MAYBANK 1155 MALAYAN BANKING BERHAD, RHB Group revises BR, BLR rates

 MAYBANK 1155 MALAYAN BANKING BERHAD, RHB Group revises BR, BLR rates

Maybank will be revising the rates on May 13, while RHB on May 18.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) and RHB Banking Group are revising their base rate (BR) and base lending rate (BLR) upwards by 25 basis points (bps).

Maybank will be revising the rates on May 13, while RHB on May 18.

Maybank said its BR would be higher from 1.75 per cent per annum to 2.00 per cent per annum, while its BLR will be revised from 5.40 per cent per annum to 5.65 per cent per annum.

Similarly, the Islamic base rate and base financing rate (BFR) will be increased by 25 basis points from 1.75 per cent per annum to 2.00 per cent per annum and from 5.40 per cent per annum to 5.65 per cent per annum, respectively.

"In line with the revision, Maybank and Maybank Islamic's fixed deposit rates will also be adjusted upwards effective May 13, 2022," it said in a statement today.

The last revision in Maybank's BR was on July 9, 2020, when it was reduced from 2.00 per cent per annum to 1.75 per cent per annum following an overnight policy rate (OPR) decrease by the same quantum.

Meanwhile, RHB Bank Bhd, RHB Islamic Bank Bhd and RHB Investment Bank Bhd will increase their BR from 2.50 per cent to 2.75 per cent per annum and revise the BLR and BFR from 5.45 per cent to 5.70 per cent per annum.

"In line with the revision, RHB Bank and RHB Islamic Bank's fixed deposit rates will also be revised upwards effective the same date," it said.

Earlier today, Bank Negara Malaysia's Monetary Policy Committee (MPC) decided to increase the OPR by 25bps to 2.00 per cent earlier today.

The hike beats economists' projection that the central bank will keep the historic low OPR at 1.75 per cent by the second half of the year.

Over the course of the Covid-19 crisis, the OPR was reduced by a cumulative 125bps to support the economy.

https://www.nst.com.my/business/2022/05/795361/maybank-rhb-group-revises-br-blr-rates