Bank of India Revises MCLR and FRS Rates Effective June 1, 2026
Bank of India is revising its MCLR and FRS rates effective June 1, 2026. The Overnight MCLR will be 7.80%, 1 Year MCLR at 8.75%, and 3 Year MCLR at 8.90%. FRS rates also adjusted with new spreads for various tenors.
Changes in MCLR and FRS directly affect the cost of borrowing for customers and the bank's net interest margin, thus having a medium-term impact on profitability 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 a revision in its Marginal Cost of Fund based Lending Rate (MCLR) and Fixed Rate Spread (FRS), effective from June 1, 2026. The Repo Based Lending Rate (RBLR) will remain unchanged.
The revised MCLR rates are as follows: Overnight MCLR at 7.80%, 1 Month MCLR at 8.10%, 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%.
Previously, effective from May 1, 2026, the MCLR rates were: Overnight MCLR at 7.70%, 1 Month MCLR at 8.05%, 3 Month MCLR at 8.20%, 6 Month MCLR at 8.60%, 1 Year MCLR at 8.75%, and 3 Year MCLR at 8.90%.
The Fixed Rate Spread (FRS) has also been revised effective June 1, 2026. The new rates include: 1 Year at 8.75%+CRP, 2 Year at 9.25%+CRP, 3 Year at 9.50%+CRP, 5 Year at 9.85%+CRP, and Above 5 Year at 8.75%+Tenor Interest Premium+CRP.
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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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See the model portfoliosA plain-language summary of a public exchange filing by Bank of India. Read the original for the full detail.