KUALA LUMPUR: OCBC Bank (Malaysia) Bhd (OCBC Bank) and its subsidiary, OCBC Al-Amin Bank Bhd are lowering their lending rates and fixed deposit rates by 0.25% on Monday.
The base rate (BR), base lending rate (BLR) and base financing rate (BFR) will be lowered by 0.25%.
All loans and financing rates based on BLR and BFR will correspondingly decrease by the same rate.
OCBC Malaysia’s BR will decrease from 4.08% to 3.83%, and its BLR/BFR from 7.01% to 6.76%.
OCBC also said all conventional fixed deposit and Islamic time deposit board rates will also decrease by 0.25% on the same day.
The lowering of the rates was in line with the Monetary Policy Committee of Bank Negara Malaysia’s recent decision to cut the Overnight Policy Rate (OPR) by 25 basis points.
OCBC Bank CEO Datuk Ong Eng Bin said the full transmission of the decrease in rates in tandem with the OPR drop will benefit all OCBC Malaysia customers who have loans or financing pegged to the BR, BLR or BFR.