Are you planning on opening a saving account and looking for the idea bank? In that case let me tell you that your selection will not depend on whether you are a first timer or already have an account.
Take your time to choose the right bank to save your hard earned money. In a country like India, you will find numerous government and private bank sectors for you to choose from.
Every year dozens of new banks comes up. Be it a government bank or a private one, it should give high returns of your savings.
Different parameters on which you should choose a bank to open an account are:
- The bank should be genuine and not subjected to any kind of risks.
- It should give higher returns of your savings.
- It must have ATMs even in the remote places.
- It must have an easy mode money transfer.
- It should provide quality customer support.
Below are the list of documents required:
- Address Proof: Electricity Bill, Ration card, Landline bill, Aadhar card or Passport
- ID Proof: Pan Card, Passport, Election card or Aadhar card.
- Passport size photographs
- A Minimum deposit of Rs 500/- to Rs 1000/- to Rs 10,000/. For example for SBI you need Rs 1000/- and for HDFC you need at least Rs 10,000/-
We have compiled a list of the top 10 banks from government as well as private sectors ideal for you to open your saving account. Have a look.
1. State Bank of India
- Branches: 16,000
- ATM: 9000+
State Bank of India is the largest government bank in India established in 1955. It consists of Non-Banking subsidiaries and features Joint Ventures like SBI Capital Markets Ltd, SBI Funds Management Pvt Ltd, SBI Life Insurance Company etc. Also a lot of commercial services are also offered by this bank. It has more than 70 overseas branches.
2. ICICI Bank
- Branches: 1400
- ATM: 4600
ICICI founded in the year 1994 has risen up as a Young Star bank because it’s awesome plans for children. It has also been providing home loans, personal loans and even car loans. It is one of the best private sector banks in India.
3. Canara Bank
- Branches: 3600
- ATM: 4000+
Canara Bank too started off as a private bank but was later nationalized in 1969. Today, it has seven subsidiaries and sponsored institutions. It offers services like savings, fixed and current account deposits. A few of its niche based services include SB Can Champ, Ashraya Deposit for senior citizens, Can-Tax saver Scheme and Vidyasagar loan for education.
4. Bank of Baroda
- Branches: 4300
- ATM: 2000+
Bank of Baroda mainly deals export finance, bill finance, infrastructure finance, foreign currency loans and other loans. It is also seen offering Multi Cheques, Baroda Health, Baroda Money Express services to ensure better payment and easy transfer of funds. A few other programs from this veteran bank include Baroda premium account, Baroda salary advantage account, Baroda Super Six, Square Drive etc.
5. Punjab National Bank
- Branches: 5000+
- ATM: 2500
Punjab National Bank started off as a private bank but was later nationalized in 1969. A few of the facilities offered includes: deposit and loan schemes like house loans, educational loans, personal loans, customer finance etc. It has also started a Gold Card Scheme for its export clients. PNB offers 12 hour banking services and electronic clearing service at some of its branches too.
- Branches: 2780
- ATM: 11,000
HDFC is a private sector bank established in 1994 providing financial services and other products to its clients. A few of its features include Kids Advantage Account for children savings and Retail Trust Account for earning higher interest etc. It also provides wholesale banking services for big and small and agriculture based companies along with debt securities and equities.
7. Union Bank of India
- Branches: 300
- ATM: 4129
Union Bank of India is a private sector bank offering core banking system. A few of the products offered are: New India Insurance for healthcare and medical claims, Tele banking services and many more.
8. IDBI Bank
- Branches: 1000+
- ATM: 1600+
IDBI Bank is voted as the 10th largest developmental bank in world. The bank is a subsidiary of RBI established with the aim of providing industrial development in the country. Some of its facilities include: Sabka account for minimum balance account, Citizen IDBI Bank for the economically deprived etc. The Bank is ideal to approach to for small business start ups.
9. AXIS Bank
- Branches: 729
- ATM: 3171
AXIS bank is preferred by the lot for its core banking facility. It has ATM at every corner in the country.
10. Bank of India
- Branches: 4200
- ATM: 1700
Bank of India was established in 1906 and was nationalized in 1969. It has been providing Medi Mobile scheme that lets practitioner buy automobiles of their choice. Bank of India’s saving plus scheme comes with a sweep in and sweep out facility.
Some other reliable banks that has not been mentioned in the above are:
- Yes Bank
- Central Bank of India
- Kotak Mahindra
- Allahabad Bank
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