Bank of India Revises MCLR and FRS Rates Effective August 1, 2026
Bank of India revised its MCLR rates effective August 1, 2026. The 1-year MCLR increased to 8.80% from 8.75%. FRS rates were also updated for various tenors, with the 1-year FRS at 8.75% + CRP. RBLR remains unchanged.
Changes in MCLR and FRS directly affect borrowing costs for customers and net interest margins for the bank, thus having a medium-term impact on financial performance and customer behavior.
The announcement details routine changes in lending rates, which are standard operational adjustments for banks and do not inherently indicate positive or negative performance.
Bank of India has announced revisions to its Marginal Cost of Fund based Lending Rate (MCLR) and Fixed Rate Spread (FRS) rates, effective from August 1, 2026. The Marginal Cost of Fund based Lending Rate (MCLR) has been revised following the Bank's ALCO meeting.
The previous MCLR rates, effective from July 1, 2026, were: Overnight MCLR at 7.85%, 1 Month MCLR at 8.15%, 3 Month MCLR at 8.25%, 6 Month MCLR at 8.65%, 1 Year MCLR at 8.75%, and 3 Year MCLR at 8.90%.
The revised MCLR rates, effective from August 1, 2026, are: Overnight MCLR at 7.85%, 1 Month MCLR at 8.15%, 3 Month MCLR at 8.35%, 6 Month MCLR at 8.65%, 1 Year MCLR at 8.80%, and 3 Year MCLR at 8.90%.
Additionally, the ALCO has decided on new Fixed Rate Spread (FRS) rates. For a tenor of 1 year, the rate is 8.75% + CRP. For a 2-year tenor, it is 9.06% + CRP. For a 3-year tenor, the rate is 9.34% + CRP. For a 5-year tenor, it is 9.59% + CRP. For tenors above 5 years, the rate is 8.75% + Tenor Premium + CRP.
The Repo Based Lending Rate (RBLR) remains unchanged.
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Bank of India filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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