Best Bank in India

If quick and affordable money transfers are your number one priority, Ogvio is possibly the best digital bank in India. This deceptively minimalist-looking platform packs quite a punch when it comes to handling online payments, boasting features like multiple deposit methods, free P2P transfers, and even crypto transactions.

The first thing you should know about Ogvio is that it doesn't charge any platform fees of its own - which is why you can send money to other Ogvio users free of charge. Sending money to a bank account does involve a fee, but since payments are processed through local instant payment railways, you'd still end up paying much less than for an international wire transfer.

	OGVIO
Overall Score	9.8
Transaction Fees	Free-to-Low
Pricing Model	Per-transaction
Value For Money
Verdict	A global money transfer service with an additional volatile currency rate pegging to USD or EUR.
	Visit site Read review

Table: Ogvio features

Ogvio provides several ways of topping up your account balance: a bank transfer, credit/debit card, mobile wallets, or a direct in-app transfer from another Ogvio user. For bank deposits, it generates an IBAN or other type of bank account number that works just like a traditional bank account. As for payments, you can make a P2P transfer or send money to someone's bank account.

While this platform supports 40+ local currencies, any currency you deposit will be automatically pegged to EUR or USD to protect the value of your funds from depreciation. That's why Ogvio might just be the best bank in India for storing your money long-term without having to bother with manual conversion.

Ogvio's blockchain-based architecture gives it a unique advantage in crypto support, as well. For all intents and purposes, an Ogvio account doubles as a self-custodial crypto wallet, letting users deposit or withdraw 9 cryptocurrencies on the Base network. You can also buy or sell these tokens right on the app.

This digital bank stores users' funds in secure, decentralized vaults, with no intermediaries or other third parties getting hold of them. Each Ogvio wallet is protected with advanced 256-bit AES encryption and biometric authentication.

With over $483.71 billion in assets, this Mumbai-based private bank is one of the largest in the country, and ties in with several other candidates on this list as the best bank in India in terms of accessibility alone. As of writing this, HDFC Bank has over 9,000 branches and +21,000 ATMs nationwide for its ~120 million customers.

One of HDFC Bank's most compelling features is its large selection of accounts. For current accounts alone, you'll find 13 options in total, aimed at private customers, medium-sized corporations, startups, foreign nationals, and other groups. Most current accounts come with a complimentary business insurance and payment protection up to 1 million INR.

HDFC Bank often gets ranked as the best bank for a salary account in India for its versatile account offerings and benefits. All 8 salary accounts have the option of zero-balance, cashback on debit cards, and access to the bank's other services like NetBanking and Chat Banking, as well as Accidental Death Insurance coverage up to 16 million INR.

The bank's card lineup is just as diverse, offering not just credit and debit cards but also prepaid cards and forex cards (a type of multi-currency prepaid card that supports up to 22 currencies). For most debit cards, the daily ATM withdrawal limit is 25,000 to 1 million INR. The key drawback, however, is annual fees of 500 to 1,000 INR.

If you're wondering which bank is best in India for digital banking, HDFC Bank is a solid pick for that category, too. The mobile app supports instant UPI, NEFT, and IMPS transfers of up to 10,000 INR and allows "binding" your account to your phone number as an extra security measure. The bank's mobile ecosystem includes a number of other apps like PayZapp for online payments and SmartWealth for investments.

Like most banks, HDFC Bank supports automated bill payments both on the online banking platform and the mobile app. One of the few features you might find yourself missing is integration with other money transfer services.

If you're looking for the best bank account in India to use when living or working abroad, ICICI might be your best bet. It makes up for its lack of current account options with a solid selection of accounts specifically aimed at NRIs (Non-Resident Indians). You'll also find a number of investment, financing, and insurance products.

ICICI Bank's Regular Salary Account requires no minimum balance and offers unlimited ATM withdrawals, as well as complimentary insurance. It comes with a Titanium or Platinum debit card and a chequebook. The Salary Account for Working Professionals has all of the same features, plus the option to use it as an investment account for buying stocks.

