When we talk about the best PSU Banks in India, it is important to know what is a PSU bank. A PSU bank is known as the Public Sector Union Bank. They are also known as nationalized banks. In any bank, the shares are held by government and private entity shareholders. In any PSU bank, the majority of shares are held by the government while, in any private banks, the majority of shares are held by private entity shareholders and not by the government. Most people trust public banks because of this fact that shares are held by the government only.
One of the major factors that contribute to the trust of PSU banks is the interest rate given to the customers on all the deposit products, while private banks do not give much higher interest rates as compared to the PSU banks. If you want to know about the best PSU banks in India so that you can choose a better product provided by them, then don’t worry. We will be telling you about the top five PSU banks in India so you don’t have to struggle while choosing the right product for you.
What are the top PSU Banks in India?
State Bank of India (SBI): It may not be possible that you haven’t heard the name of SBI living in a country like India. SBI is the largest public sector bank of India when it comes to the number of branches and number of ATMs across the country. Having its headquartered in Mumbai, SBI provides a range of financial products of which home loan is one of the most preferred banking products. SBI also holds around 25% of the total loans and deposits in the country. You can guess why SBI is considered to be one of the best PSU Banks in India.
Punjab National Bank (PNB): After the recent merger of the Oriental Bank of Commerce and the United Bank of India, PNB has now is the second-largest PSU Banks in India. It is one of the best PSU banks available in the country right now. With an overall business of INR 8 trillion, PNB provides a range of products such as deposits, housing loan facilities, personal loans, credit cards, and many more amazing services.
Union Bank of India: If there is any steady performer among all the best PSU banks in India, Union Bank of India is surely one of them. Do you know that the overall business of Union Bank of India has jumped to around INR 15 trillion after the merger of Andhra Bank into it? Union Bank of India also provides a special home loan scheme for BSNL employees. Do not need to worry if you are not one because it also provides other schemes too.
Canara Bank: This is the fourth-largest public sector bank of India after the recent merger of Syndicate Bank into it. With services like savings accounts, current accounts, deposits, credit cards, home loan, vehicle loan, and many more, PNB has achieved a loyal customer base over the years. With 8,801 total number of branches, Canara Bank has continuously been providing some amazing banking services to its customers.