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

bnm bank negara malaysia

bnm bank negara malaysia

(Article updated on 12 March 2020 to include Alliance Bank.)

Major banks across Malaysia are once again adjusting their base rates (BR) and base lending rates (BLR). This is in response to the second overnight policy rate (OPR) cut implemented this year, announced by Bank Negara Malaysia (BNM) just yesterday. The second revision saw the OPR being reduced by another 25 basis points, bringing it from 2.75% to 2.50%.

As such, these will be new rates for the following banks. The list will be updated as more banks share their new rates:

Maybank

maybank
(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

2.75

2.5

Base Lending Rate/Islamic Base Financing Rate

6.40

6.15

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 5 March 2020 onward.

Bank Islam

bank islam
(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.52

3.27

Base Lending Rate/Islamic Base Financing Rate

6.47

6.22

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 6 March 2020 onward.

Public Bank

public bank-1
(Image: The Edge Markets)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate

3.27

3.02

Base Lending Rate/Islamic Base Financing Rate

6.47

6.22

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 6 March 2020 onward.

Hong Leong Bank and Hong Leong Islamic Bank

menara hong leong

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.63

3.38

Base Lending Rate/Islamic Base Financing Rate

6.64

6.39

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 6 March 2020 onward.

CIMB Bank and CIMB Islamic Bank

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

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.75

3.50

Base Lending Rate/Islamic Base Financing Rate

6.60

6.35

Deposit rates will also decrease by 0.25%.

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

OCBC Bank

OCBC

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.58

3.33

Base Lending Rate/Islamic Base Financing Rate

6.51

6.26

Deposit rates will also decrease by 0.25%.

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

RHB Bank, RHB Islamic, and RHB Investment Bank

rhb-1
(Image: The Borneo Post)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.50

3.25

Base Lending Rate/Islamic Base Financing Rate

6.45

6.20

Deposit rates will also decrease by 0.25%.

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

Alliance Bank

alliance bank
(Image: The Star)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate

3.57

3.32

Base Lending Rate

6.42

6.17

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 11 March 2020 onward.

UOB

uob malaysia
(Image: UOB Glassdoor)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.61

3.36

Base Lending Rate/Islamic Base Financing Rate

6.57

6.32

Deposit rates will also decrease by 0.25%.

All new rates will be effective from 11 March 2020 onward.

Agrobank

agrobank
(Image: The Malaysian Reserve)

Rates Before New OPR Cut (%)

New Rates (%)

Base Rate/Islamic Base Rate

3.35

3.10

Base Lending Rate/Islamic Base Financing Rate

6.50

6.25

Deposit rates will also decrease by 0.25%.

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

***

If you’re wondering, the base rate (BR) is essentially a reference rate from BNM that banks use to decide on the interest rate of your loans and savings. Before 2015, they depended on the base lending rate (BLR) as the reference rate. As there are still ongoing loans taken out before 2015 that refer to the BLR, banks are required to display both the BR and the BLR.

Prior to this second cut, BNM had already lowered the OPR once in January 2020, bringing it from 3.00% down to 2.75%. The reduction of the OPR, and subsequently the BR and BLR, will impact all Malaysians who have dealings with the banks.

(Source: Bank Negara Malaysia)

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