India Term
MIBOR
The Mumbai Interbank Offer Rate is what Indian banks lend each other for 14 days, 1 month, and 3 months. The 1-month MIBOR is 5.97%, as of 8 October 2026.
Get a daily alert on term MIBOR
14-day
5.82%
1-month
5.97%
3-month
6.40%
Today's MIBOR fixing sits on our screen. Not this one.
The data above is 8 days late. We track the live MIBOR fixing daily for partner treasuries.
Term MIBOR trend
1-month and 3-month Term MIBOR. Use the range tabs to zoom.
Range
Net change · 1M
+15 bps
Full curve · 8 October 2026
| Tenor | Rate % |
|---|---|
| 14 DAYS | 5.8200% |
| 1 MONTH | 5.9700% |
| 3 MONTHS | 6.4000% |
Frequently asked
What is MIBOR?+
The Mumbai Interbank Offer Rate is the rate at which Indian banks lend uncollateralised funds to each other. Term MIBOR extends that to fixed maturities (14 days, 1 month, 3 months) and is the official benchmark for short-term INR funding cost.
Why does Term MIBOR matter?+
It's the floor for any short-tenor INR pricing. Corporate commercial paper, short-tenor swap legs, and floating-rate funding instruments all reference Term MIBOR. When MIBOR rises sharply, banking system liquidity is tightening.
How is this different from Overnight MIBOR?+
Overnight MIBOR is a one-day rate, dominated by RBI's liquidity operations. Term MIBOR adds an interbank credit and funding-stress premium on top. When the gap between Term MIBOR and Overnight MIBOR widens, that's a stress signal.