Bank of India MCLR Unchanged From October 1; One-Year Rate Stays at 8.80%
Bank of India retains its lending benchmarks from October 1, with one-year MCLR at 8.80%; the filing also details changes to fixed-rate lending spreads.
Bank of India MCLR will remain unchanged from October 1, 2026, the lender said in a BSE filing dated September 29, 2026. The bank also retained its Repo Based Lending Rate (RBLR), while separately reporting a change in its Fixed Rate Spread (FRS).
The one-year Marginal Cost of Fund based Lending Rate remains at 8.80%. Across the six tenors disclosed in the filing, MCLR ranges from 7.85% for overnight lending to 8.90% for the three-year tenor. The bank presented these as the rates effective from October 1, with no revision to the existing schedule.
The disclosure distinguishes between the unchanged MCLR and RBLR benchmarks and the fixed-rate spread change. It does not provide a numerical RBLR level, so the announcement confirms continuity in that benchmark without specifying its prevailing rate.
Bank of India MCLR schedule from October 1
| Tenor | MCLR |
|---|---|
| Overnight | 7.85% |
| One month | 8.15% |
| Three months | 8.35% |
| Six months | 8.65% |
| One year | 8.80% |
| Three years | 8.90% |
The unchanged schedule covers every MCLR tenor listed in the disclosure, from overnight through three years. The six-month rate stands at 8.65%, while the one-month and three-month rates remain at 8.15% and 8.35%, respectively.
Fixed-rate section carries a separate effective date
The filing's heading describes the interest-rate decisions as applicable from October 1, 2026. However, its detailed fixed-rate spread paragraph states that the change took effect from September 1, 2026. The supplied text therefore contains different effective-date references for this portion of the disclosure.
- One-year entry: 8.75% plus CRP.
- Three-year entry: 9.40% plus CRP.
- Five-year entry: 9.60% plus CRP.
- Above five years: 8.75% plus tenor premium and CRP.
The extracted two-year entry is not sufficiently clear to reproduce its full rate formula reliably. The filing also does not provide the previous fixed-rate spread schedule, preventing a verified comparison of the size or direction of the change.
Company Secretary Usha Ramsinghani signed the disclosure, submitted to BSE and the National Stock Exchange under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Bank of India's BSE scrip code is 532149, and its NSE symbol is BANKINDIA.
Source: BSE corporate announcement.