The top 10 private banks in India do not include international asset managers, wealth management firms, or banks originating in Switzerland or Singapore.
Instead, in India, private banks are those that operate privately outside of government control. Of course, India is also home to several very large public banks, which refers to those banks where the government has a significant equity stake.
In this article, we’re going to be discussing the private banks that operate in India. Including a list of the top 10, questions about how they operate, and suggestions on who might want to consider opening here (or not).
This is part of our free series on banking in India, covering topics like opening an NRI bank account, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Top 10 Private Banks in India
- Who Can Open Accounts With Private Banks in India?
- List of Private Banks in India
- How to Open a Private Indian Bank Account
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Top 10 Private Banks in India
The top 10 private banks in India in terms of total assets include HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra, IndusInd Bank, IDBI Bank, Yes Bank, Federal Bank, IDFC First Bank, and Jammu and Kashmir Bank.
Here is a closer look at the top 10 private banks in India, along with their assets.
Top 10 Private Banks in India
- HDFC Bank: 20 trillion rupees
- ICICI Bank: 14 trillion rupees
- Axis Bank: 10 trillion rupees
- Kotak Mahindra: 3.8 trillion rupees
- IndusInd Bank: 3.6 trillion rupees
- IDBI Bank: 3 trillion rupees
- Yes Bank: 2.75 trillion rupees
- Federal Bank: 2 trillion rupees
- IDFC First Bank: 1.6 trillion rupees
- Jammu and Kashmir Bank: 1.2 trillion rupees
Please note: While the exchange between USD and INR (rupees) does fluctuate, one trillion rupees represents roughly USD 12 billion.
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Who Can Open Accounts With Private Banks in India?
In general, both residents and non-residents can open accounts with private banks in India. However, there are specific accounts, bank products, and account opening requirements designated for each profile. Likewise, Non-Resident Indians (NRIs) and People of Indian Origin (PIOs) may be limited to certain bank products.
Of course, in addition to a suitable client profile, applicants will need to meet standard account opening requirements. These requirements vary depending on the bank. But, in most cases, they include government issued identification, address proof, account opening request, completed application, and more.
Client Types That Can Unlock Private Banking in India
The client types that can unlock private banking in India include both resident and non-resident individuals. Additionally, clients looking to open with private banks in India can be foreign or local, and NRI or PIO.
List of Private Banks in India
There are a total of 21 private banks in India currently operating. To help you evaluate your choices, here is a list of all Indian private banks, listed in alphabetical order.
- Axis Bank
- Bandhan Bank
- CSB Bank
- City Union Bank
- DCB Bank
- Dhanlaxmi Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- IndusInd Bank
- Jammu & Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Nainital Bank
- RBL Bank
- South Indian Bank
- Tamilnad Mercantile Bank
- Yes Bank
How to Open a Private Indian Bank Account
To open a bank account with an Indian Private Bank, you will need to first choose which bank you want to open with. Next, you will need to complete an account opening application. In most cases, the application can be completed in person or online via the bank’s website. Next, you will need to submit all of the relevant supporting documents, identification, and more.
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the top 10 private banks in India. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Which Is the No 1 Private Bank in India?
The number one private bank in India is currently HDFC Bank with assets of 20 trillion rupees, which is approximately USD 240 billion. In fact, HDFC Bank has more assets than Kotak Mahindra, IndusInd Bank, IDBI Bank, Yes Bank, Federal Bank, IDFC First Bank, Jammu and Kashmir Bank combined. These seven banks are all listed in the top 10 largest private banks in India.
How Many Private Banks Are There in India?
There are 21 private sector banks currently operating in India. That said, in certain instances, the Indian government does own shares in these banks. However, the government only owns 51% of the shares in public sector banks.
Which Is Better: HDFC or ICICI?
Whether HDFC Bank or ICICI Bank is better for your unique situation will depend on the types of products or services you are looking to access. Likewise, it will depend on the specific metrics that you are using to determine which is better. That said, HDFC is the largest bank in the country and ICICI is the second largest bank in the country. So, they have been deemed by the Indian government as too big to fail.
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