Maybank to raise lending rates by 25bps on Monday

KUALA LUMPUR: Malayan Banking Bhd will raise its base rate (BR) and base lending rate (BLR) with effect from Monday, in line with Bank Negara Malaysia’s decision to the increase in the Overnight Policy Rate (OPR).

Maybank, which is the second bank to announce the increase, said on Sunday its BR will be increased by 25 basis points from 3% per annum to 3.25% per annum. Its BLR will be revised from 6.65% to 6.90%.

The Islamic BR and Base Financing Rate (BFR) will be raised by 25 basis points from 3% to 3.25% and from 6.65% p.a. to 6.90% respectively. 

Maybank’s fixed deposit rates will also be revised upwards by between 20 basis points to 25 basis points effective from Monday.

Group president & CEO of Maybank, Datuk Abdul Farid Alias said, “We will continue to support our customers to ensure that borrowers are not unduly affected, while at the same time, allowing depositors to receive an appropriate return for their deposits.” 

 “Our customers can also be assured that the group will continue to manage our assets and liabilities efficiently to ensure that our interest rates are priced responsibly at all times,” he added.

The last revision in Maybank’s BR was on July 15, 2016 when it was reduced to 3% from 3.20%. 

Last Thursday, Bank Negara raised the lending rate during its monetary policy committee meeting.

The next day, CIMB Bank Bhd and CIMB Islamic Bank Bhd announced corresponding increases in its BR and fixed deposit board Rates by 0.25%. 

Similarly, loans and financing based on BLR and BFR respectively will be increased by 0.25%.  All rate changes will come into effect on Feb 2.