Canara Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenors. The bank has increased MCLR rates by 5 basis points (bps) for all maturities, as per a BSE filing from the bank. The new Canara Bank MCRLs are effective from May 12, 2026.
Bank of Baroda, however, kept its MCLR rates unchanged, as per its filing on BSE.
Latest Canara Bank lending ratesAccording to Canara Bank’s latest lending rate revision, the overnight MCLR has been increased from 7.85% to 7.90%, while the one-month MCLR has been raised from 7.90% to 7.95%. The one-year MCLR is particularly important because many retail loans such as home, auto and personal loans are linked to this tenure. With the latest revision, the one-year MCLR now stands at 8.75%, up from 8.70% earlier.
| MCLR Tenor | Existing Rate (%) | Revised Rate (%) |
| Overnight MCLR | 7.85 | 7.9 |
| One Month MCLR | 7.9 | 7.95 |
| Three Month MCLR | 8.15 | 8.2 |
| Six Month MCLR | 8.5 | 8.55 |
| One Year MCLR | 8.7 | 8.75 |
| Two Year MCLR | 8.95 | 9 |
| Three Year MCLR | 9 | 9.05 |
\Source- BSE
Note that borrowers having MCLR-linked floating rate loans may see a rise in their loan interest rates depending on their loan reset date and the terms of the loan agreement.
According to a message on Canara Bank’s website, “The above MCLRs shall be applicable only to new loans/advances sanctioned/first disbursement made on or after May 12, 2026, and those credit facilities renewed/reviewed/reset undertaken and where switchover to MCLR linked interest rate is permitted at the option of the borrower, on or after May 12, 2026.”
What is MCLR?
MCLR is the minimum lending rate below which banks cannot lend, except in certain cases permitted by the Reserve Bank of India. Any increase in MCLR may lead to higher EMIs for borrowers whose loans are linked to this regime.
Canara Bank RLLR
The PSU bank’s Repo Linked Lending Rate (RLLR) is 8% with effect from April 12, 2026.
Canara Bank latest FD interest rates
Canara Bank offers fixed deposit (FD) interest rates ranging between 3% and 6.5% for general citizens on tenures ranging from 7 days to 10 years. For senior citizens, the bank offers FD interest rates between 3% and 7%, with the highest rate for both available on a 555-day tenure. These rates are effective from January 5, 2026.
| Callable | ||
| Term Deposits (All Maturities) | General Public | Senior Citizen |
| Rate of Interest (% p.a.) | Rate of Interest (% p.a.) # | |
| 7 Days to 45 Days* | 3 | 3 |
| 46 Days to 90 Days | 4 | 4 |
| 91 Days to 179 Days | 4.25 | 4.25 |
| 180 Days to 269 Days | 5.25 | 5.75 |
| 270 Days to less than 1 Year | 5.5 | 6 |
| 1 Year & above to 1 year 3 months Only (Except 444 days) | 6.25 | 6.75 |
| 444 Days* | 6.45 | 6.95 |
| 555 Days* | 6.5 | 7 |
| Above 1 Year 3 months to less than 2 Years (Except 555 days) | 6.25 | 6.75 |
| 2 Years & above to less than 3 Years | 6.25 | 6.75 |
| 3 Years & above to less than 5 Years | 6.25 | 6.75 |
| 5 Years & above to 10 Years | 6.25 | 6.75 |
Latest Bank of Baroda lending rates
Bank of Baroda has not revised its Marginal Cost of Funds Based Lending Rate (MCLR), as per its notification to BSE. All the lending rates remain unchanged from previous rates.
| MCLR Tenor | Existing MCLR (%) | Revised MCLR (%) w.e.f. May 12, 2026 |
| Overnight | 7.8 | 7.8 |
| One Month | 7.9 | 7.9 |
| Three Month | 8.15 | 8.15 |
| Six Month | 8.45 | 8.45 |
| One Year | 8.7 | 8.7 |
