Performance Appraisal is a model that stated in the early 20 th century. It is the practice of obtaining and recording information about an employee to evaluate and improve their performance. Appraisal of the employees is necessity at a continuing basis. The HR department is responsible for fixing the qualities and characteristics to be rated in determining appraisal of employees. The success of the organization depends on the performance of the employees and it is the human tendency to judge everything and everyone around them. Performance appraisal is very important in planning for the employees’ training and development and in assessing their relative strengths and weaknesses. It is the right tool to assess the employee which justifies the selection of a particular employee, training and promotion exercises. In the present study researcher investigated the existing status of performance appraisal of private bank employees. Primary research was done through questionnaire survey in Haryana using convenient sampling of 200 respondents. The study revealed that most of the private banks use 360 Degree Appraisal method for performance appraisal. Furthermore, it was again revealed that employees are satisfied with the current appraisal method and agreed that performance appraisal helps in achieving organization goals, helps in improving motivation & job satisfaction and employees performance.