Bank of India Announces Rate Adjustments Effective April 1, 2026
Bank of India announced changes to its lending rates and base rate, effective April 1, 2026. The Marginal Cost of Fund based Lending Rate (MCLR) and Repo Based Lending Rate (RBLR) remain unchanged.The current MCLR is 8.75%. The overnight MCLR will be 7.70%, the 1-month MCLR 8.05%, the 3-month MCLR 8.20%, the 6-month MCLR 8.60%, the 1-year MCLR 8.75%, and the 3-year MCLR 8.90%.
Here's a table summarizing the MCLR rates:
| Rate effective from | Overnight MCLR | 1 Month MCLR | 3 Month MCLR | 6 Month MCLR | 1 Year MCLR | 3 Year MCLR |
|---|---|---|---|---|---|---|
| 01.04.2026 | 7.70% | 8.05% | 8.20% | 8.60% | 8.75% | 8.90% |
Adjustments were also made to the Fixed Rate Spread, effective April 1, 2026. The rate of interest for tenors of 1 year will be 8.75% plus CRP (likely a credit risk premium), 2 years will be 9.25% plus CRP, 3 years will be 9.35% plus CRP, 4 years will be 9.75% plus CRP, and tenors above 5 years will be 8.75% plus a tenor premium plus CRP.
The base rate was adjusted from 10% to 9.50% p.a. from April 1, 2026, to June 30, 2026.
The changes were communicated by Usha Ramsinghani, Company Secretary, Bank of India.
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