Top 10 best government banks to chose in 2020

The only best government banks are well-performing for the mass public and acquiring a large share on the market and however, we can’t complain of their services as we pay a lower price too.

Made up your mind don’t need that fancy and high valued services of the private banks ?

Then you are good to go with these “Sarkari bank” or “nationalized banks in India” to create your own saving, current or eligible for the services that the mass public enjoys. And yes both are same the nationalized bank or we call it a govt. bank.

But don’t take it as some waste services but the retail services that an Indian citizen uses in his daily ongoing life.

And in case of India’s top government banks ratings, we cannot judge their service and customer support up front but with the asset size and market capitalization we can rank them up but we will only be ranking them on the popularity and authority in the banking industry.

Unlike the other blogs, I haven’t merged the government as well as private banks in one blog as a “Top 10 banks in the world” as just not to confuse you as a reader for this article. But yes after clearing this topic we can move on the top 10 banks but not as combining both the government banks and private banks as altogether.

RankTop 10 govt. banksNo. of BranchesNo. of ATM’sHeadquarter
1.State Bank of India50,000+1.5 lakhMumbai
2.Central Bank of India4,6813,477Mumbai
3.Punjab National Bank6,93710,681New Delhi
4.Bank of Baroda9,50013,400Alkapuri
5.Bank of Maharashtra1,897Pune
6.Union Bank Of India4,2987,000Mumbai
7.Indian Bank6,0684,567Chennai
8.Canara Bank10,40010,000Bengaluru
9.UCO Bank3,0782,564Kolkata
10.Bank Of India5,000Mumbai

Discussing banks in brief :

10. Bank of India

Bank of India
Phone NumberSavings InterestMinimum Balance
1800 22 02293.25%0
Others
Personal LoanHome Loan
10.35% ~6.85% ~
Loan rates

Establishment and bank mergers

Bank of India was founded in 1906. None of the other banks are merged into this bank as of sources.

Employees set and customer base

There is around 48,807 employees. No specific data available on customer base.

Asset size and history

483,764.84 is the total asset size.

The history of the bank of India starts with a 1 office in Mumbai with a capital of 50 lakh and 50 employees. Soon it expanded it’s operations nationwide and has around 5000 branches over the country.

Not only that ends up here but the bank successfully introduced a fully computerized branch and an ATM machine. Along with the bank has also spread-ed it reaches to the 18 countries and 5 continents.


9. UCO Bank

UCO Bank
Phone NumberSavings InterestMinimum Balance
1800 274 01233.65%1000
Others
Personal LoanHome Loan
9.45% ~7.15% ~
Loan rates

Establishment and bank mergers

UCO bank was established in 6th Jan 1943. None of the banks merged with UCO bank.

Employees set and customer base

UCO bank has around 24,724 employees as resources say. No information provided on the customer base.

Asset size and history

Total asset size is 177,505.28.

Coming back to history, UCO bank also known as United Commercial Bank started its journey before World War II. With an idea of a commercial bank opened it’s first to headquarter in Kolkata with a ₹1 crore paid-up capital.

After that, the bank continuously tried and became successful in building a network by opening 14 branches across India. Later, the Indian government officially UCO bank on 19 July 1969.

Due to an existing bank with the same name as “united commercial bank” created confusion in Bangladesh, decided to change its name to UCO.


8. Canara Bank

Canara bank
Phone NumberSavings InterestMinimum Balance
1800 425 00183.55%1000
Others
Personal LoanHome Loan
12.40% ~7.30% ~
Loan rates

Establishment and bank mergers

Canara bank was established on 1st of july 1906. Syndicate bank has been merged with this bank.

Employees set and customer base

It has around 1,00,000 employees. Customer base of over 8.27 Crore (Source)

Asset size and history

Canara bank has a asset size of about 570,558.91.

The company started with 4 employees with their shares @rs 50 each, 2000 shares. In 1910 Canara bank name was renamed as ltd.

