Top 10 Safest Banks in India for Your Savings

Indian banking is the backbone of the country's economy. The country's central bank maintains the country's banking system, which is solvent and properly supervised. 

As technology progresses, banks are introducing advanced options for deposit and withdrawal facilities. A bank's mission is to provide customers access to a wide range of banking services that improve their financial well-being. 

Banks are introducing new services to keep themselves updated and attract new clients. This is all due to advancements in technology and increases in competition. 

In this guide, we have the top 10 safest banks in India for your savings to deposit your money right now: So, let's take a look below.

Parameters And Features of The Safest Bank

1. Excellent customer service to your clients

Any company, especially your bank, owes you the utmost customer service. Find a bank with helpful and accessible support staff. Furthermore, ensure the staff is prepared to handle any issues.

2. Low account fees 

If you want your money kept safe, why would you pay someone? Your best bet is to get a bank account that doesn't charge fees or has extremely minimal ones. 

There are numerous options for checking accounts that don't have a minimum balance. If your potential bank makes you pay for things like paying bills online or getting a new debit card, you should look elsewhere.

3. Confidentiality and safeguarding against fraud

There could be serious consequences if a thief gains access to your banking information. The best option would be to look for a bank that offers high levels of security at their branches and on their website. 

Your bank should suggest a strong and lengthy password so that no other third-party can access your account without your consent.

4. Online and digital availability

We can't deny that our dependence on cell phones has increased in recent years. Get yourself set up with a bank that offers mobile banking facilities. This way, managing your finances and paying your expenses will become less hassle.

5. Solid brand value in the market

It is always better to associate yourself with a community bank rather than a larger chain of banks. Because finding reliable and trustworthy banks has great benefits for you.

6. Easy-to-use ATMs

Being close to ATMs can save both your time and money. Closer non-bank ATMs may attract you to use them, but they may charge you extra fees. 

Instead, try to find a bank with several conveniently located ATMs. If you work three times a week, you should be able to access your bank account without going far from your house or place of employment.

7. Competitive interest rates

It will help if you are looking for a bank that offers a higher interest rate on savings accounts even when current rates are low. 

Furthermore, CD interest rates are similarly affected (CDs). You may make money from a CD if you browse around and pick the correct one when rates are high.

8. Combination of different accounts 

An ideal bank would allow you to keep your checking, savings, and certificates of deposit (CDs) in one convenient location. This will make monitoring your financial situation without any hassle.

9. Convenient branch locations 

Your bank's ATMs may be more useful to you than the actual branch, depending on how many times you use them and where you are living. Even so, it's best if you can locate a bank that's convenient for either your home or place of business. 

It's essential to look at the location of your bank’s branch when you require the services of a safe deposit box, a notary, or a bank employee.

10. Offering loans or different financial products 

You may require other banking services besides checking or managing your account. When financial difficulties arise, what do you do? 

Don't you think it would be great if your bank gave you a loan? A similar bank that offers other services, such as an Individual Retirement Account (IRA), could be useful.

You earned this cash through your hard work, so invest it wisely. When searching for a new bank, keep these terms in mind. The advice they give will guide you toward the best option.

10 Safest Banks in India For Your Savings 

1. The State Bank of India

The SBI is a Fortune 500 firm and one of the largest banks in India. This bank has 57 zonal offices in a few major cities across India, with the Corporate Centre in Mumbai. 

More than 26,340 physical locations and 60,000 automated teller machines are available. It is headquartered in Mumbai, Maharashtra. In another way, it has assets worth more than $390 billion. 

Their main product lines include corporate banking, retail banking, investment banking, finance and insurance, credit cards, house loans, and auto loans.  

They also deal in mortgage loans, private banking, savings, securities, private equity, wealth management, and asset management.

SBI has global customers and a large presence in India and other nations.

2. HDFC Bank

The Housing Development Finance Corporation is a prominent private bank in India (HDFC). It has been operating since 1994, when it was launched in Mumbai. 

