Canara Bank has announced a revision to its Marginal Cost of Funds Based Lending Rate (MCLR) structure, effective from March 12, 2026. While most tenors remain unchanged, the rates for the Two Year MCLR and Three Year MCLR will increase by 10 basis points (bps) each. The Overnight, One Month, Three Month, Six Month, and One Year MCLR rates are being held constant.
Canara Bank Announces MCLR Rate Revision
As per a formal communication dated March 11, 2026, Canara Bank has informed the stock exchanges about changes to its Marginal Cost of Funds Based Lending Rate (MCLR). These revised rates will be applicable starting from Wednesday, March 12, 2026.
Detailed Rate Changes Table
The bank provided a clear breakdown of the existing rates versus the new rates effective from the specified date. Notably, rates for shorter-term tenors remain stable, while longer-term loan benchmarks see a marginal increase.
The key figures are detailed below:
MCLR Tenor and Rate Changes (Effective 12.03.2026)
- Overnight MCLR: Existing 7.85% remains at 7.85%.
- One Month MCLR: Existing 7.90% remains at 7.90%.
- Three Month MCLR: Existing 8.15% remains at 8.15%.
- Six Month MCLR: Existing 8.50% remains at 8.50%.
- One Year MCLR: Existing 8.70% remains at 8.70%.
- Two Year MCLR: Increased from 8.85% to 8.95% (a 10 bps hike).
- Three Year MCLR: Increased from 8.90% to 9.00% (a 10 bps hike).
Conclusion
This revision indicates a minor adjustment in the bank’s funding cost projections for long-term fixed-rate products, effective from 12.03.2026. The details of this change are now on record with the regulatory authorities, as confirmed by the Company Secretary, Santosh Kumar Barik.
Source: BSE