Along with the other 14 banks, Canara was also nationalized on July 19. It was the first bank to adopt an effective principle “Good Banking“.


7. Indian Bank

Indian bank
Phone NumberSavings InterestMinimum Balance
1800 4250 00003.00%1000
Others
Personal LoanHome Loan
11.05% ~8.05% ~
Loan rates

Establishment and bank mergers

15 August 1907 Indian bank was established. Allahabad bank is merged with Indian bank

Employees set and customer base

As of Wiki Stats 20,924 employees work with Indian banks. Surprisingly this bank has around 100 million customers.

Asset size and history

Indian bank has an estimated 243,752.40 of total assets.

The Indian bank was started after the worst financial crisis occurred in the city in 1906. After some time V. Krishnaswamy Iyer founded the Indian bank in intense feeling for nationalism and love for the Swadeshi movement.

He first started it’s operations, headquarters in Madras on 15 Aug 1907. However, World War II caused a severe problem for the corresponding financial years, forced Indian banks to close some of its bank operations in India along with Colombo.

Later, Indian government nationalized Indian Bank with the other top 14 banks.


6. Union Bank of India

union bank of india
Phone NumberSavings InterestMinimum Balance
1800 22 22443.00%1000
Others
Personal LoanHome Loan
11.00% ~8.40% ~
Loan rates

Establishment and bank mergers

Union bank establishment was set-up on 11 November 1919. Andhra Bank and Corporation bank have merged into union bank.

Employees set and customer base

Union Bank has around 36,000 employees as per 2016 data. Around 5.7 Crore people use union bank in their life.

Have a account with Union bank ?

Try international banking on union bank here’s how

Asset size and history

₹1,479,000 crore is the total asset size.

When union bank was founded, inaugurated by Mahatma Gandhi the company had 4 branches with 3 in Mumbai and Saurashtra.

For the time being, in 1969 the government officially nationalized the bank they already owned 240 branches. The international expansion started in 2007.

The bank completely computerized its branches. In 2019, news came of two banks merged into this bank.


5. Bank of Maharashtra

bank of maharashtra
Phone NumberSavings InterestMinimum Balance
1800 233 45262.75%1500
Others
Personal LoanHome Loan
10.85% ~8.20% ~
Loan rates

Establishment and bank mergers

Bank of Maharashtra was established 16 September 1935. None of the bank has merged.

Employees set and customer base

Bank of Maharashtra has 12,932 employees working as per the 2016 data set. This PSU bank have around 15 million customers.

Asset size and history

₹160,957.32 crore is the total asset size.

The bank started with a capital of about $1 million. The bank expanded its reach after the 1969 nationalization.

After the World War, a great depression forced 380 banks to shut it’s operations in India, out of which the 54 banks were from Mumbai. New enterprises and banks began emerging when the economy saw an increase in the fading of depression.


4. Bank of Baroda

bank of baroda
Phone NumberSavings InterestMinimum Balance
1800 102 44553.00%2000
Others
Personal LoanHome Loan
10.50% ~8.70% ~
Loan rates

Establishment and bank mergers

BOB was founded on 20 July 1908. Vijaya bank and Dena bank are associated with BOB.

Employees set and customer base

BOB has 85,135 employees working. Bank of Baroda has around 120 million and ranks 2nd among the largest and best government banks.

Asset size and history

3.58 trillion of total asset as per reports.

History tells Maharaja of Baroda founded Bank of Baroda, it first opened its branch in Fiji. Later, BOB acquired Surat Banking Corporations and opened its branch on Guyana.

Afterward, the Indian government nationalized BOB including 14 other banks. Again BOB acquired Traders Bank which had a network of 34 branches in Delhi.

In 1996, the bank started it’s IPO entering the capital market.


