List of Nationalised Banks in India With Their Addresses & Interest Rates

Table of Content:

1. Nationalised Banks in India #1: What Are Nationalised Banks In India?​
2. Nationalised Banks in India #2: How Nationalised Banks Benefited India?
3. Nationalised Banks in India #3: List of Nationalised Banks In India
4. Nationalised Banks in India #4: State Bank of India (SBI)
5. Nationalised Banks in India #5: Indian Bank
6. Nationalised Banks in India #6: Central Bank of India
7. Nationalised Banks in India #7: Union Bank of India
8. Nationalised Banks in India #8: Bank of India
9. Nationalised Banks in India #9: Indian Overseas Bank
10. Nationalised Banks in India #10: Canara Bank
11. Nationalised Banks in India #11: Punjab National Bank (PNB)
12. Nationalised Banks in India #12: Punjab & Sind Bank
13. Nationalised Banks in India #13: Bank of Baroda
14. Nationalised Banks in India #14: Bank of Maharashtra
15. Nationalised Banks in India #15: UCO Bank

Following India's independence, the government implemented various measures to enhance the country's economic growth, with one of the key initiatives being the establishment of the RBI to regulate the banking sector. At that time, State Bank of India was the sole major government-owned bank. To cater to the requirements of the Indian economy, the government nationalized the banks in 1969 and 1980, thereby acquiring ownership of banks that were previously privately owned. These nationalised banks in India currently comprise the bulk of the Indian banking system.

India has a total of 12 nationalized banks as of today. Let’s find out what is a nationalised bank and which ones belong to the list of nationalised banks in India(2022 & 2023 updated).

What Are Nationalised Banks In India?

The banks in which the Government of India has more than fifty percent shareholding are called nationalised banks. RBI (Reserve Bank of India) is the governing body that manages all of the 12 nationalized banks. 

How Nationalised Banks in India Benefit Our Country?

Here are a few ways how nationalised banks in india 2023 helps:

• It prevented the monopoly of the banking systems controlled by corporate families in India.

• These banks reduced regional imbalance and helped in more equitable regional growth apart from Northern & Western India

• Nationalised banks in India improved the working conditions of employees in the banking sector

• It protected the public interest from unhealthy competition among industrialists

• It centralised the management and provided uniform services throughout India

• Nationalised banks in India lead to the use of profits earned by banking enterprises for public and economic policies of the Government

• It made funds available for agriculturists and the core sector of steel and coal.

• It increased the number of offices in rural and semi-urban areas. 

• It developed banking habits in people

• It helped in deposit mobilisation with the expansion of personal loans

Also Read: Factors To Consider Before Choosing A Bank For Home Loan

List of Nationalised Banks In India

There are a 12 total nationalised banks in India(2022 & 2023 updated list):

1. State Bank of India

2. Indian Bank 

3. Central Bank of India

4. Union Bank of India 

5. Bank of India

6. Indian Overseas Bank

7. Canara Bank

8. Punjab National Bank 

9. Punjab & Sind Bank

10. Bank of Baroda

11. Bank of Maharashtra

12. UCO Bank

Let’s discuss more about these nationalised banks list in-depth:

1. State Bank of India (SBI)

As per the list of nationalised banks in India 2023, State Bank of India has a 23% of market share in terms of assets - making it the biggest nationalised bank in India. This one of the nationalised banks in India holds a one-fourth share in the total deposits and loans markets. SBI was merged with its five associate banks, thus making it the largest branch network in India.

The non-banking subsidiaries of SBI in India are:

• SBI Cards & Payments Services Pvt. Ltd.

• SBI Pension Funds Pvt. Ltd.

• SBI Global Factors Ltd.

• SBI Capital Markets Ltd.

• SBI Funds Management Pvt. Ltd.

• SBI General Insurance Company Limited

• SBI DFHI Ltd.

SBI currently offers home loans at 8.85% interest rates. Here are the other home-related loan interest rates offered by the bank.

Here’s the address to the SBI office:

State Bank of India, 

Central Office, Chairman’s Secretariat, 

P.B. No.12, Nariman Point

Mumbai 

Maharashtra

Pincode: 400021

2. Indian Bank

Indian Bank was founded in 1907, and was merged with Allahabad Bank in February 2021. As per the nationalized banks in india, second is the Indian Bank that offers general banking services such as deposit accounts, debit and credit cards, net banking, loans, investment, and more.

The following subsidiary companies of this one of the nationalised banks in India offer various other services:

• IndBank Housing Ltd

• IndBank Merchant Banking Services Ltd.

• IndFund Management Ltd.

Indian Bank currently offers home loans at an interest rate between 6.50% to 7.4% per annum and a processing fee of 0.23% of the loan amount. This interest rate applies to Indian residents and NRIs. Its tenure can be extended up to 30 years. 

Here’s the address to Indian Bank’s office:

Indian Bank Building

P.B. No. 1384, 31

Rajaji Road,

Chennai 

Tamil Nadu

Pincode: 600001

3. Central Bank of India

Sir Sorabji Pochkhanawala established the Central Bank in 1911. This is one of the nationalised banks in India that played a crucial role in creating India’s first exchange bank - the Central Exchange Bank of India. 

Central Bank of India has close to 4000 branches, 3600 ATMs and ten satellite offices. It offers a wide range of banking services like cash management, debit and credit cards, transfer of funds and much more. 

Central Bank of India currently offers home loans at an interest rate of 8.20% per annum onward and a processing fee of 0.50% of the entire loan amount (maximum INR 20,000+ taxes).

Here’s the address to Central Bank’s head office:

Central Office

Chander Mukhi, Nariman Point

Mumbai 

Maharashtra

Pincode: 400021

Don’t Miss This Update: Banks Increase Home Loan Interest Rate After Repo Rate Hike

4. Union Bank of India

Here is another important one from the Indian nationalised bank list 2023 which surprisingly not many know but the Father of the Nation, Mahatma Gandhi inaugurated it in 1919 i.e., the Union Bank of India. The Government of India recognized it as a nationalised bank in India in 1969.

Union Bank of India was merged with Andhra Bank and Corporation Bank in 2020 and has subsidiaries in Dubai,  Sydney, Belgium, Hong Kong, and the United Kingdom.

Union Bank of India currently offers home loans at an interest rate of 9% per annum onward and a processing fee of 0.50% of the loan amount

Here’s the address to Union Bank of India’s head office:

Union Bank Building

Central Office, 239, Backbay Reclamation,

Post Box No. 93A, Nariman Point,

Mumbai 

Maharashtra

Pincode: 400021

5. Bank of India

Thiru M. Chidambaram Chettyar established Indian Overseas Bank in 1937. Among the nationalised banks in India, Indian Overseas Bank promoted foreign exchange operations and overseas banking transactions.