18 Dec 2019 | 5 min read
The banking system is the lifeblood of a country’s economy. Any positive or negative impact affects the economy accordingly.
Like all individuals are not the same, it would be difficult to point out a particular bank that provides the best banking services and is doing exceptionally well than others. These days the working style of PSU’s has significantly changed due to huge competition in the market.
Here in this article, we are going to cover the Best Banks offering Personal Loans, Business Loans, Car Loans at attractive interest rates. Also, in this article, you can find about Best Banks for opening a savings account and Banks offering the best FD rates.
Several essential things that you should know about Best Bank In India 2021 are mentioned in this blog. We can summarize out
Personal Loans are unsecured loans whose consumption has significantly increased in recent years. Due to the changed lifestyle these days, the savings with regular income is not much. This at times may be insufficient to cater to the needs of a temporary monetary shortfall. For such a situation’s personal loans act as a great resource. With the help of the chart below, you can easily decide which lender to choose and compare their interest rates.
Read More: Top 10 Banks & NBFCs for Personal Loan in India
|Banks||Interest Rate(p.a)||Processing Fee||Features|
|Allahabad Bank Personal Loan||12.15% - 12.65%||1.22% of the loan amount. Minimum Rs 1,228.||Loan available for both salaried and self-employed professionals.|
|IDBI Bank Personal Loan||9.65% - 14.15%||As applicable||Loan amount of minimum of Rs 50,000 to Rs 10 lakh.|
|PNB Bank Personal Loan||8.65% - 14.50%||1.80% of the loan amount plus GST||It offers three personal loan schemes with lowest interest rates.|
|UCO Bank Personal Loan||8.45% - 10.45%||1% of the loan amount.||UCO Bank offers concessional interest rates for women.|
|Central Bank of India Personal Loan||9.85% - 10.05%||Rs 500+ applicable GST||The central bank of India offers PL in 6 categories.|
|Citibank Personal Loan||9.99% - 18.99%||Up to 3% of the loan amount.||Rebate on Personal loan interest rate for CitiBank Customers.|
|Corporation Bank Personal Loan||10.75% - 12.25%||1.50% of the loan amount||The bank offers personal loans to both salaried and self-employed individuals.|
|HSBC Bank Personal Loan||9.99% - 13.99%||Up to 1% of the loan amount.||The tenure ranges from a minimum of 6 months onwards.|
|HDFC Bank Personal Loan||10.50%- 21.45%||2.50% of the loan amount + GST||Zero hidden charges, convenient repayment options.|
|ICICI Bank Personal Loan||10.50% - 18.49%||Rs 999 – 2.25% of the loan amount.||Loan disbursed within 72 hours of document submission.|
|SBI Bank Personal Loan||9.60 %||1% of the loan amount + GST||Wide network of branches makes service available for customers.|
Business Loans are specifically intended for business purposes, whose monthly payments are fixed over the tenor. It is a great way to overcome the irregular cash flow or to fund for the sudden requirement in business. The below table provides the details of banks offering best interest rates on business loans.
|Bank||Interest Rate(p.a)||Processing Fee|
|SBI Bank||11.20% - 16.30%||2% - 3%|
|ICICI Bank||12.90% - 16.49%||0.99% - 2%|
|Standard Chartered||17.25% - 20%||2%|
|HDFC Bank||11.90% - 21.35%||0.99% - 2.50%|
|Axis Bank||17.00% - 24%||Up to 2%|
|Kotak Bank||16.00% -19.99%||Up to 2%|
As compared to previous years the trend of availing car loans is increasing amongst the masses. Majority of the Banks and NBFCs are providing lucrative offers to entice the customers. The car manufacturers in collaboration with lenders are crafting customized schemes at attractive interest rates. While there are plenty in the market, we have compiled the list for you with best interest rates.
|Bank||Interest Rate (p.a)||Processing Fee|
|Allahabad Bank||8.55%||0.5% of the loan amount.|
|Union Bank of India||8.60% to 8.70%||0.50% of loan amount + Service tax|
|Bank of Baroda||8.80 % - 10.55%||Rs 1,599 – Rs 1,689|
|Axis Bank||8.50% - 11.25%||Rs 1,584 – 1,725|
|Canara Bank||8.70% - 9.35%||Rs 1,594 – Rs 1,627|
|HDFC Bank||8.50% - 11.25%||Rs 1,584 – Rs 1,725|
|ICICI Bank||8.82% - 12.75%||Rs 1,600 – Rs 1,806|
Choosing the right financial institution to park your savings is critical in keeping your hard-earned money safe and secure. The initial step of finding the institution offering better interest is most important. Here we have got you the list of banks and NBFCs which you can look for investing in the FD Schemes.
