Alex Cheong Pui Yin
Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.
Banks Revise Base Rates, FD Rates After Latest OPR Hike In May 2023
Alex Cheong Pui Yin
5th May 2023 - 6 min read
(Updated on 12 May 2023.)
In its May meeting two days ago, the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to raise the overnight policy rate (OPR) by 25 basis points (bps), increasing it from 2.75% to 3.00%.
As you can expect, financial institutions across Malaysia are also adjusting their standardised base rates (SBR), base rates (BR), and base lending/financing rates (BLR/BFR) in accordance to the update. Several banks have already announced their new rates; here is a list of those that have done so thus far, and we will continue to update it as more banks share their revisions.
Affin Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.70 | 3.95 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.56 | 6.81 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.
Agrobank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.35 | 3.60 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.50 | 6.75 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.
Alliance Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.57 | 3.82 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.42 | 6.67 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 10 May 2023.
AmBank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.60 | 3.85 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.45 | 6.70 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.
Bank Islam
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.52 | 3.77 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.47 | 6.72 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 5 May 2023.
Bank Muamalat
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.56 | 3.81 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.56 | 6.81 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.
Bank Rakyat
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.60 | 3.85 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.58 | 6.83 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.
Bank Simpanan Nasional
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.60 | 3.85 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.35 | 6.60 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.
CIMB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.75 | 4.00 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.60 | 6.85 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.
Citibank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.40 | 3.65 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.55 | 6.80 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.
Hong Leong Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.63 | 3.88 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.64 | 6.89 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 9 May 2023.
HSBC Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.39 | 3.64 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.49 | 6.74 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.
Maybank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 2.75 | 3.00 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.40 | 6.65 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.
MBSB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.65 | 3.90 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.50 | 6.75 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 12 May 2023.
OCBC Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.58 | 3.83 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.51 | 6.76 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 10 May 2023.
Public Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.27 | 3.52 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.47 | 6.72 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.
RHB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.50 | 3.75 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.45 | 6.70 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.
Standard Chartered Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.27 | 3.52 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.45 | 6.70 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 11 May 2023.
UOB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.75 | 3.00 |
| Base Rate (BR) | 3.61 | 3.86 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.57 | 6.82 |
Deposit rates will also increase by 0.25%. All new rates will take effect starting from 8 May 2023.
***
The standardised base rate (SBR) is a new reference rate that was introduced just last year to determine the interest rates of retail floating-rate loans (such as housing and personal loans). The base rate (BR) was used as the benchmark prior to that – between 2015 to July 2022 – whereas the base lending/financing rate served as an even earlier reference rate (before 2015). Banks are required to display both the BR and the BLR/BFR alongside the latest SBR because there are still ongoing loans that rely on them.
According to the MPC, its latest decision to raise the OPR this time round – after pausing rate hikes in its past two meetings – is attributed to the fact that Malaysia’s economic activity has continued to show signs of improvement, and its prospects remain resilient. Given the situation, the committee felt that it is timely to further normalise the degree of monetary accommodation to prevent the risk of future financial imbalances.
About THE AUTHOR
Alex Cheong Pui Yin
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