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 Revise Base Rates, FD Rates Following OPR Hike
Alex Cheong Pui Yin
20th May 2022 - 5 min read
(Updated on 20 May 2022.)
Following Bank Negara Malaysia’s (BNM) decision to increase the overnight policy rate (OPR) from 1.75% to 2.00% yesterday, major banks across Malaysia are also adjusting their base rates (BR) and base lending rates (BLR) to follow suit.
Here are some of the banks that have announced an update to their BR and BLR as of the time of writing. We will continue to update the list as more banks share their revisions.
Affin Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.70 | 2.95 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.56 | 5.81 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.
Agrobank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.35 | 2.60 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.50 | 5.75 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.
Alliance Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.57 | 2.82 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.42 | 5.67 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.
AmBank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.60 | 2.85 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.45 | 5.70 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 19 May 2022 onwards.
Bank Islam
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.52 | 2.77 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.47 | 5.72 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.
Bank Muamalat
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.56 | 2.81 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.56 | 5.81 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.
Bank Rakyat
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.60 | 2.85 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.58 | 5.83 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.
Bank Simpanan Nasional
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.60 | 2.85 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.35 | 5.60 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.
CIMB Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.75 | 3.00 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.60 | 5.85 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.
Citi
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.40 | 2.65 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.55 | 5.80 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.
Hong Leong Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.63 | 2.88 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.64 | 5.89 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.
HSBC Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.39 | 2.64 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.49 | 5.74 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.
Maybank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 1.75 | 2.00 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.40 | 5.65 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.
MBSB Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.65 | 2.90 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.50 | 5.75 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 17 May 2022 onwards.
OCBC Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.58 | 2.83 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.51 | 5.76 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.
Public Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.27 | 2.52 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.47 | 5.72 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 13 May 2022 onwards.
RHB Bank
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.50 | 2.75 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.45 | 5.70 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 18 May 2022 onwards.
Standard Chartered
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.27 | 2.52 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.45 | 5.70 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 19 May 2022 onwards.
UOB
| Rates Before OPR Hike (%) | New Rates (%) | |
| Base Rate (BR) | 2.61 | 2.86 |
| Base Lending Rate (BLR)/Base Financing Rate (BFR) | 5.57 | 5.82 |
Deposit rates will also increase by 0.25%. All new rates will be effective from 20 May 2022 onwards.
***
To clarify, the base rate (BR) serves as a reference rate from BNM that banks use to decide on the interest rates of your loans and savings. Before 2015, they depended on the base lending rate (BLR) as the benchmark instead. As there are still ongoing loans taken out before 2015 that refer to the BLR, banks are obligated to display both the BR and the BLR.
BNM’s decision to raise the OPR by 25 basis points yesterday marks the first increase to be made since the OPR fell to its historical low of 1.75% in July 2020. Prior to that, the OPR had already suffered three earlier cuts in January, March, and May 2020.
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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