In India currently, there are 34 Banks functioning by giving services to their customers in which 12 are public sector banks and the remaining 22 are private sector banks.
After the PMC Bank and YES Bank crisis, people are worried about keeping their money in banks because they feel insecure.
Some people have the dought whether Private Banks are trustworthy or not, but don’t worry recently the RBI has said that they are safe. And even if you have money in YES Bank you will be safe, the RBI is taking measures to come out of the crisis.
But still, you may want to know which banks are safe to keep your money, so I’ll help you in choosing the top 10 safest banks in India below.
1. State Bank of India (SBI)
SBI is the first trustworthy Bank in India owned by shareholders and much of their shares are owned by the Government of India. It was established on 1st July 1955, and even today it’s functioning well with a large customer base.
It is estimated that it has around ₹5080914.0 Crores of assets (as per Wikipedia 2020 stats), hence if something goes wrong they can pay back with their assets.
2. Housing Development Finance Corporation (HDFC)
HDFC Bank is a big private sector Bank, it was established in August 1994. The headquarters is in Mumbai and has total assets of ₹1189400.0 Crores (as per Wikipedia 2020 stats).
Many private companies depend on this bank to get faster and better services, even recently China’s central bank showed interest to invest and buying a 1% stake in HDFC Bank.
3. Punjab National Bank (PNB)
PNB is the oldest Bank in our list of Banks mentioned, it was established on 19th May 1894. One cannot imagine even after 100+ years the Bank is running successfully, it is also the second-largest Public Sector Bank after SBI both in terms of business and customer base. PNB has ₹774949.00 Crores of assets (as per Wikipedia 2020 stats).
4. Industrial Credit and Investment Corporation of India (ICICI)
After HDFC Bank, ICICI is the 2nd largest private sector bank in India, it is an Indian multinational bank. They are providing many other financial services to people across the country.
The headquarters is in Mumbai and it was established in June 1994 in Vadodara, Gujarat. The bank has got ₹1,007,068 crores of assets (as per Wikipedia 2020 stats).
5. Bank of Baroda (BOB)
BOB is another private sector bank that offers good services to customers, it was established on 20th July 1908 and the head office is in Vadodara. It has many branches across the country and the bank has got ₹719999.00 in assets (as per Wikipedia 2020 stats).
6. Axis Bank
Axis Bank is also a private sector bank that is performing well in recent times, it has the potential to beat other top Banks as well.
It was established on the year 3rd December 1993 in Ahmedabad older than ICICI and HDFC Bank. It has got ₹800997.00 of assets (as per Wikipedia 2020 stats) which is good in number and can be trusted.
7. Union Bank of India (UBI)
UBI has a large number of branches covering Urban, Rural, Small towns, etc. The bank was established on 11th November 1919 and the headquarters is in Mumbai. After 100 years also the bank functions well. The total assets of the bank are ₹1,479,000.00 crores (as per Wikipedia 2020 stats).
8. Kotak Mahindra Bank (KMB)
KMB is also doing good, it’s a private sector bank established in February 2003, and the headquarters is located in Mumbai. I saw many reviews that the services are slow but still, it is safe to keep your money because it has assets of ₹1,479,000.00 crores (as per Wikipedia 2020 stats).
9. Canara Bank
Canara Bank became the 4th largest Public sector bank after the merger happened with Syndicate Bank recently. It was established on 1st July 1906 and the headquarters is located in Bengaluru.
The bank lag in some services but still it is safe for your money, it has assets of ₹711,782 crores (as per Wikipedia 2020 stats).
10. Bank of India
Last but not least BOI, it was established on 7th September 1906, in Mumbai. It was private initially later the nationalization in 1969 it became a government-owned or public sector bank. It has total assets of ₹630883.00 (as per Wikipedia 2020 stats).
As per the research, these are the trustworthy banks in India where your money will be in safe hands, even though they face problems they can overcome them with their assets, and even RBI and the government support them.
I can say it is almost a 99.99% chance these banks will close during their difficult times. This is my personal opinion you also do some research before selecting one.
[ Also Checkout: Top 10 Best Economists of India ]