Malaysian Banks Once Again Revise Base Rates, FD Rates After Third OPR Cut In 2020

bank negara malaysia
bank negara malaysia
(Image: SoyaCincau)

(Article updated on 13 May 2020.)

Following the third overnight policy rate (OPR) cut by Bank Negara Malaysia (BNM) yesterday, major banks across the country will once again adjust their base rates (BR) and base lending rates (BLR). The most recent cut of 50 basis points (BPS) is the largest to be made in more than a decade, bringing the OPR down from 2.5% to 2.0%.

Consequently, these will be the new rates for the following banks. The list will be updated as more banks share their revisions.

Affin Bank

affin bank
(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.45

2.95

Base Financing Rate (BFR)

6.31

5.81

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 14 May 2020 onward.

Agrobank

agrobank
(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.10

2.60

Base Financing Rate (BFR)

6.25

5.75

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Alliance Bank

alliance bank
(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.32

2.82

Base Financing Rate (BFR)

6.17

5.67

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

Bank Islam

bank islam
(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.27

2.77

Base Financing Rate (BFR)

6.22

5.72

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 12 May 2020 onward.

Bank Muamalat

bank muamalat
(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.31

2.81

Base Financing Rate (BFR)

6.31

5.81

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Bank Simpanan Nasional

bank simpanan nasional
(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.35

2.85

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.10

5.60

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

CIMB Bank/CIMB Islamic Bank

cimb-branch-1
(Image: New Straits Times)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.5

3

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.35

5.85

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Citibank

citibank
(Image: HRNEWS.my)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.15

2.65

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.30

5.80

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Hong Leong Bank/Hong Leong Islamic Bank

menara hong leong

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)/Islamic Base Rate (IBR)

3.38

2.88

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.39

5.89

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 12 May 2020 onward.

HSBC Bank

hsbc
(Image: Finance Brokerage)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)/Islamic Base Rate (IBR)

3.14

2.64

Base Lending Rate (BLR)/Base Financing Rate (BFR)

6.24

5.74

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

Maybank

maybank klcc

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.5

2.0

Base Lending Rate (BLR)

6.15

5.65

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 8 May 2020 onward.

OCBC Bank

OCBC

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.33

2.83

Base Lending Rate (BLR)

6.26

5.76

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Public Bank

public bank-1
(Image: The Edge Markets)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.02

2.52

Base Lending Rate (BLR)

6.22

5.72

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 12 May 2020 onward.

RHB Bank/RHB Islamic Bank/RHB Investment Bank

rhb-1
(Image: The Borneo Post)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.25

2.75

Base Lending Rate (BLR)

6.20

5.70

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 13 May 2020 onward.

Standard Chartered

standard chartered

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.02

2.52

Base Lending Rate (BLR)

6.20

5.70

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 14 May 2020 onward.

UOB

uob
(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.36

2.86

Base Lending Rate (BLR)

6.32

5.82

Deposit rates will also decrease by 0.5%.

All new rates will be effective from 15 May 2020 onward.

***

The base rate (BR) serves as a reference rate that banks use to decide on the interest rate of your loans and savings. Before 2015, the base lending rate (BLR) was used as the reference rate instead. As there are still ongoing loans that are referenced against the BLR, banks must display both the BR and BLR to their customers.

Prior to this, BNM has already lowered the OPR twice in year 2020, with the first cut from 3.0% to 2.75% in January and the second to 2.5% in March. The reduction of the OPR, and consequently the BR and BLR, will affect all banking customers.

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