In this article, we’re answering “which is the largest bank in India?” But, we won’t keep you guessing…
The largest financial institution is the State Bank of India, which shouldn’t be a surprise.
Below, we’ll break down all of the important information you need to know and share the other three major Indian banks that you should know about as well.
This article is part of our free series on banking, ranging from how to open accounts as a foreigner to NRI bank account opening, and everything in between.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Which Is the Largest Bank in India?
- Largest Banks in India
- Who Can Open a Bank Account in India?
- Frequently Asked Questions
- Ready to Explore Your Options?
Which Is the Largest Bank in India?
The largest bank in India is the State Bank of India or SBI, with approximately 25% of the total market share in terms of both assets and deposits, and loans. In fact, SBI is in the top 50 banks globally and in the top 250 largest corporations in existence. SBI’s headquarters are in Mumbai and the bank employs over 250,000 people across India.
State Bank in India
Not surprisingly, State Bank of India has a vast network of branches, including over 24,000 different locations. This allows it to offer banking services to a wide range of customers including domestic retail, non-resident Indian (NRI), commercial, and even international banking services.
Additionally, through the bank’s network of subsidiaries, SBI is also active in several parallel industries. These include life insurance, payment cards, payment processing, capital markets, and fund management.
Largest Banks in India
While the State Bank is the largest financial institution, there are other large banks that offer comparable services and stability. These banks include HDFC Bank, ICICI Bank, and Axis Bank
HDFC Bank in India
HDFC is the largest private bank and among the four largest financial institutions in the country. Like SBI, HDFC is headquartered in Mumbai, offers a wide range of services to retail and corporate clients, and is one of the largest private banks in the world.
ICICI Bank in India
ICICI Bank is the second largest private bank after HDFC. And, as mentioned, it is one of the four largest banks in the country. Like other banks in this category, ICICI caters to a wide range of clients, including retail and corporate clientele.
Kotak Mahindra Bank in India
Kotak Mahindra Bank is the third largest private bank by market capitalization after HDFC and ICICI. In addition to basic banking services, it offers a wide range of financial services including personal finance, insurance, and investment solutions.
Who Can Open a Bank Account in India?
Generally speaking, opening an account in India is reserved for individuals with local ties, operations, or Indian citizenship and living abroad. With this in mind, here is a look at the specific client groups that can open accounts in India.
Client Groups that Can Open Accounts in India
- Local resident individuals
- Local resident Indian companies
- International companies with local operations
- Non-resident Indians (NRI) living abroad
- Spouse of NRI living abroad
- Persons of Indian Origin (PIO) living abroad
- Spouse of PIO living abroad
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Frequently Asked Questions
Below are two of the most common questions that we receive from people looking into the largest bank in India. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Is the 1 Largest Bank in India?
The 1 largest financial institution is the State Bank of India or SBI. This is true in terms of assets as well as loans and deposits, with approximately 25% market share of each. In fact, SBI is one of the 50 largest banks in the world and one of the 225 largest corporations in the world as well.
Is SBI Largest Bank in India?
Yes, SBI is the largest financial institution in India. In fact, it is one of the largest banks in the world, ranking in the top 50 globally. Locally, SBI has approximately 25% of all bank assets, loans, and deposits. Making it a considerable market participant in all areas of India’s banking industry.
Ready to Explore Your Options?
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Of course, if you have any questions, please contact us directly.
