Top 10 Best Private Banks in India 2022 (New List)

In India, currently, there are a total of around 21 private banks. However, if you want to know the top 10 best private banks in India for 2022, you have come to the right place.

In this blog post, you will know the list of the top 10 private banks in India along with the no. 1 private bank in India based on their annual revenue, so read this blog till the end.

Private banks play a significant part in India’s economy. A newindianexpress study states that as of March 2021, 15.6 lakh (1.56 million) people were employed in India’s banking industry.

There are private banks that are owned by individuals, organizations, or businesses in the private sector. Excellent customer service and flawless technology are offered by Private Bank.

If you also want to choose the best private bank in India for your banking and financial needs, then go through the list of private banks given below.

Top 10 Best Private Banks In India 2022

Below you can see the list of the top ten best private banks in India in 2022.

Sr No.Bank NameTotal BranchesCustomers CountTotal ATM’s
1HDFC Bank6,37871 Million18,000
2ICICI Bank5,27552 Million15,579
3Axis Bank 4,75810+ Million10,990 
4Kotak Mahindra Bank1,7022.7 Million2,761
5Yes Bank1,000+2 Million1,800
6Federal Bank1,26310 Million1,937
7Induslnd Bank2,0159 Million2,886
8Bandhan Bank Ltd50126 Million50
9IDFC Bank6004 Million732
10South Indian Bank Ltd93318 Million1,200

#1. HDFC Bank Limited

HDFC Bank Limited is India’s leading provider of banking and financial services. Housing Development Finance Corporation Limited is how HDFC is formally known. In 1994, HDFC Bank first opened its doors.

HDFC
Revenue $21.58 Billion
Market Cap $97.16 Billion
Customer Base 71 Million
Employees 1,52,511
Total Branches 6,378
CAGR (5 Years) 13%

Products & Services

  • Working capital facilities
  • Term lending
  • Project Finance
  • Debt capital markets
  • Mergers and Acquisitions
  • Trade credit
  • Supply chain financing
  • Forex and derivatives
  • Cash management services
  • Wholesale deposits
  • Letters of credit and guarantees
  • Custodial services
  • Correspondent banking

The bank’s distribution network consisted of 6,378 branches spread over 3,203 locations as of June 30, 2022. In FY 2017, it issued 12 million credit cards, 23,570,000 debit cards, and 430,000 POS terminals. As of June 30, 2022, it had a base of 1,524,511 permanent employees.

The National Stock Exchange of India and the Bombay Stock Exchange both list HDFC Bank equity shares. HDFC is the No. 1 private bank in India.

#2. ICICI Bank

ICICI Bank is the 2nd-leading banking and financial services provider in India. It was established in the year 1994 in Vadodara.

ICICI
Revenue $13 Billion
Market Cap $72.10 Billion
Customer Base 52 Million
Employees 130,542
Total Branches 5,275
CAGR (10 Years) 10%

Products & Services

  • Online money transfers
  • Monitoring services
  • Current accounts
  • Savings accounts
  • Time deposits
  • Recurring deposits
  • Mortgages
  • Loans
  • Automated lockers
  • Credit cards
  • Prepaid cards
  • Debit cards
  • Digital wallets
  • Dubbed ICICI pocket

ICICI Bank is India’s top private sector bank. On September 30, 2020, the bank’s consolidated total assets were Rs. 14.76 trillion. There are currently 15,579 ATMs and 5,418 branches of ICICI Bank spread across India.

The board of ICICI Bank Ltd. approved a $130 million investment in Yes Bank in March 2020, giving ICICI a 5% ownership stake in Yes.

#3. Axis Bank

Axis Bank is one of the top 3 private banks in India which provides banking and financial services. It was established in the year 1993 in Ahmedabad.

Axis Bank
Revenue$11 Billion
Market Cap $27.57 Billion
Customer Base 10+ Million
Employees78,310
Total Branches 4,758
CAGR (5 Years) 14%

Products & Services

  • Accounts
  • Deposits
  • Credit Cards & Debit Cards
  • Loans
  • Forex Card
  • Investments, Mutual Funds, RBI Floating Rate Savings Bonds
  • Insurance, Life Insurance, Bima Uphaar Yojana
  • Start a SIP
  • Digital Payments

The Bank’s worldwide operations are housed in 8 foreign offices, including outposts in London, the UK, Singapore, Dubai, Abu Dhabi, and Sharjah.

With 4,758 domestic locations, 10,990 ATMs, and 5,972 cash recyclers, the Bank has a substantial nationwide footprint.

