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 To Reflect Third OPR Hike In 2022
Alex Cheong Pui Yin
19th September 2022 - 6 min read
(Updated on 19 September 2022.)
Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) for a third consecutive time yesterday in 2022, up by another 25 basis points. With this, the OPR is increased from 2.25% to 2.50%.
As expected, major banks across Malaysia will also adjust their base rates (BR) and base lending/financing rates (BLR/BFR) to reflect this update. In addition to the usual BR and BLR/BFR, the banks’ announcements this time round will also include the standardised base rate (SBR), a new reference rate used for retail floating-rate loans that took effect starting from 1 August 2022.
Here are the banks that have updated their BR, SBR, and BLR/BFR as of the time of writing. We will continue to update the list as more banks share their revisions.
Affin Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.20 | 3.45 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.06 | 6.31 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.
Agrobank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 2.85 | 3.10 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.00 | 6.25 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.
Alliance Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.07 | 3.32 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.92 | 6.17 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 14 September 2022 onwards.
AmBank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.10 | 3.35 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.95 | 6.20 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.
Bank Islam
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.02 | 3.27 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.97 | 6.22 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 9 September 2022 onwards.
Bank Muamalat
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.06 | 3.31 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.06 | 6.31 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.
Bank Rakyat
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.10 | 3.35 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.08 | 6.33 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 19 September 2022 onwards.
Bank Simpanan Nasional
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.10 | 3.35 |
| 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 19 September 2022 onwards.
CIMB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.25 | 3.50 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.10 | 6.35 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.
Citibank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 2.90 | 3.15 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.05 | 6.30 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 14 September 2022 onwards.
Hong Leong Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.13 | 3.38 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.14 | 6.39 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 September 2022 onwards.
HSBC Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 2.89 | 3.14 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.99 | 6.24 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 19 September 2022 onwards.
Maybank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 2.25 | 2.50 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.90 | 6.15 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.
MBSB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.15 | 3.40 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.00 | 6.25 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 19 September 2022 onwards.
OCBC Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.08 | 3.33 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.01 | 6.26 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 14 September 2022 onwards.
Public Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 2.77 | 3.02 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.97 | 6.22 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.
RHB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.00 | 3.25 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.95 | 6.20 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.
Standard Chartered Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 2.77 | 3.02 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.95 | 6.20 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 15 September 2022 onwards.
UOB Bank
| Rates before OPR hike (%) | New rates (%) | |
| Standardised Base Rate (SBR) | 2.25 | 2.50 |
| Base Rate (BR) | 3.11 | 3.36 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.07 | 6.32 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 12 September 2022 onwards.
***
As of 1 August 2022, banks have begun utilising the standardised base rate (SBR) to decide on the interest rates of your floating-rate loans (such as housing and personal loans). Meanwhile, the base rate (BR) was used as the benchmark between 2015 to July 2022, and the base lending/financing rate (BLR/BFR) before 2015. As there are ongoing loans taken out that continue to refer to the BR and BLR/BFR, banks are required to display both as well.
BNM said that the decision to raise the OPR for the third time this year was spurred on by the positive growth prospects for Malaysia’s economy. It noted that Malaysia’s transition to endemicity with regard to Covid-19 has resulted in stronger growth performance in the second quarter of 2022, and indicators pointed to a continuation of the trend. The central bank also emphasised that all adjustments to Malaysia’s monetary policies will be done in a measured manner to ensure economic stability and sustainability.
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.
About THE AUTHOR
Alex Cheong Pui Yin
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