3. Punjab National Bank

pujab national bank
Phone NumberSavings InterestMinimum Balance
1800 180 22223.00%2000
Others
Personal LoanHome Loan
11.50% ~6.80% ~
Loan rates

Establishment and bank mergers

PNB was founded in 1894. Recently Oriental bank of Commerce and the United Bank of India merged into PNB.

Employees set and customer base

Being among the largest bank it has around 1,02,804 employees, 2020 reports. And with over 180 million customers till date

Asset size and history

PNB have a ₹774,949 crore asset in total.

Under the Indian Companies Act, PNB was registered on 19 May 1894. There was a rush in creating a Swadeshi bank at that during the British raj.

This idea of the bank was suggested by the Rai Mool Raj of Arya Samaj on the intention of having a national bank for the people. During the early establishment, the founders included several leaders, associated with the Swadeshi Movement.

On 1969 the Government of India nationalized PNB along with 13 other major banks.


2. Central Bank of India

central bank of india
Phone NumberSavings InterestMinimum Balance
1800 22 19113.00%50
Others
Personal LoanHome Loan
11.55% ~7.10% ~
Loan rates

Establishment and bank mergers

The Central Bank of India was established on 21st December 1911. None of the banks have merged with Central Bank.

Employees set and customer base

The Central Bank of India has an employee base of around 37,162. Reports say debit and credit card base of about 4 Lakh +.

Asset size and history

Central Bank have a ₹326,225.28 crore in total assets.

Central Bank was the first commercial bank to be wholly owned and managed by India. In 1938 Barclays Bank acquired the Central Bank of India.

After World War II, in 1969 Indian Government nationalized Central Bank of India. In 1980, Central Bank issued credit cards with the help of MasterCard.


1. State Bank of India

state bank of india
Phone NumberSavings InterestMinimum Balance
1800 425 38002.70%0
Others
Personal LoanHome Loan
9.60% ~7.35% ~
Loan rates

Establishment and bank mergers

SBI was established on 1st of July 1955. There are around 8 banks that are merged into SBI.

  • State Bank of Bikaner & Jaipur
  • State Bank of Hyderabad
  • State Bank of Indore
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Saurashtra
  • State Bank of Travancore
  • Bhartiya Mahila Bank

Employees set and customer base

SBI is run by 257,252 employees as per 2019 reports. SBI has around 153.9 million customers.

Asset size and history

SBI has ₹50.80914 trillion in total assets.

SBI has been large and considered the best government banks. It was renamed as Bank of Bengal in 1908.

SBI was being one of the three banks that were funded by the British government. Reports say proposals suggested that to merge the banks into one to create a “megabank”.

In 1955, the Indian Government officially nationalized the State bank of India. Later, the Government acquired the stake of RBI in SBI to remove any conflict in 2008, because the RBI is the regulatory Authority of India for banks.


Conclusion

  • Largest Bank of India – State Bank of India
  • First PSU bank to introduce Credit Cards – Central Bank of India
  • The only true National and Swadeshi bank – Punjab National Bank
  • Third largest bank in India by assets – Bank of Baroda
  • Bank with the most branches in Maharashtra – Bank of Maharashtra
  • One of the most underrated and stable bank – Union bank of India
  • The only bank from Chennai in the list – Indian Bank
  • First Indian Bank to get ISO certification of “Total Branch Banking” – Canara Bank
  • Bank name renamed for confusion – UCO Bank
  • The first government bank to expand in Europe – Bank of India

FAQ

What are the banks with best security ?

Ans- State Bank of India.

Is Indian bank a Nationalized bank ?

Ans- Yes, Indian government nationalized Indian Bank 19th July 1969.

Is UCO bank is private or govt ?

Ans- UCO bank is a government or psu bank.

What is the best customer service govt. bank in India ?

Ans- Probably Union bank of India.

Which one is the best government bank in Delhi ?

Ans- State Bank of India.
Default image
Aritra
I am passionate about writing and discussing unique topics.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.