Malaysian Banks Revise Base Rates, FD Rates Again After Fourth OPR Cut This Year
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bank negara malaysia

(Image: The Star)

(Updated on 15 July 2020.)

Following Bank Negara Malaysia’s announcement of lowering the overnight policy rate (OPR) for the fourth time this year – from 2.0% to 1.75% – major Malaysian banks are also adjusting their lending rates to reflect the new OPR.

Here are the new rates for the following banks. We will continue to update the list as more banks share their revision.

Affin Bank/Affin Islamic Bank

affin bank

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.95

2.70

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

5.81

5.56

Deposit rates will also decrease by 0.25%.

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

Agrobank

agrobank

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.60

2.35

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

5.75

5.50

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

Alliance Bank

Alliance Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.82

2.57

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

5.67

5.42

Deposit rates will also decrease by 0.25%.

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

AmBank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.85

2.60

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

5.70

5.45

Deposit rates will also decrease by 0.25%.

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

Bank Islam

bank islam

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.77

2.52

Base Financing Rate (BFR)

5.72

5.47

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

MBSB Bank

mbsb

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.90

2.65

Base Financing Rate (BFR)

5.75

5.50

Deposit rates will also decrease by 0.25%.

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

Bank Muamalat

bank muamalat

(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.81

2.56

Base Financing Rate (BFR)

5.81

5.56

Deposit rates will also decrease by 0.25%.

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

Bank Simpanan Nasional

bank simpanan nasional

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.85

2.60

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

5.60

5.35

Deposit rates will also decrease by 0.25%.

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

CIMB Bank/CIMB Islamic Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

3.0

2.75

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

5.85

5.60

Deposit rates will also decrease by 0.25%.

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

Citibank

citibank

(Image: HRNEWS.my)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.65

2.40

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

5.80

5.55

Deposit rates will also decrease by 0.25%.

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

Hong Leong Bank/Hong Leong Islamic Bank

hong leong bank

(Image: The Sun Daily)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.88

2.63

Base Lending Rate (BLR)/Islamic Financing Rate (IFR)

5.89

5.64

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

HSBC

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.64

2.39

Base Lending Rate (BLR)/Islamic Financing Rate (IFR)

5.74

5.49

Deposit rates will also decrease by 0.25%.

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

Maybank

maybank

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.0

1.75

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

5.65

5.40

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 9 July 2020 onward.

Public Bank Bhd/Public Islamic Bank Bhd

public bank-1

(Image: The Edge Markets)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.52

2.27

Base Lending Rate (BLR)

5.72

5.47

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 10 July 2020 onward.

OCBC

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.83

2.58

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

5.76

5.51

Deposit rates will also decrease by 0.25%.

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

RHB Bank/RHB Islamic Bank/RHB Investment Bank

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.75

2.50

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

5.70

5.45

Deposit rates will also decrease by 0.25%.

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

Standard Chartered/Standard Chartered Saadiq

standard chartered

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.52

2.27

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

5.70

5.45

Deposit rates will also decrease by 0.25%.

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

UOB

uob

(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate (BR)

2.86

2.61

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

5.82

5.57

Deposit rates will also decrease by 0.25%.

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

***

To clarify, banks use the base rate (BR) as a benchmark to decide on the interest rate of your loans and savings. Prior to 2015, it was the base lending rate (BLR) that served as the reference rate instead. As there are still ongoing loans that are pegged against the BLR, banks are obligated to display both the BR and BLR to their customers.

Bank Negara has lowered the OPR three times this year since January. The first cut saw the OPR being brought down from 3.0% to 2.75%, followed by a second in March to 2.5%. Subsequently, the central bank of Malaysia slashed it again to 2.0% in May. The reduction of the OPR, and consequently the BR and BLR, will have a widespread effect on all banking customers.

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