Maybank to lower lending, FD rates by 20bps

Maybank group president & CEO Datuk Abdul Farid Alias said the banking group had also endeavoured to ensure that depositors continue to receive an appropriate return for their deposits as FD rates have been adjusted less than the 25 basis points decrease in OPR.

KUALA LUMPUR: Malayan Banking Bhd will lower its lending and fixed deposit rates by 20 basis points with effect from Thursday in line with the recent reduction in the Overnight Policy Rate (OPR).

It said on Wednesday its Base Rate (BR) will be lowered by 20 basis points from 3.25% per annum. to 3.05% p.a. while its Base Lending rate (BLR) will be revised from 6.90% p.a. to 6.70% p.a.

Maybank's Islamic Base Rate and Base Financing Rate will be reduced by 20 basis points from 3.25% p.a. to 3.05% p.a. and from 6.90% p.a. to 6.70% p.a. respectively.

“In line with the revision, Maybank’s fixed deposit rates will also be adjusted downwards by 20 basis points effective the same day,” it said.

Maybank group president & CEO Datuk Abdul Farid Alias said “Maybank had been offering the lowest BR & BLR among commercial banks in the country for some time now at 3.25% and 6.90% respectively. 

“Our revision in rates will continue to benefit our borrowers who have loans pegged to the BR/BLR as their applicable interest rates will be adjusted downwards accordingly from May 9.” 

Farid also said the banking group had also endeavoured to ensure that depositors continue to receive an appropriate return for their deposits as FD rates have been adjusted less than the 25 basis points decrease in OPR.

The last revision in Maybank’s Base Rate was on Jan 29, 2018 when it was revised to 3.25% from 3%.

Maybank's lending rates are the lowest among the banks as of Wednesday.