HDFC Bank Outshines Rivals in Deposit Race Despite Smaller Branch Network – Leaves SBI, ICICI, and Others Behind

HDFC Bank has significantly outperformed other banks in attracting deposits, even though it operates with a much smaller branch network compared to its competitors.

State Bank of India: The Largest Deposit Base with Extensive Branch Network

State Bank of India (SBI) maintains the largest deposit base in the country, with ₹49.01 lakh crore at the end of June 2024. The bank’s extensive branch network, comprising 22,580 branches, has helped it add ₹3.70 lakh crore in deposits over the past year.

HDFC Bank: Top Performer in Deposit Growth

HDFC Bank added an impressive ₹4.66 lakh crore in deposits over the past year, bringing its total deposit base to ₹23.79 lakh crore by June 2024. The bank achieved this growth with just 8,851 branches, showcasing its efficiency in deposit collection.

ICICI Bank’s Steady Growth in Deposits

ICICI Bank saw an increase of ₹1.87 lakh crore in deposits, reaching a total of ₹14.26 lakh crore by June 2024. The bank operates with 6,587 branches, contributing to its steady growth in deposits.

Public Sector Banks: Punjab National Bank and Canara Bank

Punjab National Bank (PNB) and Canara Bank, both public sector banks, have also seen growth in their deposit bases. PNB added ₹1.10 lakh crore in deposits, reaching ₹14.08 lakh crore, while Canara Bank added ₹1.42 lakh crore, bringing its total deposits to ₹13.35 lakh crore by June 2024.

Bank of Baroda and Axis Bank: Consistent Deposit Growth

Bank of Baroda added ₹1.07 lakh crore in deposits over the past year, reaching a total deposit base of ₹13.06 lakh crore. The bank has 8,243 branches. Axis Bank, with 5,427 branches, added ₹1.20 lakh crore in deposits, bringing its total to ₹10.62 lakh crore by June 2024.