12 Public Sector Banks In India: Updated List, Home Loan Interest Rates, Address

Table of Content:

1. Public Sector Banks In India #1: State Bank of India (SBI)​
2. Public Sector Banks In India #2: Indian Bank
3. Public Sector Banks In India #3: Union Bank of India
4. Public Sector Banks In India #4: Central Bank of India
5. Public Sector Banks In India #5: Indian Overseas Bank
6. Public Sector Banks In India #6: Bank of India
7. Public Sector Banks In India #7: UCO Bank
8. Public Sector Banks In India #8: Canara Bank
9. Public Sector Banks In India #9: Punjab National Bank (PNB)
10. Public Sector Banks In India #10: Punjab And Sind Bank
11. Public Sector Banks In India #11: Bank of Baroda
12. Public Sector Banks In India #12: Bank of Maharashtra

Public sector banks in India are institutions that are both operated and owned by the government, with the government holding a majority stake of more than 51% in their stocks. In a significant development on 30th August 2019, Finance Minister Nirmala Sitharaman announced the merger of multiple government banks. Consequently, several banks were amalgamated, leading to the current landscape of 12 public sector banks in India.

If you want to know more about government-owned banks in India, this public sector banks list is for you. Read further to find out more details about them! 

Public Sector Banks List: Year of Establishment And Headquarters

Also Read: 10 Private Sector Banks In India: List, Services, Home Loan Interest Rates |2023 Edition|

Public Sector Banks In India

Here is everything you need to know about the 12 public sector banks in India.

1. State Bank of India (SBI)

SBI is the largest public sector bank in India as it holds 23% of the market share in terms of assets. It holds a quarter of the overall market share for loans and deposits. SBI now has the largest branch network in India after its five associate banks were merged.

The non-banking subsidiaries of SBI in India include:

• SBI Capital Markets Ltd.

• SBI General Insurance Company Limited

• SBI Funds Management Pvt. Ltd.

• SBI DFHI (Discount & Finance House of India) Ltd.

• SBI Cards & Payments Services Pvt. Ltd.

• SBI Pension Funds Pvt. Ltd.

• SBI Global Factors Ltd.

SBI offers home loans at 8.85% interest rates currently. It also offers other home-related loan interest rates. The address of the SBI's headquarter office is:

State Bank of India, 

Central Office, Chairman’s Secretariat, 

P.B. No.12, Nariman Point, Mumbai
State: Maharashtra

Pincode: 400021

2. Indian Bank 

Indian Bank is one of the top public sector banks in India that was merged with Allahabad Bank in February in the year 2021. The bank offers the following services:

• General banking services (deposit accounts, debit and credit cards)

• Net banking

• Loans

• Investment

There are various other services offered by the following subsidiary companies of Indian Bank:

• IndFund Management Ltd.

• IndBank Housing Ltd

• IndBank Merchant Banking Services Ltd.

Indian Bank offers home loans at an interest rate between 6.50% to 7.4% per annum currently. The processing fee is 0.23% of the loan amount, and the loan tenure can be extended up to 30 years. This interest rate is applicable to NRIs and Indian residents. The address of the Indian Bank's headquarter is:

Indian Bank Building

P.B. No. 1384, 31

Rajaji Road, Chennai 

State: Tamil Nadu

Pincode: 600001

3. Union Bank of India

Mahatma Gandhi inaugurated the Union Bank of India in 1921. 

The Government of India recognised the Union Bank of India as one of the public sector banks in India in 1969 and later Andhra Bank and Corporation Bank were merged with Union Bank of India in 2020. 

Union Bank of India's subsidiaries are located in:

• Dubai

• Sydney

• Belgium

• Hong Kong 

• The United Kingdom.

The bank offers home loans at an interest rate of 9% per annum onward currently. The processing fee is 0.50% of the loan amount. The address of the Union Bank of India's headquarter is:

Union Bank Building

Central Office, 239, Backbay Reclamation,

Post Box No. 93A, Nariman Point, Mumbai 

State: Maharashtra

Pincode: 400021

4. Central Bank of India

Sir Sorabji Pochkhanawala established the Central Bank. This is one of the public sector banks in India that had a crucial role in the creation of India’s first exchange bank, the Central Exchange Bank of India. 

Central Bank of India has approximately ten satellite offices, 3600 ATMs, and 4000 branch offices. The services offered by the Central Bank of India are:

• Banking services (cash management, debit and credit cards

• Transfer of funds  

Central Bank of India offers home loans at an 8.20% interest rate per annum onwards currently. The processing fee of the Central Bank of India is 0.50% of the entire loan amount (maximum INR 20,000+ taxes). The headquarter address of the Central Bank of India is:

Central Office

Chander Mukhi, Nariman Point, Mumbai 

State: Maharashtra

Pincode: 400021

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5. Indian Overseas Bank

Thiru M. Chidambaram Chettyar established Indian Overseas Bank. The services offered by the Indian Overseas Bank include:

• General banking

• Financial services like deposit schemes, remittances

• Trade finance

• Loans

This public sector bank in India is the only Indian-origin bank offering its services in the Royal Kingdom of Thailand since the year 1947. It has one representative office and six foreign branches. 

