Bananas have different ploidy levels, including diploid, triploid and tetraploid, while triploids are most widely used in breeding programs. Although diploid and tetraploid plants have the potential to improve yield and other agronomic traits, they remain underutilized in crop improvement. This study uses multivariate analysis to evaluate the morphological and yield characteristics of 20 banana germplasm accessions belonging to the genome group AA, AB, AAA, AAB, ABB and AAAB. The findings revealed that substantial genetic variation was observed among the accession. Red Banana exhibited the tallest pseudostem height in morphological traits, while Karpooravalli had the largest pseudostem girth. Yield attributes indicated that Grand Naine and Gros Micheal recorded the highest bunch weights, while Calcutta 4 had the lowest. Additionally, Nendran has distinctive yield characteristics like longest finger length (FL), girth and weight. Correlation analysis showed a positive relationship between morphological and yield parameters such as pseudostem height, girth and bunch weight. Regression analysis revealed that pseudostem girth, leaf length and number of hands per bunch significantly contributed to bunch weight with an R2 value of 0.80. Hierarchical clustering divided the accessions into three groups based on morphology and yield characteristics. Nendran and Red Banana were in one cluster, showing their genetic similarity. The clustering pattern suggests that these accessions have similar agronomic traits that could be useful for targeted breeding strategies. Principal component analysis (PCA) revealed that the first principal components accounted for 81.7% of the total variance, with major contributors including pseudostem girth, finger weight (FW) and bunch weight. Thus, these findings highlight the morphological and yield variations within banana germplasm and identify promising cultivars and traits for targeted breeding programs to enhance productivity and fruit quality.