(Article updated on 12 March 2020 to include Alliance Bank.)
Major banks across Malaysia are once again adjusting their base rates (BR) and base lending rates (BLR). This is in response to the second overnight policy rate (OPR) cut implemented this year, announced by Bank Negara Malaysia (BNM) just yesterday. The second revision saw the OPR being reduced by another 25 basis points, bringing it from 2.75% to 2.50%.
As such, these will be new rates for the following banks. The list will be updated as more banks share their new rates:
Maybank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
2.75 |
2.5 |
| Base Lending Rate/Islamic Base Financing Rate |
6.40 |
6.15 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 5 March 2020 onward.
Bank Islam
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
3.52 |
3.27 |
| Base Lending Rate/Islamic Base Financing Rate |
6.47 |
6.22 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 6 March 2020 onward.
Public Bank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate |
3.27 |
3.02 |
| Base Lending Rate/Islamic Base Financing Rate |
6.47 |
6.22 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 6 March 2020 onward.
Hong Leong Bank and Hong Leong Islamic Bank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
3.63 |
3.38 |
| Base Lending Rate/Islamic Base Financing Rate |
6.64 |
6.39 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 6 March 2020 onward.
CIMB Bank and CIMB Islamic Bank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
3.75 |
3.50 |
| Base Lending Rate/Islamic Base Financing Rate |
6.60 |
6.35 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 9 March 2020 onward.
OCBC Bank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
3.58 |
3.33 |
| Base Lending Rate/Islamic Base Financing Rate |
6.51 |
6.26 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 9 March 2020 onward.
RHB Bank, RHB Islamic, and RHB Investment Bank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
3.50 |
3.25 |
| Base Lending Rate/Islamic Base Financing Rate |
6.45 |
6.20 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 9 March 2020 onward.
Alliance Bank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate |
3.57 |
3.32 |
| Base Lending Rate |
6.42 |
6.17 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 11 March 2020 onward.
UOB
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
3.61 |
3.36 |
| Base Lending Rate/Islamic Base Financing Rate |
6.57 |
6.32 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 11 March 2020 onward.
Agrobank
|
Rates Before New OPR Cut (%) |
New Rates (%) |
|
| Base Rate/Islamic Base Rate |
3.35 |
3.10 |
| Base Lending Rate/Islamic Base Financing Rate |
6.50 |
6.25 |
Deposit rates will also decrease by 0.25%.
All new rates will be effective from 12 March 2020 onward.
***
If you’re wondering, the base rate (BR) is essentially a reference rate from BNM that banks use to decide on the interest rate of your loans and savings. Before 2015, they depended on the base lending rate (BLR) as the reference rate. As there are still ongoing loans taken out before 2015 that refer to the BLR, banks are required to display both the BR and the BLR.
Prior to this second cut, BNM had already lowered the OPR once in January 2020, bringing it from 3.00% down to 2.75%. The reduction of the OPR, and subsequently the BR and BLR, will impact all Malaysians who have dealings with the banks.
(Source: Bank Negara Malaysia)
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