#4. Kotak Mahindra Bank

Kotak Mahindra Bank is one of the top 5 best private banks in India. It offers services to both corporate and retail clients in a variety of fields, including personal finance, investment banking, life insurance, and asset management.

Kotak Mahindra Bank
Revenue $7.4 Billion
Market Cap $43.5 Billion
Customer Base 2.7 Million
Employees 71,000
Total Branches 1,702
CAGR (3 years) 18.7%

Products & Services

  • Loans and Advances
  • Long-Term and Working Capital Loans for Overseas Subsidiaries of Indian Companies.
  • External Commercial Borrowing (ECB) for Indian Corporates.
  • Trade Loans
  • SBLCC Backed by Term Deposits
  • Deposits (for entities operating in gift-IFSC and non-resident entities and individuals)
  • Current Accounts
  • USD Current Accounts
  • Nil Charges on Outward Remittances and No Commitment on Account Maintenance
  • Non-face-to-face account opening
  • Request for outward remittances through net banking
  • Term Deposits
  1. Amount: Min Amount of USD 1,000 and in Multiples Thereof
  2. Deposit Schemes with and without Premature Withdrawal
  3. Tenor: from 31 days up to 5 years
  4. Request for Term Deposit Through Net Banking.
  • Treasury products
  • Non-Derivable Forwards (PDF)
  • FX-Cross Currency Cash, Tom, Spot, Forwards and Ltfx
  • Interest Rate Swaps (IRS) and Cross Currency Interest Rate Swaps (CIS)
  • Cross Currency Swaps (CCS) & Principal Only Swaps (pos)

Kotak promised to provide 50 crores to the PM cares fund in 2020 to help India Combat The Covid-19 Pandemic.

#5. Yes Bank

Yes Bank is one of the top ten private banks in India. Through its retail banking and asset management services, it serves both corporate and retail customers.

yes bank
Revenue $2.8 Billion
Market Cap $4.8 Billion
Customer Base2 Million
Employees23,800
Total Branches 1,000+
CAGR (3 Years) -28%

Products & Services

  • Investment Banking
  • Yes First Corporate Credit Card
  • Yes Prosperity Purchase Credit Card
  • Treasury and Risk
  • Loans
  • Transaction Banking Solution
  • Digital Banking
  • Surplus & Investment
  • Debt Capital Markets

Under Kumar’s new leadership, the bank’s management immediately repositioned itself and addressed all internal and market-related issues in an effort to win back the trust of customers and depositors.

As of September 2018, Yes Bank had secured syndicated loans from eight major foreign institutions, including ADB, OPIC, the European Investment Bank, and banks in Taiwan and Japan, ranging from $30 million to 410 million USD.

#6. Federal Bank

One of India’s top 10 best private banks, Federal Bank offers banking and financial services. It also keeps representational offices in Oman, Qatar, Kuwait, Abu Dhabi, Dubai, and Abu Dhabi.

federal bank
Revenue $1.1 Billion
Market Cap $3.06 Billion
Customer Base 10 Million
Employees 12,592
Total Branches 1,263
CAGR (5 Years) 11.6%

Products & Services

  • Retail Banking
  • Wholesale Banking
  • Finance and Insurance
  • Mortgage loans
  • Wealth management
  • Investment banking
  • Credit cards
  • Debit cards

With more than 10 million clients, including 1.5 million NRIs, and a sizable global network of remittance partners, Federal Bank handled more than 15% of India’s US$79 billion in total inward remittances in 2018.

#7. Induslnd Bank

Induslnd Bank is one of the best private sector banks in India. It offers commercial, transactional, and electronic banking products and services to its customers.

Induslnd Bank
Revenue $4.3 Billion
Market Cap $11 Billion
Customer Base 9 Million
Employees 33,582
Total Branches 2015
CAGR (10 Years) 20.0%

Products & Services

  • Accounts
  • Digital Payments
  • Foreign Exchange
  • Loans
  • Credit Cards
  • Insurance
  • Investments

The bank began operations with a capital of 100 crores (1 billion), of which 40 crores were raised by non-resident Indians and 60 crores were raised by Indian residents (NRI)

As of September 30, 2021, IndusInd Bank had 2,015 branches and banking outlets across 760 different regions of the nation, along with 2,886 ATMs.

