Bank reviewed MCLR w.e.f. 12th October 2026; all five tenors unchanged

The Bank has reviewed its Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 12th October 2026.

Sat 10 Oct 2026

Overnight MCLR

7.85%

One Year MCLR

8.75%

Effective date

12th October 2026

The Bank has reviewed its Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 12th October 2026. The review covers five tenors, and the rate for each tenor effective 12th October 2026 is the same as the existing rate.

Tenor-wise MCLR

• Overnight: existing 7.85%, w.e.f. 12th October 2026 7.85%
• One Month: existing 7.95%, w.e.f. 12th October 2026 7.95%
• Three Month: existing 8.30%, w.e.f. 12th October 2026 8.30%
• Six Month: existing 8.50%, w.e.f. 12th October 2026 8.50%
• One Year: existing 8.75%, w.e.f. 12th October 2026 8.75%

What MCLR means

MCLR is the benchmark minimum interest rate a bank uses for its rupee loans. Many retail and business loans are priced as MCLR for a chosen tenor plus a spread. When the MCLR for a tenor changes, the interest cost on loans linked to that tenor changes; when it stays the same, the rate on those loans stays the same.

What to note from this update

• Every tenor in this review is unchanged, so the rate floor for MCLR-linked loans remains where it was.
• The one-year MCLR, commonly used as the reference for many retail loans, stays at 8.75%.
• The rates are stated to apply from 12th October 2026.

This is a routine interest-rate update, and the update states the rates are unchanged across all five tenors.

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