A structured note that allows the issuer to call or redeem it at its own discretion on specified dates along its time to maturity. It is a note embedded with a call option. The call dates are set out at the time of issue and the note can only be called at these dates. The issuer, in return, pays investors a premium in the form of a higher than usual rate of interest.

Multicallable notes have two main types: multi-callable step-up notes and accrual notes.