There are more than 1200 automated teller machines and nearly 4800 branch locations around the country. 

HDFC provides various financial products and services, including forex cards, personal loans, credit cards, auto loans, and consumer finance. Its total assets are worth roughly $66.7 billion.

3. ICICI Bank

Among Indian financial institutions, ICICI is one of the best and most well-known banks. It has 4,867 branches and 14367 automated teller machines spread across India. 

This bank's headquarters is in Mumbai, although its official address is Vadodara, Gujarat.

It has outposts in various countries, including the USA, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, and Oman. 

This bank also operates several subsidiaries in other developed countries, including the United Kingdom and Canada, where some of its branches are located.

Services include deposits and withdrawals, loans, VIP banking, insurance, credit cards, and more. About $13.5 billion US dollars are total assets.

4. Punjab National Bank (PNB)

On April 12, 1985, in Lahore, Punjab National Bank opened as part of the Swadeshi movement. During this time, the bank was under the direction of Lala Lajpat Rai. 

PNB's headquarters are located in New Delhi. This bank has over 10,681 automated teller machines and over 7,000 physical locations. 62% of the locations are outside of major cities.

This government-owned bank has a market value of Rs. 37,411.52 crores. Different monetary and financial services are also available. In short, Punjab National Bank is an ideal destination to cover all banking needs.

5. Axis Bank

The Unit Trust of India founded Axis Bank in Ahmedabad in 1993. It is one of the most reputable financial institutions in India.

The bank serves its customers with a wide variety of financial services. A few of their main services are checking and savings accounts, credit cards, loans, mortgages, investments, and wealth management.

The bank operates over 13,000 automated teller machines, over 3,000 branches within India, and nine international locations. 

Plus, the promoters of Axis Bank hold 30.81% of the company's stock. But, mutual funds, banks, insurance companies, and other forms of private investors hold the remaining 69.19%.

6. Canara Bank 

Canara Bank is a Commercial bank controlled by the government and operates throughout India. It started as a small shop in New York City in 1906 but now has its headquarters in Bangalore. They have more than 4000 ATMs and around 3200 physical locations. 

This bank is a global brand with offices in major cities like Hong Kong, Shanghai, London, New York, Manama, Johannesburg, and Dubai. In short, it enjoys widespread recognition. Canara Bank has a market value of Rs. 711,782.81 crores.

7. Bank of Baroda 

In 1908, the first branch of the Bank of Baroda was opened. Vadodara, Gujarat, is home to its main office, although Mumbai is where the company's upper management is based. 

It operates over 13,400 automated teller machines (ATMs) in India and 9,500 branches worldwide. Including the 104 locations outside India. 

It has main services of debit and credit cards, as well as loans and advice on budgeting.

On July 19, 1969, the government of India officially acquired control of the Bank of Baroda. After that, the Bank of Baroda was converted to a public sector enterprise (profit marketing public sector undertaking). 

With over $100 billion market capitalisation, it is one of India's top 10 government banks.

8. Union Bank of India 

On November 11, 1919, the Union Bank of India was established in Mumbai. The organisation was first formed as a limited liability business. 

The bank was nationalised in 1969 and converted into a commercial bank. It operates around 4500 locations across the vast country of India. This bank also has branches in Dubai, Sydney, and Hong Kong.

It operates more than 4,500 physical locations throughout India and 7,000 automated teller machines. Its total assets are around Rs. 498,580.54 crores.

9. The Central Bank of India 

The Central Bank of India is undoubtedly one of the country's oldest and most prestigious financial institutions. The bank's headquarters can be found in Mumbai. It is now in 29 of India's states and 6 Union Territories. 

There are currently 4,886 main branches, one extension counter, and ten satellite offices around the country. This banking institution maintains offices in both Hong Kong and Nairobi.

