Top 5 Public Sector Banks In India 2021

Now that you’ve gone through the list of all banks in India, you would want to know the best public sector banks in India. Let’s be told first what is a public sector bank. Also, known as nationalized banks, these banks have maximum shares held by the government. You can have a look at some of the best PSU banks in India below.

State Bank of India (SBI)

Having 23% of shares of the total market assets in India, this bank is the largest public sector bank of India and tops the list of best banks in India. It also holds 1/4th of the total loans and deposits in the current financial market. It provides a wide range of banking products to its customers that you can see below.Credit Card: SBI caters to a wide range of customers with its different types of credit cards spanning from Shopping to Travel & Fuel to Business Cards. You can choose the one according to your spending behavior. There’s always a card for everyone.

Home Loan: Looking for funds at an affordable interest rate with easy repayment options? Don’t worry, with the largest home loan facilitator in India, you can opt for a home loan for various purposes like home extension, home renovation, flat/land purchase, etc at a competitive rate of interest.

Personal Loan: Facing a sudden need of funds for a wedding or the latest iPhone? You can opt for a wide range of personal loan schemes that SBI provides to salaried, self-employed, and pensioners. You can get as much as INR 20 lakh loan amount in a hassle-free manner with the help of schemes like Xpress Credit Loan.

Car Loan: SBI also lets you take a car loan if you want to buy a car with the longest repayment tenure of 7 years at lower interest rates and EMI available in the market.

Punjab National Bank

Punjab National Bank, after the recent merger with the Oriental Bank of Commerce and the United Bank of India, has become the second-largest public sector bank of India with an overall business of around INR 8 Trillion. It provides a wide range of amazing products to its customers. Some of them are mentioned below.

Deposits: PNB provides a wide range of deposit schemes by which you can earn interest on the amount you deposit in the bank. Some of them are Savings account, Current Account, Fixed Deposit schemes, etc. You can put your hard-earned money into these deposit schemes.

Housing Loans: Ranging from schemes like PNB Pride Housing Loan for Government employees to the Pradhan Mantri Awas Yojna for all, PNB gives home loan facilities to all those individuals who want to buy their dream home.

Education Loan: Whether you want to pursue higher education abroad or want to study in some premier institutes of India, PNB lets you choose from a range of education loan schemes. Some of them are PNB Udaan, PNB Pratibha, PNB Kaushal, PNB Saraswati.

Vehicle Loan: There is a range of different loan schemes catering to various strata of individuals who want to buy a two-wheeler or car. There is a special scheme named PNB Power Ride for women who want to buy two-wheelers. Other than that, there are schemes like PNB Saarthi, PNB Pride Car Loan scheme for government employees.

Union Bank of India

Among the best public sector banks in India, Union Bank of India has been a steady performer over the years. It has a range of banking products in categories like consumer banking, corporate banking, mortgage loans, investment banking, etc. Also, recently, Andhra Bank and Corporation Bank merged into this bank, taking the overall business to INR 14.59 Trillion. Check out below the various schemes the bank provides to its customers.

Accounts and Deposits: You can choose to deposit your money in one of the amazing deposit schemes provided by Union Bank of India. Some of them are the Monthly Income Scheme, Union Tax Saver Deposit, Gold Monetisation Scheme. Besides this, you can also get your savings or current account opened in the bank.

Credit Cards: Want to get your hands on one of the finest credit cards? Choose from an extensive line of credit cards catering to different individual needs. There are a total of 6 types of Union Bank credit cards that are Classic, Silver, Gold, Platinum, Usecure, and Signature. You can choose according to your needs.

Home Loan: If you’re a BSNL employee, you can get a home loan facility from the Union Bank of India tailored made for you. Don’t worry if you’re not a one because it also has schemes for other people also like Union Awas, Union Smart Save, Union Top-up. Eligible individuals can also opt for the PMAY scheme.

Vehicle Loans: With the help of Union Miles, the car loan scheme of the bank, you can buy your dream car or two-wheeler at an affordable rate of interest. If you’re a BSNL employee, you can get upto INR 125 lakh loan amount to purchase the new four-wheeler.

Bank of Baroda

Whenever there are talks about the best Public Sector Banks in India, it is simply not possible to talk about the Bank of Baroda which has become the third-largest lender of the country after the recent merger of Vijaya Bank and Dena Bank into it. Known as India’s International Bank, Bank of Baroda has served over 127 million customers across 21 countries and its consumer base is only growing with each passing day. We have showcased a range of banking products provided by the bank below.

Education Loan: With several education loan schemes like Baroda Vidhya (Loan for Nursery to XII), Baroda Gyan (Higher Study in India), Baroda Scholar (Higher Study Abroad), Baroda Education Loan to students studying in premier institutes in India, etc, Bank of Baroda tries to empower those who want to learn but don’t have enough money on their hands. With premier education loan facilities like this, Bank of Baroda has strived to become one of the best banks in India.

Personal Loan: The Bank of Baroda personal loan option can be the perfect solution for individuals wanting urgent funds. The loan amount can be a maximum of INR 10 lakh in metro cities and INR 5 lakh in semi-rural and urban areas. You can easily repay the loan amount with a pre-determined EMIs.

Vehicle Loan: Wanting to buy a new car or two-wheeler and looking for funds to do so? With the help of BOB Vehicle Loan, you can easily opt for the maximum loan amount of INR 100 lakhs with the repayment period of 84 months. You can get loan upto 90% of your vehicle’s on-road price.

Housing Loan: Buying their dream home is everyone’s dream and BOB home loan facility lets them achieve their dream in a hassle-free manner. You can get it for various purposes such as construction, renovation, extension, land purchase, etc with facilities from BOB like Baroda Home Loan Advantage, Baroda Top Up Loan, Baroda Pre-approved Loan, etc.

Bank of India

Among the top banks in India, there is a public sector bank that has been constantly putting his best foot forward with the impeccable banking services it provides to its customers. With baking products such as credit cards, insurance services, home loan, personal loan, vehicle loan, etc, it has been serving its customers efficiently since founded in 1906. After its nationalization in 1969, it has become a government-owned bank. Below you can have a detailed look at its services.

Credit Card: Since the inception of credit card services in India, Bank of India has been helping customers make the most of their shopping experiences with a wide array of credit cards. Some of its top cards are India Card, Mastercard Platinum International, VISA Platinum Contactless Card, VISA Business Cards, Sangini Credit Card, etc.

Home Loan: With the BOI Star Home Loan facility, you can opt for a maximum loan amount of INR 500 lakhs with a repayment period of 30 years. Also, you don’t have to worry about the interest rate on your home loan as it is the best and most competitive one in the market. You can also get a life insurance cover in order to protect your home loan.

Rural Banking Services: With the primary focus on the individuals living in rural areas, Bank of India provides exclusive services such as Kisan credit cards, Kisan Samadhan Card, Star Bhumiheen Kisan Card, and BOI Kisan Shatabdi Krishi Vikas Card.

Salary and Current Account: You can opt for a variety of salary and current acccounts at BOI. Some of them are Jai Jawan Salary Account, BOI Salary Plus Account Scheme, BOI Star Gurukul SB Account, Gold Current Account, Silver Current Account, Platinum Current Account, etc.