OCBC to hike interest rates from Friday

OCBC earned S$921mil (US$739mil) in the three months ending in June, compared with S$597mil a year earlier - AFP Photo.

KUALA LUMPUR:  OCBC Bank (Malaysia) Bhd and its subsidiary OCBC Al-Amin Bank Berhad will raise the interest rates from this Friday.

The bank said on Monday their base rate (BR), base lending rate (BLR) and base financing rate (BFR) will be increased by 0.25%.

“All loans and financing based on BLR and BFR respectively will correspondingly increase by the same rate.

“Similarly, all fixed deposit (FD) board rates will also increase by 0.25% the same day,” it said.

OCBC is the third bank since last Friday which have announced the hike in interest rates. The first was CIMB and followed by Maybank.

The increase was in line with Bank Negara Malaysia’s recent decision to raise the Overnight Policy Rate by 25 basis points to 3.25% during its monetary policy committee meeting last Thursday.