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.
Malaysian Banks Adjust Base Rates, FD Rates To Reflect Latest OPR Hike
Alex Cheong Pui Yin
4th November 2022 - 6 min read
(Updated on 14 November 2022.)
As was announced yesterday, the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to raise the overnight policy rate (OPR) by another 25 basis points (bps) in its final meeting in 2022. With this, Malaysia’s OPR now stands at 2.75%, up from the previous 2.50%.
Accordingly, financial institutions across Malaysia are required to adjust their standardised base rates (SBR), base rates (BR), and base lending/financing rates (BLR/BFR) to reflect the update. We’ve compiled the following list of banks that have announced their new rates so far, and will continue to update it as more banks share their revisions.
Affin Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.45 | 3.70 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.31 | 6.56 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.
Agrobank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.10 | 3.35 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.25 | 6.50 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.
Alliance Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.32 | 3.57 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.17 | 6.42 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 9 November 2022 onwards.
AmBank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.35 | 3.60 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.20 | 6.45 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.
Bank Islam
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.27 | 3.52 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.22 | 6.47 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 4 November 2022 onwards.
Bank Muamalat
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.31 | 3.56 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.31 | 6.56 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.
Bank Rakyat
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.35 | 3.60 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.33 | 6.58 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 11 November 2022 onwards.
Bank Simpanan Nasional
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.35 | 3.60 |
| 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 11 November 2022 onwards.
CIMB Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.50 | 3.75 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.35 | 6.60 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.
Citibank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.15 | 3.40 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.30 | 6.55 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.
Hong Leong Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.38 | 3.63 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.39 | 6.64 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 8 November 2022 onwards.
HSBC Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.14 | 3.39 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.24 | 6.49 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 11 November 2022 onwards.
Maybank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 2.50 | 2.75 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.15 | 6.40 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.
MBSB Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.40 | 3.65 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.25 | 6.50 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 11 November 2022 onwards.
OCBC Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.33 | 3.58 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.26 | 6.51 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 9 November 2022 onwards.
Public Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.02 | 3.27 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.22 | 6.47 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.
RHB Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.25 | 3.50 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.20 | 6.45 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.
Standard Chartered Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.02 | 3.27 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.20 | 6.45 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 10 November 2022 onwards.
UOB Bank
| Rates before OPR hike (%) | New Rates (%) | |
| Standardised Base Rate (SBR) | 2.50 | 2.75 |
| Base Rate (BR) | 3.36 | 3.61 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 6.32 | 6.57 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 7 November 2022 onwards.
***
For context, the standardised base rate (SBR) is a new reference rate that banks have recently adopted to determine the interest rates of retail floating-rate loans (such as housing and personal loans). Prior to that, the reference rates used were the base rate (BR) between 2015 to July 2022, and the base lending/financing rate (BLR/BFR) before 2015. As there are still ongoing loans taken out that still rely on the BR and BLR/BFR, banks are required to display these alongside the SBR.
According to the MPC, its latest decision to raise the OPR for the fourth consecutive time in 2022 is driven by the consistent recovery and growth of Malaysia’s economy in the third quarter, spurred on by robust domestic demand. More importantly, BNM expects domestic demand to continue propelling Malaysia’s growth going forward, despite the challenging global environment.
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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