Which bank is safest in India?
Which bank is the safest bank in India? The Reserve Bank of India (RBI) regulates the safety of banks in India. Among the prominent banks known for their stability and safety measures are the State Bank of India (SBI), HDFC Bank, ICICI Bank, and Punjab National Bank (PNB).
The Reserve Bank of India (RBI) said State Bank of India, ICICI Bank and HDFC Bank continue to remain Domestic Systemically Important Banks (D-SIBs).
| Bank | Forbes Advisor Rating | ATM Network |
|---|---|---|
| Chase Bank | 5.0 | 15,000+ Chase ATMs |
| Bank of America | 4.2 | 16,000+ ATMs in the U.S. |
| Wells Fargo Bank | 4.0 | 11,000 |
| Citi® | 4.0 | 65,000 |
| Banks Offering FD | Interest Rate | Tenure |
|---|---|---|
| Canara Bank | 3.25% - 7.00% | 15 days - 10 years |
| HDFC Bank | 3.00% - 4.00% | 33-99 months |
| ICICI Bank | 3.00% - 6.00% | 7 days -10 years |
| Kotak Bank | 2.50% - 5.25% | 7 days - 10 years |
| Ranking | Bank's Name |
|---|---|
| 1. | Housing Development Finance Corporation Ltd. (HDFC Bank Ltd) |
| 2. | State Bank Of India (SBI) |
| 3. | ICICI Bank |
| 4. | Axis Bank |
- HDFC Bank. Type: Private Company. ...
- ICICI Bank. Type: Private Sector. ...
- State Bank of India (SBI) Type: Public Company (Government of India) ...
- Kotak Mahindra Bank. Type: Private Sector. ...
- Axis National Bank. Type: Private Sector. ...
- IndusInd Bank. Type: Private Sector. ...
- Bank of Baroda. ...
- Punjab National Bank.
The usual three — State Bank of India among public sector banks and HDFC Bank and ICICI Bank among private banks — found mention in the list. Colloquially, such banks are reckoned as 'too big to fail' and certainly so because they represent over 50 per cent of the country's total banking system.
Each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
NARCL, commonly known as bad bank, operates by acquiring bad loans from banks, paying 15 per cent of the amount in cash and the remainder in government-guaranteed security receipts, which banks can invoke during resolution or liquidation.
Which banks are riskiest?
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
In India, HDFC Bank has continuously been ranked among the best banks in terms of both assets and client happiness. The Reserve Bank of India (RBI) controls the bank, ensuring that it follows strict financial laws and security procedures.
- Ally Bank. You can use any ATM for free as Ally reimburses any fees you may incur. ...
- ING Direct. ING's Electric Orange checking has no ATM fees when you use one from their network. ...
- USAA. ...
- Capital One. ...
- Alliant Credit Union. ...
- PNC. ...
- The Incredible Bank. ...
- Charles Schwab.
Customers of the failed bank can now withdraw up to Rs 40,000 as per the newest enhanced limit. Under the current bank deposit insurance scheme, deposits of up to Rs 1 lakh is insured and paid back to the depositor in the case of a bank failure.
Which banks are insured by the DICGC? Commercial Banks : All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
- State Bank of India (SBI)
- Citibank.
- Axis Bank.
- Kotak Mahindra Bank.
- Bank of India.
- Punjab National bank.
- ICICI bank.
- HDFC Bank.
Among the top 10 banks in India, the bank that makes the highest yearly revenue is HDFC bank. In 2022, HDFC Bank's annual revenue stands at ₹1.68 lakh crores. After HDFC Bank, ICICI Bank has the second-highest annual revenue.
- HDFC Bank. HDFC Bank is one of the most popular banks in India, with its headquarters in Mumbai. ...
- ICICI Bank. ICICI Bank is an Indian multinational financial services bank headquartered in Mumbai. ...
- SBI. ...
- Kotak Mahindra. ...
- Axis Bank. ...
- IndusInd Bank. ...
- Bank of Baroda. ...
- Punjab National Bank.
| Bank | Interest Rate of Savings Bank Account |
|---|---|
| State Bank of India | 2.70% - 3.00% |
| Union Bank of India | 2.75% - 3.55% |
| HDFC Bank | 3.00% - 3.50% |
| ICICI Bank | 3.00% |
| Bank Name | Interest rate (%) p.a. | Minimum monthly balance requirements |
|---|---|---|
| Bank of Baroda | 2.75% | Quarterly average balance Rs. 50,000 |
| Kotak Bank | 3.50% | Rs. 10,000 |
Which bank is rated the highest?
