PETALING JAYA: Public Bank Bhd and Public Islamic Bank Bhd will reduce its base rate (BR) and base lending rate (BLR)/base financing rate by 0.50% effective May 12, 2020, in line with Bank Negara Malaysia’s (BNM) Overnight Policy Rate cut by 50 basis points (bps) to 2.00% yesterday.
At the same time, Public Bank’s fixed deposit rates will also be correspondingly adjusted by 0.50%, effective on the same date.
“The year-to-date cumulative reduction in BR of 100bps will assist in easing the borrowers’ burden and this is especially significant under the current challenging period brought about by the Covid-19 outbreak and the enforcement of the movement control order necessary to stem the outbreak,“ Public Bank managing director/CEO Tan Sri Tay Ah Lek said in a statement today.
He added that this coupled with the government’s fiscal stimulus and BNM’s financial relief measures will lend support to the economy enabling the gradual recovery in the economic activities.
Meanwhile, the RHB Banking Group has revised its BR and BLR downwards by 50bps effective May 13, 2020. RHB Bank Bhd, RHB Islamic Bank Bhd and RHB Investment Bank Bhd will reduce its BR from 3.25% to 2.75% per annum, and will also revise the BLR from 6.20% to 5.70% per annum.
In line with the revision, RHB Bank’s fixed deposit rates will also be revised downwards by 50bps effective May 13, 2020.