Indian Overseas Bank offers home loans at an interest rate of 9.35% per annum onward currently. The processing fee of the Indian Overseas Bank is 0.50% of the loan amount. The Indian Overseas Bank's headquarters is located here:

Central Office

762, Anna Salai, P.B. No. 3765, Chennai 

State: Tamil Nadu

Pincode: 600002

6. Bank of India 

As one of the best public sector banks in India, Bank of India has 5000 branches currently managed by 55 zonal and NBG (New Business Group) offices. 

Its services include:

• Loans

• Investments

• Cards

• Mobile and Internet banking

• Deposit account. 

This bank is also a founder member of the SWIFT (Society for Worldwide Interbank Financial Telecommunications). It offers home loans at an interest rate of 8.85% per annum onward currently. The processing fee is 0.25% of the loan amount, and the loan’s tenure can be extended for up to 30 years. 

The Bank of India's headquarters is located here:

Express Towers, Nariman Point, Mumbai
State: Maharashtra

Pincode: 400021

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7. UCO Bank

UCO bank has 3000 branches in India. It has 50+ centres for Foreign Exchange Business in India. 

This public sector bank in India offers home loans at an interest rate of 6.90% per annum onward currently. The processing fee is 0.50% of the loan amount (Minimum INR 1500 to Maximum INR 15,000), and the payment tenure of the loan can extend up to 30 years.  The UCO Bank's headquarters is located here:

10, Biplabi Trailokya Maharaj, Sarani, Kolkata

State: West Bengal

Pincode: 700001

8. Canara Bank

Canara Bank is one of the oldest Indian government banks in this public sector banks list. The following services are offered by Canara Bank:

• Corporate and NRI banking

• Personal Banking

• Bank deposits

• Investment

• Loans 

Canara Bank offers home loans at an interest rate ranging between 8.85% to 13.80% per annum currently. The processing fee is 0.50% (Minimum INR 1500 to Maximum INR 10,000).  The Canara Bank's headquarters is located here:

112, Jayachamarajendra Road

Post Box No. 6648, Bengaluru

State: Karnataka 

Pincode: 560002

9. Punjab National Bank (PNB)

It is the first Swadeshi bank established to assist Indians in Lahore. There are approximately 7000 branches of this public sector bank in India. The services offered by PNB include:

• Debit and credit cards

• Savings and current accounts

• Online banking

• Various types of loans

• Investment

• Trading

Punjab National Bank offers home loans at an interest rate of 7.75% per annum onward currently. The processing fee is 0.35% of the loan amount and the loan's tenure can be extended up to 30 years. The Punjab National Bank's headquarters is located here:

7, Bhikaji Cama Place, Africa Avenue, New Delhi

State: Delhi

Pincode: 110066

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10. Punjab And Sind Bank

Sir Sunder Singh Majitha, Bhai Vir Singh, and Sardar Tarlochan Singh established Punjab and Sind Bank to help the weaker sections of the society. OBC Bank and United Bank merged with Punjab and Sind Bank. The services offered by this bank include:

• Personal Banking

• Retail banking

• Corporate banking

• International banking

• Business loans

• Rural banking 

• Government business

• Deposits

• Investments

It offers home loans at an interest rate of 8.95% per annum onward currently. The processing fee is waived off on most home loans. The Punjab and Sind Bank's headquarters is located here:

Bank House

Fourth floor, 21, Rajendra Place, New Delhi

State: Delhi

Pincode: 110008

11. Bank of Baroda

Maharaja Sayajirao Gaekwad III was the one who established the Bank of Baroda. 

Vijaya Bank and Dena Bank merged with the Bank of Baroda in the year 2019. It has 100 branches and subsidiaries in 23 countries. The services offered by the Bank of Baroda include:

• Business Banking

• Corporate banking

• Personal Banking

• Different types of loans

• Investment services. 

Bank of Baroda offers home loans at an interest rate of 8.50% per annum onward currently. The processing fee is 0.25% of the loan amount, and the loan’s payment tenure extends up to 30 years. The Bank of Baroda's headquarters is located here:

Baroda House, Mandvi, Vadodara

State: Gujarat 

Pincode: 390006

12. Bank of Maharashtra

V.G. Kale and D.K. Sathe established the Bank of Maharashtra and it was nationalised in 1969. 

The services offered by this public sector bank in India are:

• Savings Deposits

• Savings accounts

• Current accounts

• Term deposits

• Online trading

• Cards (credit and debit)

• Internet and mobile banking

• Deposits

• Loans (education, corporate, agriculture, etc.) 

The Government of India holds 87.74% shares of this bank. Bank of Maharashtra offers home loans at an interest rate of 8.40% per annum onward currently. The payment tenure of the loan can extend up to 30 years. The Bank of Maharashtra's headquarters is located here:

Lok Mangal

1501, Shivaji Nagar, Post Box No. 919, Pune

State: Maharashtra 

Pincode: 411005

Also Read: A List of Nationalised Banks in India