8 May, KUALA LUMPUR – Malayan Banking Bhd (Maybank) will revise downwards its base rate (BR) and base lending rate (BLR) effective tomorrow, in line with the reduction in the overnight policy rate (OPR) by Bank Negara Malaysia (BNM).
Maybank in a statement today said its BR will be decreased by 20 basis points (bps) to 3.05 per cent per annum from 3.25 per cent per annum, while its BLR will be revised to 6.70 per cent from 6.90 per cent per annum.
Similarly, the Islamic BR and base financing rate will be reduced by 20 bps to 3.05 per cent from 3.25 per cent per annum and 6.70 per cent from 6.90 per cent per annum, respectively.
In line with the revision, Maybank’s fixed deposit rates will also be adjusted downwards by 20 bps, effective the same day.
Group president and chief executive officer Datuk Abdul Farid Alias said Maybank had been offering the lowest BR and BLR among commercial banks in the country for some time now at 3.25 per cent and 6.90 per cent respectively.
“Our revision in rates will continue to benefit our borrowers who have loans pegged to the BR/BLR as their applicable interest rates will be adjusted downwards accordingly from May 9.
“At the same time, we have endeavoured to ensure that depositors continue to receive an appropriate return for their deposits as fixed deposits rates have been adjusted less than the 25 basis points decrease in the OPR,” he said.
Abdul Farid said the group would continue to manage its assets and liabilities effectively to ensure that interest rates are priced responsibly at all times for the benefit of its customers.
The last revision in Maybank’s BR was on Jan 29, 2018 when it was revised to 3.25 per cent from 3.00 per cent.