PNB and Indian Bank raise MCLR, BoI hikes term deposit rates
In short
PNB and Indian Bank raised their MCLR, and Bank of India increased term deposit rates. The change came after the RBI raised the policy repo rate by 25 basis points to 5.50% on October 07, 2026.
That can make loans cost more and deposits pay more. The report does not say the new bank rates or how much customers will be affected.
What the reporting says
PNB and Indian Bank raised MCLR, while Bank of India increased term deposit rates, following the RBI rate-setting panel’s 25-basis-point repo hike to 5.50% on October 07, 2026. The publisher-supplied summary ties the changes to the central bank move. The immediate effect is higher borrowing and deposit rates at the banks, but the reporting does not state the exact revised bank rates.
Why it matters
PNB, Indian Bank and Bank of India adjusted lending and deposit rates after the RBI’s October 07, 2026 repo-rate increase of 25 basis points to 5.50%. The summary does not list the new MCLR or term-deposit rates, but the direction of travel is clear: borrowing costs may rise and savers may receive better deposit returns. The source does not say how far each bank changed its rates.