Public banks, private banks, neobanks and foreign banks. Compare fees, UPI, savings rates, home loans and cards.
This comparison puts 12 banks in India side by side, among them SBI, PNB, Bank of Baroda, HDFC Bank. They belong to different families, public banks, private, neobanks, foreign, and that distinction explains most of the pricing differences: a branch bank charges for the account and the branch network, an online bank rarely charges for the account but sends you to the phone, and a neobank costs almost nothing and almost never lends. The table compares account fees, the debit card, overdraft, savings, mortgages, foreign transaction costs and mobile payment, line by line and without an overall score, because an average hides exactly what matters to you. Dedicated offers are broken out for students, youth, premium and business, because the account that suits a student on no income is rarely the one that suits a business.
Select 2 to 4 banks.
Public Banks
Private Banks
Neobanks
Foreign
| Criteria | SBI Public | HDFC Bank Private | Paytm Payments Bank Neobank |
|---|---|---|---|
Fees / Min AMB | See the bank's price list | See the bank's price list | See the bank's price list |
Debit Card | RuPay / Visa / MC | Visa / MC / RuPay | RuPay Visa |
Minimum Balance (AMB) | See the bank's price list | See the bank's price list | None |
Overdraft | Overdraft depending on profile | Overdraft depending on profile | Not available (Payments Bank) |
Mobile App | Mobile app | Mobile app | Mobile app |
Branches | Branch network | Branch network | 100% mobile |
UPI (Instant Payment) | BHIM SBI Pay, free UPI | HDFC PayZapp, free UPI | Paytm UPI (most popular) |
Savings Rate | Savings account (rate per bank; RBI repo rate 5.25%) | Savings account (rate per bank; RBI repo rate 5.25%) | New deposits barred by the RBI since 15/03/2024 |
Home Loan | Home loan linked to an external benchmark (repo) | Home loan linked to an external benchmark (repo) | Not available |
Investing / Demat | SBI Mutual Fund, Demat via SBI Cap | HDFC MF (largest), Demat via HDFC Securities | Paytm Money (MF, stocks) |
Credit Cards | SBI Card (Visa/MC, wide range) | Best CC range in India (Visa/MC/Diners) | Not available |
Google Pay / Apple Pay | Google Pay + PhonePe + Apple Pay | Google Pay + PhonePe + Apple Pay | Paytm own + Google Pay |
Cheque Book | Free cheque book (25 leaves/yr) | Free cheque book (25 leaves) | Not available |
Forex Fees | See the bank's price list | See the bank's price list | See the bank's price list |
Welcome Bonus | Per current offers | Per current offers | Per current offers |
Students, youth, premium and business.
| Bank | Available | Offer | Price | Card | Details |
|---|---|---|---|---|---|
SBI | BSBD / PMJDY | Depends on age | RuPay | Youth terms | |
PNB | BSBD / PMJDY | Depends on age | RuPay | Youth terms | |
Bank of Baroda | BSBD / Baroda Vidyarthi | Depends on age | RuPay | Youth terms | |
HDFC Bank | Savings Max / Zero Balance | Depends on age | Visa/RuPay | Youth terms | |
ICICI Bank | Campus Power | Depends on age | Visa | Youth terms | |
Axis Bank | Zero Balance (PMJDY) | Depends on age | RuPay | Youth terms | |
Kotak Mahindra | Kotak 811 | Depends on age | Visa Virtual | Youth terms | |
Paytm Payments Bank | – | – | – | Account opening and deposits suspended by the RBI | |
Fi Money | Fi Account | Depends on age | Visa Debit | Youth terms | |
Jupiter | Jupiter Account | Depends on age | Visa Debit | Youth terms | |
Niyo | Niyo Global | Depends on age | Visa Global | Youth terms | |
HSBC India | – | – | – | AMB too high for students |
* Most banks offer Zero Balance accounts (BSBD/PMJDY) with free RuPay debit card.
Our recommendations in India.
Free Zero Balance account.
SBI: the country's largest branch network, free PMJDY account, YONO app. Kotak 811: digital zero-balance account. Paytm Payments Bank has not accepted new deposits since March 2024.
Best app, good CC range.
HDFC: full-featured app, credit card range (Infinia, Regalia). ICICI: 2.5% savings on all balances, account linked to trading.
Home Loan and in-branch advice.
SBI: largest home lender, extensive network; loan rates are linked to the RBI repo rate (5.25%). HDFC: full-featured app, credit card range.
0% forex and NRI services.
Niyo: currency-focused travel cards. ICICI: iMobile, NRE/NRO accounts, international network. Check each card's forex markup.
Current Account and business credit.