You'll find 4 types of NRI accounts. The RFC Account for Returning NRIs lets you deposit USD or GBP, easily change your residential status, and move your funds to another country, or add a resident family member as a joint account holder. In addition, there are dedicated NRI accounts for students, minors, and families.

This bank's card range includes credit, debit, prepaid, and forex cards. The latter is a great option for frequent travellers: you can top it up with 15 available currencies. Both credit and debit cards offer an assortment of benefits like airport lounge access and store discounts. The ATM withdrawal and transaction limits vary by card, but most fall between 100,000 and 150,000 INR.

Meanwhile, investment enthusiasts can enjoy several types of investment products: mutual funds, government and NPS (National Pension System) schemes, stocks, IPOs, and bonds. Most ICIC Bank accounts act as a three-in-one account for savings, demat, and trading, so there's no need to juggle separate accounts for different use cases.

When it comes to payments and money transfers, ICIC Bank might not be the best international bank in India, but it still provides enough ways to send your money where you need it. It features a built-in international transfer and remittance service that supports payments in 21 currencies with a generous limit of $75,000 per transaction.

Is India's best bank and its largest bank one and the same? They might be! Founded in 1955, the State Bank of India is one of the most famous and recognizable banks on this list, with an asset base of approximately 66.76 million INR. It offers services for Indian citizens, Non-Resident Indians, and foreign nationals, as well as business and agricultural banking.

This bank stands out with its targeted selection of salary accounts for different lines of employment. If you're looking for the best bank to open an account in India as a member of the police forces, a government worker, a coast guard, or an employee at one of the country's railway services, SBI definitely fills that niche.

The bank's lineup of savings accounts is pretty generous, too, with 8 types to choose from. The regular Savings Bank Account has no minimum or maximum balance and includes 10 free cheque leaves and a passbook to record the transactions. You can also opt for a non-interest-bearing foreign currency account in USD or EUR.

SBI's range of NRI accounts is just as broad. It features a salary account, savings and term deposit accounts, a foreign currency account, a family account, and more. In addition, Non-Resident Indians are eligible for loans, insurance, and several types of investment opportunities, including a National Pension Scheme for NRIs.

Unlike many other banks on this list, SBI's remittance options aren't limited to just its own internal channels. It's arguably the best bank in India for those who prefer money transfer services: you can send money to 17 other countries via Remitly on SBI's web or mobile app. It also offers cross-border bill payments through the Bharat Bill Payment System and remittances to foreign universities through FLYWIRE.

SBI's digital banking ecosystem includes not only the mobile app but also some extra services. The YONO Cash platform lets users withdraw money from SBI ATMs and most in-network POS terminals without using a physical card, while the WhatsApp banking integration allows accessing many of the basic functionalities via WhatsApp.

Axis Bank is one of the largest private-sector banks in the country, with over 59 million customers, 5,876 branches, and 13,941 ATMs. It offers current, salary, and savings accounts, as well as other services like loans, investment products, banking programmes, insurance, and more.

Customers wondering which bank is best in India for a digital account can definitely have their pick in Axis Bank. Most of its accounts offer a digital version with a fully online account-opening process (you can even complete KYC via a video call) and a virtual debit card. These accounts are fully compatible with Axis Bank's 250+ digital services, such as SMS and WhatsApp banking.

Axis Bank's current accounts all come with the benefits of zero-fee cash withdrawals and access to overdraft facilities. The Normal Current Account is a great entry-level option, with a minimum balance requirement as low as 7,500 INR. Meanwhile, the bank's range of savings accounts caters to all sorts of demographics, including senior citizens and minors.

The bank's card selection is similarly diverse. Each debit or credit card comes with its own unique perks: from shopping discounts to fuel surcharge waivers, complimentary airport lounge access, and more. It's also the best bank in India for commuters, offering a dedicated transit card that acts both as a prepaid card and a reloadable metro ticket.

