The bank added that the committee decided to cut the overnight, 1-year, and 2-year MCLR rates by five basis points each.
As per the revised structure, the overnight marginal cost of funds based lending rate (MCLR) has been reduced from 7.95% to 7.90%, while the 1-year MCLR has been cut from 8.80% to 8.75% and the 2-year MCLR from 8.80% to 8.75%.
As per the exchange fillings other tenures remain unchanged. The 1-month MCLR stays at 8.20%, the 3-month MCLR at 8.40%, the 6-month MCLR at 8.65%, and the 3-year MCLR at 8.85%.
| S No | Tenor | Existing MCLR (%) w.e.f 15.03.2026 | Change | Revised MCLR (%) w.e.f 15.04.2026 |
|---|---|---|---|---|
| 1 | Overnight MCLR | 7.95 | (-) 5 bps | 7.90 |
| 2 | One-Month MCLR | 8.20 | No Change | 8.20 |
| 3 | Three-Month MCLR | 8.40 | No Change | 8.40 |
| 4 | Six-Month MCLR | 8.65 | No Change | 8.65 |
| 5 | One Year MCLR | 8.80 | (-) 5 bps | 8.75 |
| 6 | Two Year MCLR | 8.80 | (-) 5 bps | 8.75 |
| 7 | Three Year MCLR | 8.85 | No Change | 8.85 |
The revised MCLR rates will remain effective from April 15, 2026 until further review.
Also Read: GAIL to invest ₹3,295 crore in 600 MW UP solar project with battery storage system
Q3 results
IOB had recorded a net profit jump of 56.2% in Q3 FY26 year-on-year to ₹1,365 crore, compared with ₹873.7 crore in the same period last year.
The bank’s net interest income grew 18.3% year-on-year to ₹3,298.5 crore from ₹2,789 crore.
Asset quality also improved during the quarter, with gross non-performing assets easing to 1.54% from 1.83% on a quarter-on-quarter basis, while net NPAs declined to 0.24% from 0.28% in the previous quarter.
Shares of Indian Overseas Bank closed at ₹34.60 on April 13, down ₹0.10 or 0.29%. The stock remained largely range-bound through the session, ahead of the bank announced MCLR revision.
Also Read: Dixon Tech says Noida labour protests have no impact, operations are compliant
(Edited by : Shoma Bhattacharjee)
First Published: Apr 13, 2026 8:43 PM IST