|Bank||FD Interest Rate (p.a)||Senior Citizen FD Rate|
|SBI Bank||4.50%- 6.25%||5.00% - 6.75%|
|ICICI Bank||4.00% - 7.10%||4.50% - 7.60%|
|Axis Bank||4.00% - 7.10%||3.50% - 7.85%|
|Bank of Baroda||4.50% - 6.60%||5.00% - 7.10%|
|Bank of India||5.00% - 6.50%||5.50% - 7.00%|
|LIC Housing Finance||7.30%||7.40%|
|Shriram City Union Finance||7.50%||10.77%|
|Sundaram Home Finance||7.25%||9.40%|
|PNB Housing Finance||8.05% - 8.45%||8.30% - 8.70%|
|Bajaj Finserv||7.60% - 8.10%||7.85% - 8.35%|
|DHFL||8.50% - 9.25%||9.00% - 9.75%|
Having a savings bank account is every individual’s need to keep their hard-earned money safe. Along with the security reasons, it will also fetch us interest earnings. It is advisable to open a savings account with the bank which will fetch you higher returns and at the same time help you with easy liquidity.
The chart below will give a clear detail about the interest rate offered by various banks on savings account.
|Banks||Savings Bank Interest Rate|
|IDFC First Bank||
Daily Balance over Rs 1 lakh – 7.00% p.a
Daily balance up to Rs 1 lakh – 6.00% p.a
|Ujjivan Small Finance Bank||
Daily balance above 5 crore – 7.00% p.a
Daily balance above Rs 50 lakh to 5 crore – 6.75% p.a
Daily Balance above Rs 5 lakh to 50 lakh – 5.50% p.a
Daily Balance up to Rs 5 lakh- 4.00 % p.a
Daily Balance above Rs 3 Crore to 5 Crore – 7.00% p.a
Daily Balance above Rs 10 lakh- 6.05% p.a
Daily Balance above Rs 1 lakh – 6.0% p.a
Daily Balance up to Rs 1 lakh – 5.50% p.a
Savings Deposits above Rs 1 Crore – 6.25% p.a
Savings Deposit between Rs 1 lakh and Rs 1 Crore – 6% p.a
Savings Deposit up to Rs 1 lakh – 5% p.a
|Kotak Mahindra Bank||
Savings Deposit between Rs 1 lakh and Rs 1 Crore- 6% p.a
Savings deposit between Rs 1 Crore and Rs 5 Crore – 5.5% p.a
Savings Deposit up to Rs 1 lakh – 5% p.a
Daily Balance Above Rs. 10 crore – 6.55% p.a
Daily Balance above Rs 1 lakh up to Rs 10 Crore- 6% p.a
Daily Balance up to Rs 1 lakh – 4% p.a
|Lakshmi Vilas Bank||
Daily Balance above Rs 5 lakh – 6% p.a
Daily Balance up to Rs 5 lakh – 5.25% p.a
Savings account balance above Rs 50 lakhs – 4% p.a
Savings account balance below Rs 50 lakh – 4% p.a
Savings account balance above Rs 50 lakhs – 4% p.a
Savings account balance below Rs 50 lakhs – 3.50% p.a
Mobile applications are the talk of the town these days. The apps are ruling the game with modern technology and convenience provided by banks. Users can do the transaction on the go with simple clicks. Almost all banks these days have mobile banking apps. ICICI Bank was the first bank to launch mobile banking in India.
Here’s a list of top mobile banking apps:
ICICI’s IMobile Banking App – IMobile is the official ICICI Bank mobile banking application. Users can perform banking transactions with few clicks with ease and convenience. Along with that users can also link to the loan, Demat and credit card accounts held with ICICI Bank.
SBIs Anywhere Mobile App – The app was formerly called the State Bank Freedom app. It lets the user perform all the fundamental banking services. The mCash features of the app allow users to transfers funds to a mobile number or email id. It also allows users to make payments to the SBI life premium. SBI has also launched a Wear app that provides its users access to their accounts through their smartwatches.
HDFC Bank Mobile application – HDFC Banks mobile banking app has a 4.2-star4.2-star rating on the Google Play Store and has over 1 million downloads. The “My Menu” tab on the app lets customers customize it. The app is also available in Hindi and has a lite version that is compatible with lower internet speeds. The lite version does not have all the features but normally covers most frequently used services.
