Which is safest bank 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).
Which bank is the safest in India? According to RBI, the State Bank of India (SBI) is considered the safest bank due to its financial soundness, creditworthiness and significant presence in the market.
In terms of asset quality, HDFC Bank exhibited strength compared to SBI. If we analyse some key ratios useful for evaluating the banking business, let's begin with the Price-to-Book (PB) value. SBI has a PB ratio of 1.63, whereas HDFC's PB ratio is 4.47.
| Bank | Forbes Advisor Rating | Products |
|---|---|---|
| Chase Bank | 5.0 | Checking, Savings, CDs |
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
- State Bank of India (SBI)
- HDFC Bank.
- ICICI Bank.
- Punjab National Bank (PNB)
- Bank of Baroda (BoB)
- Axis Bank.
- Canara Bank.
- Union Bank of India.
The State Bank of India- SBI, Punjab National Bank- PNB, HDFC Bank, and ICICI Bank are widely recognised for their robustness and stringent safety protocols.
| Rank | Rank & Bank Name | Type |
|---|---|---|
| 1 | HDFC Bank | Private |
| 2 | ICICI Bank | Private |
| 3 | SBI | Public |
| 4 | Kotak Mahindra | Private |
- 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.
- State Bank of India (57.59%)
- Canara Bank (62.93%)
- Bank of Baroda (63.97%)
- Punjab National Bank (73.15%)
- Indian Bank (79.86%)
- Bank of India (81.41%)
- Union Bank of India (76.99%)
- Bank of Maharashtra (90.90%)
Is HDFC trusted or not?
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.
HDFC Bank scored higher in 6 areas: Culture and Values, Work-life balance, Senior Management, CEO Approval, Recommend to a friend and Positive Business Outlook.
HDFC Bank's market cap increased 12.1% to $155.91 billion, cementing its position as India's largest bank, following its merger of parent Housing Development Finance Corp Ltd in July 2023. Other large Indian banks also saw higher market caps.
| Bank | The Ascent's Rating |
|---|---|
| Western Alliance Bank | 4.25 |
| SoFi | 4.00 |
| Wells Fargo | 4.00 |
| Axos Bank | 3.50 |
| Bank NameBank | CityCity | Closing DateClosing |
|---|---|---|
| Heartland Tri-State Bank | Elkhart | July 28, 2023 |
| First Republic Bank | San Francisco | May 1, 2023 |
| Signature Bank | New York | March 12, 2023 |
| Silicon Valley Bank | Santa Clara | March 10, 2023 |
You can talk to your bank to confirm your coverage. To look up your account's FDIC protection, visit the Electronic Deposit Insurance Estimator or call the FDIC Call Center at (877) 275-3342 (877-ASK-FDIC).
If your bank's net NPAs exceed 5%, it shows bad lending practices. Ensure that your bank provisioning coverage ratio does not dip below 65-70%. The bank will struggle to remain solvent if its bad loans have to be written off. Ascertain if the bank is properly capitalised by checking its capital adequacy ratio.
If you are only concerned with security for opening just a savings bank account, then both ICICI & HDFC can be considered fairly secure. You need to select bank on the basis of such factors as convenience, examine your requirements and select the product that meets those requirements.
As per the data released by the Economic Survey 2021-22, 59% of State Bank of India (SBI) deposits are fully insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC), vis-a-vis their total bank deposits.
- 1) State Bank of India (SBI) Savings Account.
- 2) HDFC Bank Savings Account.
- 3) Kotak Mahindra Bank Savings Account.
- 4) DCB Bank Savings Account.
- 5) RBL Bank Savings Account.
- 6) IndusInd Bank Savings Account.
- 7) ICICI Savings Bank Account.
- 8) Axis Bank Savings Account.
Are private banks safe in India?
Yes, it is safe to keep money in private banks. In India, if any bank fails and has to go in for liquidation then a depositor can get up to Rs 1 lakh under the Deposit Insurance Scheme of RBI.
- ICICI.
- HDFC.
- PNB.
- SBI.
- Axis.
DCB Bank: This bank provides interest rates of up to eight per cent on savings accounts, making it the top choice among private banks in terms of interest rates. The minimum balance requirement ranges from ₹2,500 to ₹5,000.
State Bank of India
With an extensive array of banking and financial services, it caters to millions of domestic and international clients. In the first quarter of the 2023-24 fiscal year, SBI surpassed Reliance Industries to become India's most profitable corporation.
- Capital One Bank: Best online checking account.
- Chase: Best for a large branch network.
- Axos Bank: Best for online account options.
- Discover® Bank: Best for doing all of your banking at one place.
- Synchrony Bank: Best high-yield savings account.
- TD Bank: Best for customer service.
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