Gather all your ingredients, measure everything - set aside.
In a deep pan, heat vegetable oil on medium to low heat.
In a mixing bowl, add sugar, baking powder, baking soda, cinnamon, flour, and salt. Whisk the dry ingredients with a whisk to remove any lumps.
Mash bananas on a flat surface (or small plate) until smooth and add to the mixing bowl.
Gradually add milk or water to the bowl until you get a nice thick consistency.
To check if the oil is ready - drop a small dallop of the batter into the oil - it should rise to the surface and turn golden brown in about thirty seconds.
Using a spoon or your hands, carefully drop small portions of the batter into the hot oil. Turn them occasionally to ensure they cook evenly.
Once the Homemade Banana Gulgulas are golden brown and crisp, remove them from the oil and place them on a paper towel - lined plate to drain any excess oil.