The Central Bank of India is owned equally by the Government of India, the Bank of Baroda, and the Central Bank of Zambia. Its total assets are estimated to be Rs. 331,884.64 billion.

10. Bank of India 

In 1906, a group of successful Mumbai merchants founded the Bank of India. In 1969, the government took over the banking sector. Before that, it worked as a private banking organisation.

It operates in more than 22 countries with over 5,500 offices. Aside from the United States, the most important locations of this bank are Singapore, Paris, Tokyo, Hong Kong, New York, New Jersey, and London.

With a market value of approximately Rs. 28,464.06 crores, it is expected to be one of the top 10 banks in India by 2020. According to the latest reports, the annual profit of this bank has been $ 400,000,000.

It was also early in the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It’s a networking platform that enables member banks to exchange messages and instructions securely using a common set of codes. 

Its total assets are estimated to be $96 billion.

Tips to Follow in Choosing The Safest Bank in India

Now, after such a long discussion and list of safest banks, let's highlight a few tips for beginners to get an idea about choosing the right and trustworthy bank in future:

1. Look for banks in your nearby locality or areas

To begin, think about which banks might work for you. To begin, you can check with banks in your nearest area. 

Smaller banks in your locality provide friendlier service to their customers than their larger counterparts. Additionally, local banks are not your only option for handling money transactions.

Although a local bank may be the best place to start, several serve a bigger region or even the whole country. Knowing where to begin might not be easy when you're on your own and trying to educate yourself about these banks.

2. Look for the bank reviews and take recommendations 

Finding a new bank is a process that should begin with research and recommendations from those you trust. However, since each person has a different point of view, getting reviews from those you know is great.

For instance, you might highly value face-to-face interaction in the workplace. Some people might not care if all or most of their assistance comes from the internet. In light of this, contemplate your desires.

3. Visit the official website of the bank.

It can be hard for some people to find a reliable bank that offers the best banking facilities.

You should check out each bank's website to ensure you're satisfied with its functionality. Consider how your daily banking routine can change if the system is confusing or irritating to use.

The majority of online banking platforms are intuitive and simple to use. However, if you want to bank locally, you should do most of your banking online or in a physical branch. 

These considerations become even more crucial if the bank has a subpar website.

4. Talk with your bank representative.

Talk to the bank representative you're considering before opening an account there. It's a good way to get some queries answered. 

Talk to the bank of your choice and see whether their customer service philosophy aligns with yours. While a large bank may be more accessible, a local credit union may provide a more customised experience.

Picking the safest banks in India will help you deposit your money without fear of getting stolen or facing any major fraud.

5. See if the bank is a trusted advisor.

It is also crucial to learn whether or not the bank functions as a trusted advisor. They should try to create customer relationships and not treat them like numbers.

It's a fact and a hidden secret that an organisation will only survive in the market if they have built a strong and long-lasting relationship with its customers. Treating customers as valuable should be the main goal.

A bank should be a companion who assists you in achieving your financial objectives and stands by you in times of need.

6. Does it align with your values?

Due to expanding customer choice, value-based banking and investment have gained traction in recent years. As technology has been advancing, banks' role is also evolving beyond the expectations of their clients to meet their hard-earned needs, which is finally a way to finance your values.

For example, some banks invest heavily in local small companies and low-income housing. Not everyone is willing to put their money into fossil fuels. Make sure your selected bank aligns with your values and meets all your banking needs without fuss.

7. Be sure to read the fine print.

We are not people who enjoy reading the fine print. How often do you encounter a document that contains terms of service only to glance over it and move on quickly? 

This is common practice. But it can lead to unpleasant surprises when dealing with banks because of the fine print.

Conclusion

In the last few decades, many new banking options have emerged. Each of them promises a little more than what your current bank provides.

As a result, it's tough to determine where to deposit your money so it'll be secure. We provided you with a comprehensive list of the safest banks in India where you may deposit your money without worry. Go with the one that serves your purposes the best.