Axis Bank's investment products are pretty typical for a bank this size. You'll find mutual funds, government products like the National Pension System (NPS), and IPOs. Among the rarer additions is the Sovereign Gold Bond (SGB) scheme, which lets customers invest in as little as 1 g of gold, up to a maximum of 4 kg, at a fixed annual interest rate of 2.5%, paid semi-annually.

This bank supports IMPS, NEFT, RTGS, and UPI transfers, various types of bill payments, and FASTTag, a convenient all-in-one solution for parking tickets. The bank's mobile app also handles payments with digital rupees, making it one of India's best banks for stablecoin fans.

Founded in 1894, Punjab National Bank is one of the oldest banks in India, with a total asset value of $191.87 billion. It has an extensive network in both urban and rural areas, encompassing over 10,000 domestic branches and ATMs, which makes it among the best banks to open an account in India, no matter where you live.

PNB's mix of accounts isn't as diverse as some of the other banks on this list, but you'll still find enough options for most demographics and use cases. The General Current Account is open for individuals and companies, as well as couples (as a joint account option). Its minimum average balance ranges from 1,000 to 10,000 INR, depending on whether you're based in an urban or rural area.

In addition, PNB has 4 types of salary accounts, differentiated primarily by the required monthly salary range. The Neo Salary Account is a good fit for those with lower incomes (monthly salary range of 10,000 to 25,000 INR). It comes with disability, death, and accident insurance, as well as education funding.

The bank's card lineup is pretty extensive, with over 15 Visa or Mastercard debit and credit cards, as well as a prepaid travel card. Like most other banks, PNB's cards come with multiple types of rewards and benefits, such as flight and hotel discounts or cashback. Most debit cards have a daily ATM withdrawal limit of 150,000 INR.

PNB's digital banking services include several mobile banking options (mobile app, SMS, and WhatsApp), the most popular online payment systems in the country (UPI, RTGS, NEFT, and IMPS), and a full-fledged internet banking platform. That said, it doesn't have any partnerships with popular money transfer services.

Last but not least, PNB is one of the best international banks in India for Non-Resident Indians. It has a dedicated NRI customer service centre and several types of NRI accounts in foreign currencies. Non-Resident Indian customers can also take out loans or insurance packages and send remittances back to India.

Kotak Mahindra Bank is one of the fastest-growing banks in India, with over 53 million customers both nationwide and abroad. Alongside the typical package of salary and savings accounts, it offers a 3-in-1 account that's ideal for investors, extensive NRI services, multiple online payment channels, and more.

The Kotak Salary Account has no minimum balance requirement and comes with complimentary insurance. The bank also features 11 types of savings accounts with a free Platinum debit card, health insurance, and everyday offers on shopping, dining, and travel deals. Their average monthly balance requirements range from 2,500 to 50,000 INR.

This bank offers credit, debit, and prepaid multi-currency forex cards. Some of them, like the Solitaire debit cards, have a fuel surcharge waiver among their perks, while others focus more on discount-related benefits. The daily transaction limits vary by card, but most fall in the range of 10,000 to 1.5 million INR, while the ATM withdrawal limits are between 100,000 and 1 million INR.

Non-Resident Indians will find a dedicated lineup of products. There are both NRO and NRE current accounts for those earning income in India or abroad, respectively. In addition, non-residents can take out a fixed deposit or a loan, open a Demat account for investments, and order a life insurance package.

For those in need of remittance options, Kotak Mahindra Bank has its own native remittance platform, Click2Remit, with free money transfers between India and the US. While these transfers aren't instant (the average speed is 2 to 5 working days), NRE account holders enjoy zero transaction limits. However, Click2Remit doesn't support transfers to any other country.

This bank's digital and mobile-focused features include not only a mobile app but also one for Apple Watch (though, unfortunately, the feature enabling instant contactless payments on watchOS has been discontinued). Like some other candidates on this roundup, Kotak supports FASTag devices for parking payments.