PETALING JAYA: Public Bank Bhd, CIMB Bank Bhd, Affin Bank Bhd, Hong Leong Bank Bhd and Bank Islam Malaysia Bhd will increase rates by 25 basis points (bps) correspondingly following Bank Negara Malaysia’s Overnight Policy Rate hike to 2.00%.
Public Bank will increase its base rate (BR) and base lending rate/base financing rate (BLR/BFR) by 0.25% effective tomorrow. With this, the BR will be at 2.52%, up from 2.27%, and the BLR/BFR will be at 5.72%, from 5.47%.
At the same time, Public Bank’s fixed deposit rates will be correspondingly increased by 0.25% across all tenures, effective the same date.
CIMB Bank and CIMB Islamic Bank will effect a 25bps increase in the base rate and fixed deposit/fixed return income account-i board rates. Similarly, all financing facilities based on the BLR and BFR will be increased by 0.25%. All rate changes will take effect next Wednesday.
Affin Bank, Affin Islamic Bank and Affin Hwang Investment Bank, too, will revise the loan/financing reference rates upward by 25bps effective today. In line with the revision, Affin Bank’s fixed deposit and Affin Islamic Bank Term Deposit-i Board rates will be adjusted upwards tomorrow.
Hong Leong Bank and Hong Leong Islamic Bank will be revising the BR and Islamic base rate (IBR) to 2.88% from 2.63% by 25bps. Loans and financing based on the BLR and Islamic financing rate (IFR) will be revised to 5.89% from 5.64%. These changes will be effective from next Tuesday.
Prior to the latest revision, during the course of the Covid-19 pandemic since January 2020, Hong Leong had reduced the BR/IBR and the BLR/IFR four times, with the last one done on July 10, 2020, to provide assistance and support to households and businesses impacted by the virus outbreak.
Bank Islam will revise its BR and BFR by 25bps to 2.77% and 5.72%, respectively. Similarly, Bank Islam’s deposit rates will be adjusted upwards by 25bps. All changes will be effective from next Tuesday.
The last revision to Bank Islam’s BR was on July 10, 2020, when it was reduced from 2.77% to 2.52%, while its BFR was lowered from 5.72% to 5.47%.
Yesterday, Malayan Banking Bhd and RHB Banking Group announced upward revisions to their lending and deposit rates.
