Punjab National Bank (PNB) has announced a review and adjustment of its Marginal Cost of Funds Based Lending Rates (MCLR). Effective November 1, 2026, the MCLR for various tenors will see a slight increase. The Repo Linked Lending Rate (RLLR) and Base Rate remain unchanged.
PNB Announces MCLR Revision
Punjab National Bank (PNB) has informed stakeholders about a revision in its Marginal Cost of Funds Based Lending Rates (MCLR). This adjustment will be effective from November 1, 2026. The bank’s decision to update these rates reflects ongoing market dynamics and cost of funds.
New MCLR Effective November 1, 2026
The Marginal Cost of Funds Based Lending Rates (MCLR) for different tenors have been revised as follows, effective from 01.11.2026, compared to the existing rates effective 01.10.2026:
- Overnight: Increased from 8.00% to 8.10%
- One Month: Increased from 8.25% to 8.35%
- Three Month: Increased from 8.50% to 8.60%
- Six Month: Increased from 8.65% to 8.75%
- One Year: Increased from 8.80% to 8.90%
- Three Years: Increased from 9.10% to 9.20%
Unchanged Rates
In addition to the MCLR changes, PNB has confirmed that the Repo Linked Lending Rate (RLLR) will remain at 8.35% (which includes a 0.35% BSP component). Furthermore, the Base Rate will continue to be 9.50%, with no changes announced for these benchmarks.
The bank has requested that these updates be taken on record by the relevant parties.
Source: BSE
