PNB, Indian Bank up MCLRs; BoI increases term deposit rates

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The interest rate changes come in the backdrop of the Reserve Bank of India’s rate-setting panel raising the policy repo rate by 25 basis points from 5.25 per cent to 5.50 per cent on October 07, 2026

By BL Mumbai Bureau

Updated - November 02, 2026 at 08:35 PM.

Punjab National Bank (PNB) and Indian Bank have upped their marginal cost of funds-based lending rates (MCLRs) across all tenors by 10 basis points even as Bank of India (BoI) increased retail term deposit rates by 10-20 bps in select maturity buckets.

The aforementioned interest rate changes come in the backdrop of the Reserve Bank of India’s rate-setting panel raising the policy repo rate by 25 basis points from 5.25 per cent to 5.50 per cent on October 07, 2026, and changing the monetary policy stance from “neutral” to “calibrated tightening”.

PNB’s one-year MCLR is at 8.90 per cent, up from 8.80 per cent, with effect from November 1, 2026. Indian Bank’s revised one-year MCLR will be 8.95 per cent, up from 8.85 per cent, with effect from November 3, 2026.

Interest rates

On retail term deposits (TDs) of up to ₹3 crore, BoI has raised interest rates on one-year and above one-year to less than two years to 6.60 per cent (from 6.50 per cent) and 6.70 per cent (6.50 per cent), respectively, with effect from November 2, 2026.

The public sector bank has upped the interest rate on TDs in the 2 years to less than 3 years bucket to 6.70 per cent (6.60 per cent). It introduced a 500-day FD at 6.85 per cent.

On term deposits (TDs) of ₹3 crore and above but less than ₹10 crore, BoI has raised interest rates on one-year and above one-year to less than two years to 6.55 per cent (from 6.50 per cent) and 6.65 per cent (6.25 per cent), respectively.

The public sector bank has upped the interest rate on TDs in the 2 years to less than 3 years bucket to 6.65 per cent (6.00 per cent). It introduced a 500-day FD at 6.65 per cent.

Meanwhile, Suryoday Small Finance Bank said it is offering special limited-period (effective from 30 October 2026 to 16 November 2026) interest rates on Fixed Deposits (FDs) below ₹3 crore, with the highest interest rate being 8.25 per cent on an FD in the five-year maturity bucket.

Published on November 2, 2026

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