HDFC: SmartHub POS, advanced business Net Banking. ICICI: InstaBIZ app, trade finance.
Wealth management and premium services.
ICICI: excellent Privilege/Wealth, advisory. HDFC Imperia: best retail service India.
For app and credit cards: HDFC Bank. For network and loans: SBI. For simple savings: ICICI (2.5% on all balances). For fully digital: Kotak 811. The RBI repo rate is 5.25%, and Paytm Payments Bank has not accepted new deposits since March 2024.
UPI (Unified Payments Interface) is India's instant payment system managed by NPCI. It enables free mobile money transfers in seconds. Over 10 billion transactions/month. Google Pay, PhonePe and Paytm are the most popular UPI apps. UPI works from a phone number or a QR code, settles in seconds around the clock and is free for person-to-person transfers, which is why it now handles the majority of retail payments in the country.
Yes, DICGC (RBI subsidiary) insures deposits up to ₹5 lakh per depositor per bank. This covers savings, current, FD and RD. The cap covers principal and interest, per depositor and per bank, so a cautious saver spreads deposits across several institutions once the total exceeds that threshold.
Public banks (SBI, PNB) offer the largest network, low fees and competitive home loans. Private banks (HDFC, ICICI) offer better apps, premium CC and superior service. Combining both is common. Private banks, by contrast, tend to offer faster service, better apps and stronger card rewards, but they charge higher fees and enforce minimum balances more strictly.
AMB (Average Monthly Balance) is the required average monthly balance. If you don't maintain it, the bank charges penalties (₹100-600/quarter). Zero Balance accounts (BSBD/PMJDY) and neobanks have no AMB. The required amount varies sharply with the branch location, an urban account often demanding several times the rural minimum, so check before choosing where to open it.
Fi and Jupiter are not banks but fintech partners of Federal Bank (RBI-regulated). Your deposits are DICGC-insured via Federal Bank. Paytm Payments Bank has its own RBI license. All deposits are protected up to ₹5 lakh. Your money therefore sits with the partner bank and is covered by DICGC insurance, but the app itself is not licensed, so check which bank actually holds the account before signing up.
HDFC Infinia (super premium), HDFC Regalia (premium), Amazon Pay ICICI (e-commerce cashback), Axis Ace (Google Pay cashback). For travel: HDFC Infinia or Axis Atlas. The right card depends on your actual spending: a travel card only pays off with frequent flights, whereas an online shopping cashback card returns more in everyday use.
You need ID (Aadhaar + PAN Card). Opening can be done in-branch or online (video KYC) for private banks and neobanks. PMJDY (Zero Balance) accounts open with just Aadhaar. Non-resident Indians, by contrast, must open an NRE or NRO account, which follows specific foreign exchange rules and is taxed differently depending on the source of the funds.
The Indian banking market is one of the largest and most dynamic in the world. It brings together public banks (SBI, PNB, Bank of Baroda), private banks (HDFC, ICICI, Axis, Kotak), foreign banks (HSBC) and bank-backed fintechs. The RBI runs monetary policy (repo rate 5.25%) and the DICGC insures deposits up to ₹5 lakh per depositor per bank.
India ran a vast financial inclusion programme with Jan Dhan Yojana (2014), which opened free basic accounts for hundreds of millions of people. UPI, run by NPCI, has made instant payments free and ubiquitous, by QR code or phone number.
HDFC Bank and ICICI Bank offer full-featured apps and wide credit card ranges; ICICI pays 2.5% on savings on all balances. Kotak 811 offers a digital zero-balance account. Fi, Jupiter and Niyo are fintechs backed by RBI-regulated partner banks. Paytm Payments Bank, under RBI restrictions since 2024, can no longer accept new deposits.
Indian home loans are mostly variable-rate, linked to an external benchmark such as the RBI repo rate, now 5.25%. Public (SBI) and private banks (HDFC, ICICI) compete in this market; interest and principal repaid qualify for tax deductions under conditions.
For an India resident, HDFC Bank or ICICI Bank offer the best digital experiences and the most extensive private sector branch and ATM networks. SBI remains the safest choice for home loans with the lowest rates. For young people and digital natives, Kotak 811, Fi Money, or Jupiter offer savings accounts with boosted rates and modern tools. Use UPI (via PhonePe or Google Pay) for all daily payments – it's free and instant. For investing, Zerodha and Groww offer the lowest commissions for stocks and mutual funds. Open a PPF and NPS to optimize tax deductions under Sections 80C and 80CCD.
* Data checked in October 2026 (RBI, ICICI Bank); it may vary. This comparison is for informational purposes only. Supervised by the RBI. Deposits insured up to ₹5 lakh (DICGC).