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 Once Again Revise Base Rates, FD Rates After Third OPR Cut In 2020
Alex Cheong Pui Yin
13th May 2020 - 5 min read
(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
(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
(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
(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
(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
(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
(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
(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
(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
|
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
(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
|
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
|
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
(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
(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
|
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
(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.
About THE AUTHOR
Alex Cheong Pui Yin
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