SBI leads in deposits and customer base, HDFC Bank tops average deposits per customer

India’s largest lender, State Bank of India (SBI), has retained its lead in both total deposits and customer numbers, while HDFC Bank has the highest average deposit per customer among major banks, according to data shared by investment platform Groww.

Groww shared a comparison of 10 major banks and their average deposits per customer in a post on X. The data is based on figures available up to March 2026 and highlights the differences between public and private sector lenders in terms of deposit mobilisation and customer base.

SBI tops total deposits

SBI has the largest deposit base among the banks included in the comparison, with total deposits of ₹60.4 lakh crore. It also has the highest customer base, with 53 crore customers.

• State Bank of India: ₹60.4 lakh crore in deposits, 53 crore customers and an average deposit of ₹1.14 lakh per customer.

• HDFC Bank: ₹31 lakh crore in deposits, 10.1 crore customers and an average deposit of ₹3.07 lakh.
• Punjab National Bank: ₹17.2 lakh crore in deposits, 18.5 crore customers and an average deposit of ₹0.93 lakh.

• Bank of Baroda: ₹16.8 lakh crore in deposits, 18.9 crore customers and an average deposit of ₹0.89 lakh.

SBI’s total deposits are almost twice those of HDFC Bank, which ranks second in the comparison with ₹31 lakh crore.

HDFC Bank has highest average deposits

Although SBI leads in overall deposits and customer numbers, HDFC Bank ranks first when deposits are measured on a per-customer basis.

HDFC Bank has an average deposit of ₹3.07 lakh per customer, followed by Axis Bank at ₹2.47 lakh and Canara Bank at ₹1.47 lakh.

The figures suggest that some private-sector banks have substantially higher average customer deposits than several large public-sector lenders.

Deposit and customer data for other banks

The comparison shared by Groww also includes the following banks:

• Canara Bank: ₹15.7 lakh crore in deposits, 10.7 crore customers and ₹1.47 lakh average deposit per customer.
• Axis Bank: ₹13.3 lakh crore in deposits, 5.4 crore customers and ₹2.47 lakh average deposit.
• Union Bank of India: ₹13.1 lakh crore in deposits, 16.4 crore customers and ₹0.80 lakh average deposit.
• Bank of India: ₹9.3 lakh crore in deposits, 11 crore customers and ₹0.84 lakh average deposit.
• Indian Bank: ₹8.3 lakh crore in deposits, 9.5 crore customers and ₹0.87 lakh average deposit.
  • Kotak Mahindra Bank: ₹5.7 lakh crore in deposits, 5.2 crore customers and ₹1.09 lakh average deposit.

What the comparison reveals

The data shows a significant variation among leading banks in terms of deposit size, customer reach and average balances.

SBI stands out for its scale, with both the largest deposit pool and the biggest customer base. However, its average deposit per customer is substantially lower than that of HDFC Bank and Axis Bank.

Interestingly, a larger customer base does not necessarily translate into higher average deposits per customer. Union Bank of India has 16.4 crore customers but an average deposit of only ₹0.80 lakh, the lowest among the banks listed.

Meanwhile, HDFC Bank has a much smaller customer base of 10.1 crore but records the highest average deposit at ₹3.07 lakh.

Why ICICI Bank is missing from the list

ICICI Bank, one of India’s largest private-sector lenders and the country’s third-largest bank, does not feature in the comparison.

According to the information shared, ICICI Bank has not publicly disclosed its total customer count.