Changes observed in loan and deposit rates of Scheduled Commercial Banks

According to the data for October 2026 released by the Reserve Bank of India (RBI), various changes have been observed in the loan and deposit rates of Scheduled Commercial Banks (SCBs). Regional Rural Banks and Small Finance Banks have not been included in these figures.

Talking about loan rates, the Weighted Average Lending Rate (WALR) on outstanding rupee loans of Scheduled Commercial Banks remained steady at 8.96 percent in September 2026 compared to August 2026. However, the WALR on new rupee loans decreased from 8.61 percent in August to 8.51 percent in September 2026. Mixed movements were observed across various sectors in the WALR on both new and outstanding rupee loans in September 2026.

In addition to this, the 1-year median Marginal Cost of Funds based Lending Rate (MCLR) of Scheduled Commercial Banks decreased from 8.61 percent in September to 8.55 percent in October 2026.

A decline has also been recorded in deposit rates. The Weighted Average Domestic Term Deposit Rate (WADTDR) on outstanding rupee term deposits of Scheduled Commercial Banks was 6.56 percent in August, which decreased marginally to 6.55 percent in September 2026. Similarly, the WADTDR on new rupee term deposits also decreased from 5.67 percent in August to 5.61 percent in September 2026.

This information has been released by Ajeet Prasad, Deputy General Manager of the Department of Communication at the RBI. This report depicts the position of scheduled banks in India up to October 15, 2026.