The Indian banking system has evolved over time to achieve excellence and transparency in providing financial services to customers. It keeps track of the financial circumstances of the country’s various social classes.In terms of offerings and schemes, both public and private banks in India are becoming more flexible. However, private banks are now in a better position to be people’s first choice. Private banks in India perform better in terms of operational efficiency and level of innovation.They are profit-driven, which allows them to provide better service.
After the LPG policy was implemented in the 1990s, private banks were recognised.All the Private banks List in India provide exceptional service because they operate in a more open and competitive environment. They provide a broader range of products and services than nationalized banks. They protect the customers’ privacy and security.
Their Major Functions
- They offer services such as opening deposit accounts with high interest rates and other benefits.
- These banks recommend and approve various investment strategies for their clients in order to achieve their goals. In other words, they provide investment planning services as well.
- They provide suggestions and recommendations for real estate financing options.
- They offer low-interest loans and credit.
- Various banks in India assist their clients with tax compliance and future tax trends.
- Banks, like tax trends, assist customers with future uncertainties and risks such as market conditions, interest rate changes, liquidity risks, and so on.
- They manage bills and receipts to manage the cash flow of various clients.
List of Private Banks in India
Here is the list of top private banks in India:
|Sr. No||Name of the Bank||Branches||Establishment||Headquarter|
|1||Axis Bank||4528||1993||Mumbai, Maharashtra|
|2||Bandhan Bank||670+||2015||Kolkata, West Bengal|
|3||CSB Bank||417||1920||Thrissur, Kerala|
|4||City Union Bank||700+||1904||Kumbakonam, Tamil Nadu|
|5||DCB Bank||334||1930||Mumbai, Maharashtra|
|6||Dhanlaxmi Bank||270+||1927||Thrissur city, Kerala|
|7||Federal Bank||1284||1931||Aluva, Kochi|
|8||HDFC Bank||5430||1994||Mumbai, Maharashtra|
|9||ICICI Bank||5288||1994||Mumbai, Maharashtra|
|10||IDBI Bank||1892||1964||Mumbai, Maharashtra|
|11||IDFC FIRST Bank||260||2015||Mumbai, Maharashtra|
|12||IndusInd Bank||2000||1994||Pune, Maharashtra|
|13||J&K Bank||1038||1938||Srinagar, Jammu, and Kashmir|
|14||Karnataka Bank||857||1924||Mangaluru, Karnataka|
|15||Karur Vysya Bank||779||1916||Karur, Tamil Nadu|
|16||Kotak Mahindra Bank||1500+||2003||Mumbai, Maharashtra|
|17||Nainital Bank||150||1922||Nainital, Uttarakhand|
|18||RBL Bank||398||1943||Mumbai, Maharashtra|
|19||South Indian Bank||876||1929||Thrissur, Kerala|
|20||Tamilnad Mercantile Bank||509||1921||Tuticorin, Tamilnadu|
|21||YES Bank||1000+||2004||Mumbai, Maharashtra|
Types of Saving Account
Account for Regular Savings
- These are opened on the basis of basic terms and conditions.
- Regular savings accounts do not receive consistent deposits and are the equivalent of a safe house where money is kept for safekeeping.
Salary based Savings Account
- Banks open these accounts at the request of businesses that require a platform for payment disbursement.
- Banks provide preferential rates and terms for these accounts. When the payment disbursal date arrives, the bank withdraws funds from the company account and distributes them.
- It should be noted that almost all salary accounts do not have a minimum balance requirement.
- If no salary is credited for three months in a row, the accounts will be converted into regular savings accounts.
Interest Rate of Private Banks Savings Account
The interest rate on a Savings Account is calculated daily and credited to the account on the first day of the following quarter. The interest rate will be determined by the account balance. It is currently ranging between 3% and 3.5 percent.
A Savings Account interest rate is for a variety of purposes, including parking money for future investments, keeping funds safe, facilitating easy liquidity, and carrying out payments and other transactions. Furthermore, the balance in a Savings Account earns interest, increasing an individual’s income. Interest on Savings Accounts is tax-free up to Rs. 10,000 per fiscal year.