Bank of Baroda’s M- Connect Plus Application – The Bank of Baroda’s M-Connect app has been updated and now it has an upgraded version of Bank of Baroda’s M-Connect app. It lets users transfer funds instantly, pau utility bills and do all the transactions of credit card payments.
M-Connect app is now available in 7 regional languages which allow multilingual users to access the app with ease.
Using credit cards wisely will enhance the benefits it has to offer. Thoughtful spending will save a great sum of money annually. For travel bookings to the saving can be quite a good amount.
The rewards and cashback let’s one to find joy in purchasing from the credit card. Listed below are the best credit cards.
The Credit Card offers numerous cashback offers, attractive rewards, and convenient payment options.
All bill payments, movie ticket bookings earn cashback offers made through Citibank Online Bill Pay.
Features and benefits
The cashback offers on multiple categories including fuel spends, EMI purchases, HDFC Smartbuy and PayZapp transactions.
Features and Benefits
The credit card offers on dining and movies.
Features and benefits
Investment banking includes a range of services from investment, financial advisory, underwriting, research, trading, raising capital, issuance of shares and bonds to recommendations and advisory on mergers and acquisitions.
Below is a list of best Investment Bank in India
Bank of America – Bank of America is operational in India since 1964 providing a comprehensive range of investment advisory and financial solutions to most corporate houses, multinationals and financial institutions in the nation.
Citibank – Citibank was incorporated in India in the year 1902 in Kolkata. The bank provides a wide range of financial services and banking products. The bank offers different services related to investment banking.
Barclays Capital - Barclays is the investment banking division of the British multinational Barclays Bank which is headquartered in London. Formerly it was known as Barclays capital or BarCap. Its India based office is situated in Mumbai. The bank primarily focuses on providing financial and risk-management services, and advisory to multi-nationals and other large companies as well as the SME sector.
Kotak Mahindra Bank -Headquartered in Mumbai, the bank was given the license to start its formal banking activity in the year 2003. The bank has renewed in the field of investment banking. Kotak Investment banking which is a subsidiary offers a range of solutions for investing, capital marketing and financial advising.
Private banks are preferred mostly by individuals due to their quick and convenient services.
HDFC Bank – Housing Development Finance Corporation Limited is one of India’s leading private sector bank. With over 3200 branches across the country, HDFC Bank is now setting records in the financial domain with its offering of various financial services of loans, credit cards, private banking, recurring deposits, premium banking, insurance, and FOREX services among others.
ICICI Bank – With over more than 4,882 branches and 15,101 ATMs across the country, ICICI Bank is one of the largest private sector banks in India. It offers services of loans, deposits, privilege banking, insurance policies and credit cards amongst others.
Axis Bank – The bank was established in the year 1993, and since then has made a mark since its operation. It has today flourished to over 4,050 branches and 11,800+ ATMs. The bank is headquartered in Mumbai.
Yes, Bank – The bank was established in the year 2004 and is headquartered in Mumbai. It is one of the fastest-growing private banks of the nation. With over 1,122 branches across the country, Yes Bank enjoyed the revenue of Rs 25,419 crores in the year 2019.
In the growing economy, the presence of foreign banks has helped people to have options for making financial decisions. Foreign banks offer great customer services and ease of banking services. Here’s a list of top international banks.
Standard Chartered Bank – With over 102 branches having its presence in 43 cities within the country, Standard Chartered Bank offers services of Corporate and Institutional Banking, Commercial and Private Banking and Retail Banking.
HSBC Bank – Having over 50 branches within the country, the main services offered by the bank include credit card, foreign exchange, debit cards, and loan facility. The first ATM of HSBC was set up by HSBC in early 1987. The bank serves its customers in India through global businesses—Retail Banking and Wealth Management, Commercial Banking and Global Banking and Markets.
CitiBank – CitiBank has been operational in India for many years now. It was established in India since 1902, the bank has over 750 ATMs throughout the country. The bank focuses on products of debit cards, credit cards, private banking, and big-time NRI banking. It also offers personal loans, housing, and business loans. The bank although began its operations in Kolkata, is now headquartered in Mumbai.
Deutsche Bank – The bank has a global reach spreading across 70 countries. In India, the bank is a fully integrated financial service provider to Indian Corporate, Institutional and Individual Clients. The bank operates through its 18 branches within India that include on-shore investment banking, institutional equities broking, asset, and private wealth management, retail banking and business process outsourcing.
Barclays Bank - The bank has many firsts to its credit and is a prominent bank present in the country. Barclays bank has a history of over three centuries and began its operation in India in 1990.