KUALA LUMPUR (Sept 9): Bank Negara Malaysia's (BNM) Monetary Policy Committee (MPC) raised the overnight policy rate (OPR) by 25 basis points (bps) to 2.5% on Thursday (Sept 8), bringing the benchmark interest rate closer to the pre-pandemic level of 3.0%.
With the increase, the ceiling and floor rates of the OPR's corridor have also increased to 2.75% and 2.25% respectively.
Banks also announced their new lending rates following the OPR revision.
Check out our list of their new lending rates below. We will be updating the list as more banks announce their rates.
RHB Banking Group
RHB Banking Group will revise its standardised base rate (SBR), base rate (BR) and base lending or financing rate (BLR/BFR) upwards by 25bps effective Sept 12.
The group’s RHB Bank Bhd, RHB Islamic Bank Bhd and RHB Investment Bank Bhd will increase their SBR from 2.25% to 2.50%, BR from 3.00% to 3.25% per annum, and BLR/BFR from 5.95% to 6.20% per annum, it said in a statement on Thursday.
It added that RHB Bank and RHB Islamic Bank’s fixed deposit rates will also be amended upwards.
Maybank
Malayan Banking Bhd (Maybank) will raise its SBR, BR and BLR upwards by 25bps effective Sept 12, according to a statement from the group.
Both the group’s SBR and BR will be raised from 2.25% per annum to 2.50% per annum, while its BLR will be increased from 5.90% per annum to 6.15% per annum.
Similarly, the bank's Islamic SBR and BR will be raised by 25bps from 2.25% per annum to 2.50% per annum, while the Islamic BFR will be increased from 5.90% per annum to 6.15% per annum.
In line with the revisions, Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted upwards from Sept 12.
The group said the last revision in Maybank’s BR was on July 8, when it was increased from 2% per annum to 2.25% per annum, following BNM’s OPR increase by the same quantum on July 6.
Affin Bank
Affin Bank Bhd said in a statement that the bank and its units Affin Islamic Bank Bhd and Affin Hwang Investment Bank Bhd will revise their loan or financing reference rates upwards by 25bps effective Sept 12.
It said that Affin Bank's fixed deposit and Affin Islamic's term deposit-i board rates will also be adjusted upwards from Sept 12.
Bank Muamalat
Bank Muamalat Malaysia Bhd will raise its SBR, BR and BFR by 25bps effective Sept 13, according to a statement from the bank.
The 25bps increase will revise its SBR from 2.25% to 2.5%, its BR from 3.06% to 3.31%, and its BFR from 6.06% to 6.31%.
In line with the increase to its SBR, BR and BFR, Bank Muamalat noted that its fixed term account-i (FTA-i) deposit rates will also be revised accordingly.
Public Bank
Public Bank Bhd and Public Islamic Bank Bhd will increase their SBR, BR and BLR/BFR by 25bps effective Sept 12.
The new SBR will be 2.5%, in tandem with the latest OPR, while the BR will increase to 3.02% from 2.77% and the BLR/BFR will increase to 6.22% from 5.97%.
Meanwhile, Public Bank’s fixed deposit rates will also be adjusted upwards.
Alliance Bank
Alliance Bank Malaysia Bhd will increase its SBR by 25bps effective Sept 14.
The SBR shall be applicable to only new retail floating-rate loans and financing facilities from Aug 1, 2022 while the BR, BLR, and BFR revisions shall apply to all existing loans and financing that are pegged to the respective reference rates.
The bank’s SBR shall be set at 2.5% while the BR will be adjusted from 3.07% to 3.32%. The BLR and BFR will be revised from 5.92% to 6.17%.
The bank will also adjust its fixed deposit rates upwards on Sept 14.
CIMB Group
CIMB Bank Bhd and CIMB Islamic Bank Bhd will effect a 25bps increase in their SBR, BR and fixed deposit or fixed return income account-i board rates on Sept 13. Similarly, the group said in a statement that the rates of all financing facilities based on the BLR and BFR will be increased by 0.25%.