Major banks lower base lending and FD rates


  • Banking
  • Friday, 24 Jan 2020

Maybank also announced that that its BR and BLR would be lowered by 25 basis points.

PETALING JAYA: The country’s top banks have lowered their base lending rates, following the cut in the Overnight Policy Rate (OPR) by Bank Negara.

Among the banks that announced the lower Base Rate (BR) and Base Lending Rate (BLR)/Base Financing Rate (BFR) was Public Bank, which cut the rates 0.25% effective Jan 28.

It added that the fixed deposit rates would be correspondingly adjusted by 0.25%, effective on the same date.

“Given the current challenging operating environment, Public Bank’s base rate reduction is timely to ease the burden of the borrowers and helps stimulate the nation’s economic growth, ” it said in a statement.Maybank also announced that that its BR and BLR would be lowered by 25 basis points effective today.

It said the BR would be lowered from 3.00% to 2.75% per annum while its BLR would be revised from 6.65% to 6.40%.

It added that the Islamic Base Rate and Base Financing Rate would be reduced by 25 basis points to 2.75 and 6.40% per annum respectively.“In line with the revision, Maybank’s deposit rates will also be adjusted downwards by 25 basis points effective the same day, ” it said.

Bernama reported that CIMB Bank Bhd and CIMB Islamic Bank Bhd also announced a 25-basis points reduction in their BR and Fixed Deposit/Fixed Return Income Account-i Board rates.

It said, loans and financing based on BLR and BFR respectively will be reduced by 0.25%.

Meanwhile, RHB Banking Group said its BR and BLR would be revised downwards by 25 basis points effective next Wednesday.

In a statement, it said RHB Bank, RHB Islamic Bank and RHB Investment Bank would reduce their BR and BLR to 3.5% per annum and 6.45% per annum respectively.

RHB Bank’s fixed deposit rates will also fall by 25 basis points in line with the revision.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Banks , lower , lending , fixed deposit , FD , rates , Bank Negara , OPR , Maybank , CIMB , BLR , RHB ,

   

Did you find this article insightful?

Yes
No

82% readers found this article insightful

Across The Star Online