The 10 best banks in India: A list of top picks in 2025

If you’re preparing to move to India, a crucial thing to think about is how you’ll manage your money in Indian rupees.

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.

We’ll also show you an alternative from the money services provider Wise - the Wise account. It’s not a bank account but offers some similar features, and your money is safeguarded.

Over 12.8 million people worldwide use Wise to send, spend and convert money in 40+ currencies – for low, transparent fees* and no-markup exchange rates close to what you can see on Google. Plus, you’ll get dedicated support and volume discounts when sending large amounts.

Learn more about the Wise account ➡️

Top 10 best 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:

Bank name	Founded	Assets (in USD)¹
HDFC Bank	1994	483.71 billion
ICICI Bank	1955	283.74 billion
State Bank of India (SBI)	1955	808.20 billion
Kotak Mahindra Bank	1985	92.14 billion
Axis Bank	1993	182.22 billion
Punjab National Bank	1894	191.87 billion
Bank of Baroda	1908	198.61 billion
Indian Overseas Bank	1937	42.23 billion
IndusInd Bank	1994	61.82 billion
Union Bank of India	1919	168.27 billion

HDFC Bank

One of the biggest banks in India in terms of assets, 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.²

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.³

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), access to a savings account 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, 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 1894, 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.

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 Union Digital Savings Account, which comes with a debit card and no minimum or opening balance requirements.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 - An international alternative to a bank account

Looking for smart ways to manage your money between the UK and India? Check out the Wise account. It's not a bank account but offers some similar features and your money is safeguarded

With the Wise account, you can send, spend, hold and convert money in 40+ currencies, for low, transparent fees* and mid-market exchange rates close to what you see on Google.

You can also get a Wise card for a one-time fee of £7 (or the Wise virtual card for £0) to spend like a local in 150+ countries. This clever card automatically converts your pounds to the local currency whenever you spend, only adding a tiny, upfront currency conversion fee* – or it’s fee-free if you already have the local currency in your Wise account.

Here’s an overview of the main benefits of using Wise:

Fast and easy setup with no physical paperwork Low, transparent fees* and no-markup mid-market exchange rates Dedicated support and volume discounts for large transfers No monthly/annual account fees Sophisticated security and anti-fraud measures, with your money safeguarded under regulatory protections Trackable and fast transfers to 140+ countries Low-cost spending in 150+ countries with the Wise card Earn a return on your GBP, USD and EUR balance with Wise Interest**

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**Capital at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.

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:¹³

• 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.

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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.

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Sources used for this article:

1. S&P Global - Indian banks grow total assets buoyed by strong economy

2. HDFC - Regular Savings Account

3. Forbes India - Top 10 banks in India by market cap in 2024

4. ICICI Bank - Savings Account

5. SBI - Basic Savings Bank Deposit Account

6. Kotak Mahindra Bank - 811 Edge Digital Bank Account

7. Axis Bank - Amaze Savings Account

8. Punjab National Bank - PNB Basic Saving Bank Deposit Account

9. Bank of Baroda - BOB LITE Savings Account

10. IOB - Regular SB Account

11. IndusInd - Indus Classic Savings Account

12. Union Bank of India - Union Digital Savings Account

13. Forbes - How to open a bank account in India

Sources last checked on 23-Apr-2025.