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 Following Second OPR Hike In 2022
Alex Cheong Pui Yin
15th July 2022 - 5 min read
(Updated on 15 July 2022.)
As was announced yesterday, Bank Negara Malaysia (BNM) has decided to increase the overnight policy rate (OPR) for the second time this year, up another 25 basis points from 2.00% to 2.25%. With this, major banks across Malaysia are also moving to adjust their base rates (BR) and base lending rates (BLR) to reflect the change.
We’ve compiled the following list of banks that have announced their new BR and BLR so far, and will continue to update the list as more banks share their revisions.
Affin Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.95 | 3.20 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.81 | 6.06 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.
Agrobank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.60 | 2.85 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.75 | 6.00 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 July 2022 onwards.
Alliance Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.82 | 3.07 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.67 | 5.92 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 July 2022 onwards.
AmBank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.85 | 3.10 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.70 | 5.95 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 14 July 2022 onwards.
Bank Islam
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.77 | 3.02 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.72 | 5.97 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 July 2022 onwards.
Bank Muamalat
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.81 | 3.06 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.81 | 6.06 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.
Bank Rakyat
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.85 | 3.10 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.83 | 6.08 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.
Bank Simpanan Nasional
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.85 | 3.10 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.60 | 5.85 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.
CIMB Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 3.00 | 3.25 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.85 | 6.10 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 July 2022 onwards.
Citi
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.65 | 2.90 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.80 | 6.05 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 July 2022 onwards.
Hong Leong Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.88 | 3.13 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.89 | 6.14 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 July 2022 onwards.
HSBC Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.64 | 2.89 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.74 | 5.99 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.
Maybank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.00 | 2.25 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.65 | 5.90 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.
MBSB Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.90 | 3.15 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.75 | 6.00 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 15 July 2022 onwards.
OCBC Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.83 | 3.08 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.76 | 6.01 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 July 2022 onwards.
Public Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.52 | 2.77 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.72 | 5.97 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.
RHB Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.75 | 3.00 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.70 | 5.95 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 July 2022 onwards.
Standard Chartered
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.52 | 2.77 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.70 | 5.95 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 14 July 2022 onwards.
UOB Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.86 | 3.11 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.82 | 6.07 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 July 2022 onwards.
***
Banks use the base rate (BR) as a reference rate to decide on the interest rates of your loans and savings. Prior to 2015, the base lending rate (BLR) was used as the benchmark instead. As there are still ongoing loans taken out before 2015 that refer to the BLR, banks are required to display both the BR and the BLR.
BNM’s decision to raise the OPR by another 25 basis points yesterday was attributed to the fact that Malaysia’s economic activity has continued to strengthen in recent months, following the first OPR hike since the outbreak of the Covid-19 pandemic, made two months ago in May 2022. As such, the central bank has decided to continue “adjusting the degree of monetary accommodation” to match the circumstance.
About THE AUTHOR
Alex Cheong Pui Yin
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