers a selection of savings accounts for personal customers. This includes the Regular SB Account, which pays interest on your balance and comes with a debit card.¹⁰
The bank also has many services and accounts for SMEs, corporate customers and businesses within the agriculture sector.
IndusInd Bank
A notable private bank in India, IndusInd Bank operates mainly in major cities across the country - as well as overseas.
Among its many savings, salary and deposit accounts for personal customers is the Indus Classic Savings Account. It has low balance requirements, rewards points on shopping and is available with a debit card.¹¹
For businesses, IndusInd Bank offers tailored accounts and products for ‘Indie’ and ‘Pioneer’ customers, along with a range of business and corporate financial services.
Union Bank of India
Founded back in 1919, Union Bank of India today has a network of thousands of branches nationwide.
For personal customers, Union Bank has a large number of savings accounts - including options for young people and senior citizens. A good option for everyday banking is the Savings Bank Account (SBGEN), which comes with a debit card and a limited number of free ATM withdrawals per month.¹²
The bank also has loans for SMEs, along with a limited number of current accounts and other financial services for businesses.
Best online bank accounts and alternatives in India
Along with traditional banks, there are also online banks, money apps and other alternatives operating in India.
A few of the most popular are:
- Freo - a credit-led neobank with a digital savings account, credit line and pay later products
- Digibank by DBS - a digital bank account from DBS Bank
- Paytm - a payment app and digital savings account.
Wise – Money for here, there and everywhere
If you want to send money internationally, or use your debit card when you travel, you could find it expensive with an Indian bank.
The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.
You can even get an international debit card for spending in 150+ countries, including India and the UK. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.
This makes it ideal for travellers, expats, overseas students and anyone else living an international life.
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And there you have it - a handy list of the top banks in India, including some of the most popular accounts to choose from.
Sources used for this article:
Sources last checked on 14-Mar-2024.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