- Ally Bank: Best for Overall best bank.
- Schwab Bank: Best for ATM access.
- Chase: Best for Sign-up bonus and branch access (separately)
- UFB Direct: Best for Savings.
- SoFi Bank, N.A.: Best for Checking.
ICICI bank is one of the leading private sector banks in India, and is generally considered safe for banking services. Here are some reasons why it is considered safe: ICICI Bank is regulated and supervised by the Reserve Bank of India (RBI), which is the central bank of India.
Companies Considered Too Big to Fail
The Bank of New York Mellon Corp. Citigroup Inc. The Goldman Sachs Group Inc. JPMorgan Chase & Co.
Challenges Faced by the Indian Financial System
The rise of Non-Performing Assets (NPAs), including bad loans or problems in the agricultural and corporate sectors. Currently, the country's NPAs have crossed ₹10 lakh crores, with more than 70% being from the corporate sector.
- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Citibank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
- AgriBank.
References
- https://www.statista.com/statistics/799197/largest-banks-by-assets-usa/
- https://groww.in/blog/best-banking-stocks-in-india
- https://www.investopedia.com/terms/t/too-big-to-fail.asp
- https://www.moneycontrol.com/news/business/sbi-icici-bank-and-hdfc-bank-remained-too-big-to-fail-banks-in-2023-11968391.html
- https://www.livemint.com/money/personal-finance/finance-ministry-aims-to-transfer-rs-1-lakh-crore-stressed-assets-to-bad-bank-by-march-end-narcl-banks-rbi-11707300258671.html
- https://www.axisbank.com/retail/forex/international-fund-transfer/remit-money-usa
- https://www.nobroker.in/forum/is-icici-bank-safe/
- https://www.lifestoryresearch.com/2022-americas-most-trusted-retail-bank
- https://www.forbesindia.com/article/explainers/top-10-banks-india-by-market-cap/87913/1
- https://unacademy.com/content/railway-exam/study-material/general-awareness/headquarters-of-private-banks-in-india/
- https://byjusexamprep.com/current-affairs/top-10-banks-in-india
- https://sbnri.com/blog/nri-bank-accounts/indian-banks-in-usa
- https://cleartax.in/s/best-zero-balance-account-in-india
- https://inshorts.com/en/news/list-of-safest-banks-in-india-declared-by-rbi-1708935480543
- https://www.nerdwallet.com/article/investing/best-bank-stocks
- https://www.thehindubusinessline.com/specials/current-account/vault-matters-sanctity-of-too-big-to-fail-banks/article67686289.ece
- https://www.rbi.org.in/commonperson/english/scripts/FAQs.aspx?Id=272
- https://pwskills.com/blog/top-private-sector-banks-in-india-2024-bfsi/
- https://finance.yahoo.com/news/4-most-popular-banks-millionaires-150054420.html
- https://vault.com/best-companies-to-work-for/banking/most-prestigious-banking-companies
- https://www.worldbank.org/en/about/leadership/members
- https://www.westernunion.com/us/en/send-money-from-india-to-us.html
- https://freefrombroke.com/the-8-least-evil-banks/
- https://www.rbi.org.in/commonperson/english/Scripts/FAQs.aspx?Id=3158
- https://www.forbesindia.com/article/explainers/the-10-largest-banks-in-the-world/86967/1
- https://cleartax.in/glossary/bank-failure
- https://www.globaldata.com/company-profile/hdfc-bank-ltd/competitors/
- https://www.quora.com/Which-bank-has-the-most-ATMs-and-branches-in-India
- https://www.bookmyforex.com/money-transfer/send-money-to-usa/
- https://blog.shoonya.com/top-private-banks-in-india/
- https://www.forbes.com/advisor/money-transfer/best-ways-to-send-money/
- https://tipalti.com/mass-payments-hub/international-wire-transfer/
- https://gfmag.com/award/winner-announcements/press-release-safest-bank-awards-2023-worlds-50-safest-banks/
- https://www.policybazaar.com/life-insurance/investment-plans/articles/top-10-savings-plans/