#8. Bandhan Bank

Bandhan Bank is one of the top 10 best private banks in India. With 5,639 banking locations and more than 2.63 crore customers, Bandhan Bank is present in 34 of India’s 36 states and union territories.

bandhan bank
Revenue $2 Billion
Market Cap $5.2 Billion
Customer Base 26 Million
Employees 60,211
Total Branches 600
CAGR (5 Years) 48.1%

Products & Services

  • Banking
  • Insurance
  • Investment Management
  • Mortgage Loans
  • Mutual Funds

On the day of its IPO on the bourses, March 27, 2018, Bandhan Bank rose to the eighth-largest bank by market capitalization in India.

Through its network of 5,639 banking locations, Bandhan Bank is present throughout urban, suburban, and rural India.

#9. IDFC Bank

IDFC Bank is one of the Revenue $1.82 Billion best private sector banks in India. The bank received a universal banking license from the Reserve Bank of India in July 2015, and on October 1, it started operating. The NSE and BSE are where it is traded.

IDFC Bank
Revenue $1.82 Billion
Market Cap $3.8 Billion
Customer Base 4 Million
Employees 27,804
Total Branches 600
CAGR (5 Years) -2%

CAGR (5 Years) -2%

Products & Services

  • Consumer banking
  • Credit cards
  • Home loans
  • Loans against property
  • Personal loans
  • Consumer Durable loans
  • Vehicle loans
  • Business loans
  • Micro Enterprise loans
  • Private banking
  • Wealth management
  • Investment banking
  • Corporate banking
  • Wholesale banking

A $38 million loan to Flipkart is one of its largest investments in e-commerce. On November 8, 2017, IDFC Bank and MobiKwik agreed on a strategic agreement to introduce a jointly branded virtual Visa prepaid card for MobiKwik users.

#10. South Indian Bank Ltd.

South Indian Bank Ltd. is a major private sector bank in India that provides banking and financial services. In addition to 933 branches, 4 service branches, 1 extension counter, and 18 regional offices, South Indian Bank is present throughout India.

South Indian Bank Ltd.
Revenue $713 Million
Market Cap $243 Million
Customer Base 18 Million
Employees 7,677
Total Branches 933
CAGR (10 Years)6%

Products & Services

  • Accounts
  • Loans
  • Services
  • Money Transfer
  • Digital Banking
  • Insurance

In addition to the internal partial automation system in place since 1992, the FIRST bank in Kerala built a fully integrated branch automation program.

South Indian Bank has locations across India, including 933 branches, 4 service branches, 1 extension counter, and 18 regional offices. Additionally, the bank has more than 1,200 ATMs and 120 cash deposit machines.

How many Private Banks are there in India?

India has 21 private banks, and the full list is provided here.

Sr No.Bank NameTotal BranchesCustomers CountTotal ATM’s
1HDFC Bank6,37871 Million18,000
2ICICI Bank5,27552 Million15,579
3Axis Bank 4,75810+ Million10,990 
4Kotak Mahindra Bank1,7022.7 Million2,761
5Yes Bank1,000+2 Million1,800
6Federal Bank1,26310 Million1,937
7Induslnd Bank2,0159 Million2,886
8Bandhan Bank Ltd50126 Million50
9IDFC Bank6004 Million732
10South Indian Bank Ltd93318 Million1,200
11Jammu and Kashmir Bank Ltd95618 Million1,382
12RBL Bank Ltd37211.30 Million394
13Karnataka Bank Ltd89011 Million885
14Karur Vysya Bank Ltd779120k1,659
15City Union Bank Ltd7255 Million1,749
16DCB Bank Ltd3471 Million500
17Equitas Small Finance Bank Ltd857520k320
18Ujjivan Small Finance Bank Ltd5755.9 Million384
19CSB Bank Ltd5601.6 Million390
20Dhanlaxmi Bank Ltd245258
21Suryoday Small Finance Bank Ltd5561.9 Million26

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By now you must have come to know which are the top 10 best private banks in India in 2022.

The largest Indian banks have a lot of sway over the country’s economy. Nearly all banks in today’s world provide their clients with digital banking services.

If you found this information useful, please spread the list of India’s Best Private Banks among your friends and family.

FAQ

Q: Who is the No. 1 private bank in India?

Ans: HDFC is the No. 1 private bank in India.

Q: Who is the No. 2 private bank in India?

Ans: ICICI is the No. 2 private bank in India.

Q: Top 10 Best Private Banks in India

Ans: Below is the list of the top 10 private banks in India:
1. HDFC Bank
2. ICICI Bank
3. Axis Bank
4. Kotak Mahindra Bank
5. Yes Bank
6. Federal Bank
7. Induslnd Bank
8. Bandhan Bank Ltd
9. IDFC Bank
10. South Indian Bank Ltd

Q: Which is the most secure private bank in India?

Ans: ICICI is the most secure private bank in India.