India is one of the fastest-growing major economies and the world’s sixth-largest consumer market. The country is increasing integration into the global economy, and because of its young demographic, the country’s long-term growth perspective is positive. India has been attracting whopping foreign direct investment (FDI) inflows in different sectors.
India has dozens of commercial banks, public sector banks, private banks and foreign banks. Foreign banks have been making a significant contribution to India’s economy. Around 46 foreign banks were operating in India as of September 30, 2020
Which is the best bank in India in 2021?
Top 10 foreign banks in India
Here are the top foreign banks in India based on their presence, operating branches or representative offices, customers and products & services offered.
Citibank is a multinational American bank. The bank started operations in India in 1902 in Kolkata and is one of the leading foreign investors in the Indian financial market. Citibank has 44 branches in the country and caters to a wide spectrum of clients from top global corporations and small & mid-sized enterprises to households.
- Citibank offers products and services in two categories – Institutional Clients Group (ICG) and Global Consumer Bank (GCB). Some consumer banking products and services include Citibank Suvidha Salary Account for professionals, investment products, sizable loans and free worldwide ATM dispensation.
- Citibank initiated the Non-Resident proposition to serve the wealth management and banking needs of Indians around the world. Market-leading products and services are NRE/NRO savings account, loans and overdraft, global investments and easy money transfer.
Standard Chartered Bank
Standard Chartered Bank is a multinational banking and financial services company of Britain. It is the largest international bank in India with 100 branches in 43 cities. Standard Chartered Bank with its subsidiaries offers a variety of products and services to different client segments including businesses and individuals, through Corporate and Institutional Banking, Commercial and Private Banking as well as Retail Banking.
- Key products offered by the bank are current and savings accounts, personal and other loans, deposits, mortgages, and credit cards; priority and private banking services; and wealth management services, bancassurance, credit solutions, investment portfolio management, insurance and advisory, and planning services.
- Some of the corporate finance series are cash management services, payment and transaction services. Financial market services include risk management, investment and debt capital market services, as well as online and electronic banking services.
HSBC Bank is a multinational banking and financial services company of Britain. It is one of the world’s largest banking and financial organizations. HSBC Bank India is an Indian subsidiary of HSBC Holdings plc. The bank has its headquarter in Mumbai, Maharashtra. HSBC Bank is playing an important role in the development of the Indian banking sector; HSBC Bank set up India’s first ATM in 1987.
HSBC Bank serves its customers in India through three global businesses:
- Retail Banking and Wealth Management: Domestic and NRI customers living in several countries around the world can avail of a host of banking products and services.
- Commercial Banking: HSBC Bank also provides a host of products and services to its corporate clients such as global liquidity and cash management services, business accounts, trade services, and a range of borrowing solutions.
- Global Banking and Markets: The bank offers financial products and services for corporate and institutional clients in the global banking and markets sector. Treasury services, investment banking, advisory, capital markets, foreign exchange, fixed income and derivatives, among others, are global banking and market solutions offered by HSBC Bank.
Royal Bank of Scotland
The Royal Bank of Scotland, popularly known as RBS, is a leading international banking and financial services company with its headquarter in Edinburgh. The bank serves over 24 million customers worldwide.
- RBS India started operations in September 2003 with the launch of its Microfinance business. RBS launched 3-year Microfinance Technical Assistance programme in the underserved regions i.e. North and North-East India and introduced ‘Supporting Enterprise’ programme to facilitate enterprises development.
- The Royal Bank of Scotland offers a host of financial products and services. Savings account, current account, term deposit, Demat account opening and cheque protect facility are the services offered by the bank. Other services include non-branch location RBS ATM/Drop boxes, and RBS Premise – RBS ATM/ Drop boxes, doorstep cheque pickup and cash delivery, cheque book requests, locker services, and foreign exchange services.
Deutsche Bank AG
Deutsche Bank AG is a German international investment bank and financial services company headquartered in Frankfurt, Germany. Founded in Berlin in 1870, the bank has a presence in 58 countries in Europe, America and Asia. It is a leading global investment bank with a strong and profitable private client franchise.
Deutsche Bank India
Deutsche Bank is a fully integrated financial services provider in India, preferred by the corporate, institutions and individual clients. Headquartered in Mumbai, the bank has 18 branches in India. It offers a wide array of financial products and services including on-shore investment banking, institutional equities broking, asset and private wealth management, retail banking and business processing outsourcing.
- Products like fixed deposits and different types of savings accounts are offered in personal banking. Credit products offered by Deutsche Bank include Eve business loan, loan against property, business instalment loan, home loan, personal loan, unsecured business loan, overdraft against fixed deposit etc. For business banking clients, Deutsche Bank offers doorstep banking, Deutsche Bank Magnus, trade services and forex, and business instalment loans.
- NRI customers can avail of banking solutions like NRI portfolio investment scheme, NRI value-plus savings account, NRI advantage banking, NRI fixed deposit, debit card, money transfer etc.