- https://www.moneyhop.co/blog/which-bank-is-best-for-international-money-transfers
- https://wise.com/in/blog/transfer-money-to-foreign-bank-account-from-india
- https://www.ambitionbox.com/awards/best-banking-companies-to-work-in-india-2022
- https://www.investindia.gov.in/sector/bfsi-banking
- https://brighttax.com/blog/transferring-money-internationally/
- https://www.forbes.com/advisor/in/money-transfer/how-to-transfer-money-to-usa/
- https://m.economictimes.com/wealth/tax/sending-money-abroad-foreign-investment-to-cost-more-how-remittances-will-be-taxed-from-july-1-2023/articleshow/97594765.cms
- https://www.westpac.com.au/faq/transfer-funds-overseas/
- https://sbi.co.in/web/nri/remittances/remittances-other-than-uk-canada-middle-east
- https://wise.com/in/send-money/cheapest-way-to-send-money-abroad
- https://smartasset.com/checking-account/average-wire-transfer-fee
- https://en.wikipedia.org/wiki/Private_banking
- https://finance.yahoo.com/news/rich-people-pick-banks-190010141.html
- https://www.bankbazaar.com/banks/top-private-banks-in-india.html
- https://groww.in/blog/best-fixed-deposit-in-india
- https://groww.in/blog/best-savings-bank-accounts-you-can-opening
- https://www.equitymaster.com/detail.asp?date=01/09/2023&story=2&title=Top-5-Private-Banks-By-Growth
- https://www.forbes.com/advisor/banking/safest-banks-in-the-us/
- https://n26.com/en-eu/iban-number
- https://sanjivcpa.com/how-to-bring-money-from-india-to-the-us
- https://www.angelone.in/blog/sbi-vs-hdfc-bank-comparing-financial-and-share-price-performance
- https://m.economictimes.com/nri/invest/nri-banking-what-to-know-before-you-transfer-money-from-your-nro-account-out-of-india/articleshow/106993071.cms
- https://herovired.com/learning-hub/blogs/indian-banking-sector-explained-challenges-opportunities-and-its-future/
- https://www.glassdoor.co.in/Compare/State-Bank-of-India-vs-HDFC-Bank-EI_IE8899-E100231.htm
- https://blog.shoonya.com/best-bank-in-india/
- https://byjus.com/ias-questions/which-is-the-largest-foreign-bank-in-india/
- https://www.mymoneymantra.com/blog/these-are-the-top-10-largest-banks-in-india
- https://rbi.org.in/Scripts/FAQView.aspx?Id=64
- https://www.javatpoint.com/top-10-private-banks-in-india
- https://www.creditdonkey.com/safest-banks-in-the-us.html
- https://www.5paisa.com/blog/best-banks-in-india-2023
- https://moneyview.in/savings-account/best-banks-for-savings-accounts-in-india
- https://retail.onlinesbi.sbi/sbijava/retail/html/fxout_FAQ.html
- https://www.thebanker.com/India-s-banks-adjust-for-growth-1693306195
- https://currentaffairs.adda247.com/top-10-banks-in-india-check-the-list-of-banks/
- https://www.bajajfinservmarkets.in/fixed-deposit/safest-bank-in-india.html
- https://wise.com/in/send-money/send-money-to-the-usa
- https://www.nobroker.in/forum/is-hdfc-bank-safe/
- https://www.preferredbank.com/personal/products-and-services/expanded-insurance-protection
- https://www.thestreet.com/personal-finance/banks-most-at-risk-morningstar
- https://wise.com/in/blog/sbi-international-money-transfer
- https://byjus.com/ias-questions/which-is-the-largest-private-bank-in-india/
- https://www.indmoney.com/articles/stocks/top-fastest-growing-sectors-in-India
- https://cleartax.in/s/tax-on-foreign-remittance
- https://wise.com/us/blog/how-to-sell-property-in-india-and-bring-money-to-usa
- https://www.nerdwallet.com/best/banking/best-national-banks
- https://www.5paisa.com/blog/best-banks-in-india
- https://www.buddyloan.com/blog/top-10-banks-in-india/
- https://www.bookmyforex.com/blog/6-best-international-money-transfer-services-in-india/
- https://gocardless.com/guides/posts/international-bank-transfer-times/
