Alliance Bank to increase rates by 25 basis points effective May 20

KUALA LUMPUR: Alliance Bank Malaysia Bhd (Alliance Bank) has announced that it will raise its base rate (BR), base lending rate (BLR), and base financing rate (BFR) by 25 basis points effective May 20, 2022.

This followed Bank Negara Malaysia’s revision of the overnight policy rate (OPR) recently.

ALSO READ: Banks to get OPR boost

With this, the bank’s BR will be adjusted from 2.57 per cent per annum to 2.82 per cent per annum, and its BLR and BFR from 5.42 per cent to 5.67 per cent per annum.

"The revision will apply to all existing loans and/or financing pegged to the BR, BLR, and BFR,” it said in a statement today.

The bank said in line with the revision, its fixed deposit rates will also be revised upwards on the same effective date.

ALSO READ: Economists see two or more OPR hikes in 2H

Group chief executive officer Joel Kornreich said the bank has also raised the interest rates of the basic savings account, children savings account, and senior savers account to benefit the lower income B40 segment, children and senior citizens.

"In addition, customers who open a new deposit account via the allianceonline mobile app will get to enjoy a promotional e-fixed deposit rate,” he added. - Bernama