Bank Lending and Deposit Rates, October 2026: What RBI's Table Shows
Interest-rate headlines often mix three different numbers. I am Nishi Jain, a full-time trader in Jaipur and ex-JioBlackRock, and I prefer to keep them apart.
Here is RBI's latest release, read line by line.
What RBI released
On 30 October 2026, RBI published Lending and Deposit Rates of Scheduled Commercial Banks – October 2026 (Press Release 2026-2027/1416).
The data covers scheduled commercial banks, excluding regional rural banks and small finance banks. RBI sets the figures out in Tables 1 to 9.
The numbers at a glance
Lending rates
WALR on outstanding rupee loans: 8.96% in September 2026 (unchanged from August 2026)
WALR on fresh rupee loans: 8.51% in September 2026 (down from 8.61% in August)
1-year median MCLR: 8.55% in October 2026 (down from 8.61% in September)
Deposit rates
WADTDR on outstanding rupee term deposits: 6.55% in September 2026 (down from 6.56% in August)
WADTDR on fresh rupee term deposits: 5.61% in September 2026 (down from 5.67% in August)
One detail that trips people up: most of the WALR and deposit figures are for September, while the 1-year median MCLR is for October. That is how RBI prints them in this release.
What each label means
WALR is the weighted average lending rate. "Outstanding" covers the stock of existing loans. "Fresh" covers new loans booked in that month.
MCLR is the Marginal Cost of Funds based Lending Rate. The 1-year median is a midpoint across banks, not every bank's own rate.
WADTDR is the weighted average domestic term deposit rate, again split into outstanding and fresh.
These short definitions are general background, not text copied from the release.
What moved, what did not
Outstanding loan rates did not move: 8.96% held steady.
Fresh loan rates edged down by 10 basis points.
The 1-year median MCLR also edged down, by 6 basis points into October.
Fresh term-deposit rates fell by 6 basis points; outstanding deposits barely moved.
RBI adds that WALR on fresh and outstanding rupee loans showed a mixed movement across sectors in September 2026. The release does not break those sector moves out in the highlights.
How I use a release like this
Separate the stock from the flow. Outstanding rates change slowly. Fresh rates tell you more about new pricing.
Keep the months straight. Quoting MCLR as a September figure would be wrong for this table.
Pair it with credit data. Lending rates are the price side; volumes sit in releases such as NBFC credit growth in September. Neither one is a trading signal on its own.
FAQ
What was the WALR on outstanding rupee loans in September 2026?
8.96 per cent, unchanged from August 2026, according to RBI.
They declined to 8.51 per cent in September 2026 from 8.61 per cent in August.
What happened to the 1-year median MCLR?
It declined to 8.55 per cent in October 2026 from 8.61 per cent in September.
Which banks are covered?
Scheduled commercial banks, excluding regional rural banks and small finance banks.
Where is the original table?
RBI Press Release 2026-2027/1416 dated 30 October 2026, linked in the Sources.
Sources
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any security. Figures are from RBI Press Release 2026-2027/1416 dated 30 October 2026; refer to the original for full tables. — Nishi Jain, full-time trader in Jaipur, ex-JioBlackRock. Updates: https://t.me/nishijain_com.
