List Of Agency Banks of India for PPF & Sukanya Accounts

Agency banks in India are banks that work on behalf of the government or other organizations. You can open PPF Account, Sukanya Samriddhi Yojana Account, or Senior citizen saving account in these banks. They also help the government with tasks like collecting taxes, distributing pensions, and giving out benefits for government programs.

They also assist in buying and selling government securities and help with clearing and settling financial transactions. These banks make banking services available in remote areas where regular bank branches may not be present. They can be public or private sector banks or regional rural banks.

Agency Banking Services

1. Small Saving Schemes: Small savings schemes give higher interest rates. You can subscribe to these schemes through the post office and through the agency banks. PPF, Sukanya, Senior Citizen Saving Scheme, Kisan Vikas Patra and NSC are available in the agency banks.
2. Collection of Taxes: Agency banks are authorized to collect direct and indirect taxes on behalf of the government. This includes income tax, goods and services tax (GST), customs duty, and other levies.
3. Pension Payments: They facilitate the payment of pensions to retired government employees, including central and state government pensions.
4. Government Schemes: Agency banks play a vital role in the disbursement of government schemes such as subsidies, welfare programs, and social security benefits. They ensure that the funds reach the intended beneficiaries.
5. Government Securities: These banks assist in the sale and purchase of government securities like treasury bills, bonds, and other debt instruments.
6. Clearing and Settlement: These banks participate in the clearing and settlement process of financial transactions. They help in the smooth functioning of payment systems and maintain accounts for various government entities.
7. Banking Services in Remote Areas: They extend banking services to underserved and remote areas, where direct branches may not be present. This ensures access to financial services for the population in such regions.

Several banks in India are designated as agency banks by the RBI. These include public-sector banks and private-sector banks. The specific list of agency banks may vary over time, as it depends on the RBI’s designation and authorization.

Public Sector Agency Banks of India

1.	Bank of Baroda
2.	Bank of India
3.	Bank of Maharashtra
4.	Canara Bank
5.	Central Bank of India
6.	Indian Bank
7.	Indian Overseas Bank
8.	Punjab and Sind Bank
9.	Punjab National Bank
10.	State Bank of India
11.	UCO Bank
12.	Union Bank of India

Private Agency Banks of India

13.	Axis Bank Ltd.
14.	City Union Bank Ltd.
15.	DCB Bank Ltd
16.	Federal Bank Ltd.
17.	HDFC Bank Ltd.
18.	ICICI Bank Ltd.
19.	IDBI Bank Ltd.
20.	IDFC FIRST Bank Ltd
21.	IndusInd Bank Ltd
22.	Jammu and Kashmir Bank Ltd. *
23.	Karnataka Bank Ltd.
24.	Karur Vysya Bank Ltd.
25.	Kotak Mahindra Bank Ltd.
26.	RBL Bank Ltd
27.	South Indian Bank Ltd.
28.	Yes Bank Ltd.
29.	Dhanlaxmi Bank Ltd.
30.	Bandhan Bank Ltd.
31.	CSB Bank Ltd.

The list of Agency banks is taken from the RBI Website. ( https://www.rbi.org.in/commonman/English/Scripts/Content.aspx?id=2139 )

You can invest in various Post Office schemes through these Agency Banks, which also offer the facility to open a PPF Account. Additionally, you have the option to open a Sukanya Samriddhi Account for your girl child. These banks also provide the Senior Citizen Saving Scheme, which offers attractive interest rates and is specifically designed for senior citizens. Moreover, you can invest in KVP and NSC through these agency banks as well.