News

Best Bank in India 2020 - Ranking on Various Loans, FD & Savings

21 Jan 2020 5 min read
News: Best Bank in India 2020 - Ranking on Various Loans, FD & Savings

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 which provides the best banking services and is doing exceptionally well than others. These days the working style of PSU’s have significantly changed due to huge competition in the market. 

Here in this article, we are going to cover 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.

Best Banks for Personal Loans

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.

Banks

Interest Rate(p.a)

Processing Fee

Features

Allahabad Bank Personal Loan 

9.35%- 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%-14.00%

As applicable

Loan amount of minimum of Rs 50,000 to Rs 10 lakh.

PNB Bank Personal Loan

9.95% - 14.50%

1.80% of the loan amount plus GST

It offers three personal loan schemes with lowest interest rates.

UCO Bank Personal Loan

9.85% - 11.85%

1% of the loan amount.

UCO bank offers concessional interest rates for women.

Central Bank of India Personal Loan

10.25% - 12.20%

Rs 500+ applicable GST

The central bank of India offers PL in 6 categories.

CitiBank Personal Loan

10.50% - 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

10.50% -17.84%

Up to 1% of the loan amount.

The tenure ranges from minimum 6 month onwards.

HDFC Bank Personal Loan

10.75%- 21.45%

2.50% of the loan amount + GST

Zero hidden charges, convenient repayment options.

ICICI Bank Personal Loan

10.99% - 18.49%

Rs 999 – 2.25% of the loan amount.

Loan disbursed within 72 hours of document submission.

SBI Bank Personal Loan

11.45% -14.90%

1% of the loan amount + GST

Wide network of branches makes service availability for customers.

Read More: Top 10 Banks & NBFCs for Personal Loan in India 

Best Banks for Business Loans

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%- 16.95%

0.99% - 2%

Standard Chartered

13.50% -20%

2%

HDFC Bank

15.50%-18.30%

0.99% - 2.50%

Axis Bank

15.50% - 24%

Up to 2%

Kotak Bank

16.00% -19.99%

Up to 2%

Best Bank for Car Loans

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

Best Banks for opening FD Account

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

HDFC Bank

            7.61%

          7.86%

SBI Bank

      4.50%- 6.25%

      5.00% - 6.75%

ICICI Bank

      4.00% - 7.10%

      4.50% - 7.60%

Axis Bank 

      3.50% - 7.20%

      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%

Mahindra Finance

7.80%

10.32%

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%

Best Bank for Saving Account 

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

RBL Bank

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

Yes Bank

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 

Bandhan Bank

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

HDFC Bank

Savings account balance above Rs 50 lakhs – 4% p.a

Savings account balance below Rs 50 lakh – 4% p.a

Axis Bank

Savings account balance above Rs 50 lakhs – 4% p.a 

Savings account balance below Rs 50 lakhs – 3.50% p.a

personal loan
business loan
car loan