Banks Reducing Interest Rates

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Maybank, Public Bank, RHB Bank and Hong Leong Bank today announced they will lower their base rate (BR) and base lending rate (BLR) by 25 basis points following Bank Negara Malaysia’s move to cut the overnight policy rate yesterday.

In a statement, Maybank said it would reduce its BR and BLR by 25 basis points effective tomorrow to 2.75 per cent per annum and 6.40 per cent per annum, respectively.

Similarly, the country’s largest lender said, its Islamic BR and BFR would be lowered by 25 basis points to 2.75 per cent and to 6.40 per cent, respectively.

“In line with the revision, Maybank’s deposit rates will also be adjusted downwards by 25 basis points effective the same day. The last revision in Maybank’s BR was on May 17, 2019, when it was revised to 3.00 per cent from 3.25 per cent,” it said.

In a separate statement, Public Bank Bhd and Public Islamic Bank announced a 25-basis point cut in its BR and BLR effective next Tuesday (Jan 28), with the fixed deposit rates correspondingly adjusted by 0.25 per cent.

Public Bank managing director and chief executive officer Tan Sri Tay Ah Lek said given the current challenging operating environment, Public Bank’s BR reduction was timely to ease the burden of the borrowers and help stimulate the nation’s economic growth.

“Public Bank will continue to proactively manage its assets and liabilities to ensure interest rates are priced responsibly at all times for the benefit of its customers,” he added.

Meanwhile, RHB Banking Group said its BR and BLR would be revised downwards by 25 basis points effective next Wednesday (Jan 29).

In a statement, it said RHB Bank, RHB Islamic Bank and RHB Investment Bank would reduce their BR and BLR to 3.50 per cent per annum and 6.45 per cent per annum, respectively. RHB Bank’s fixed deposit rates will also fall by 25 basis points in line with the revision.

Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will also be trimming the base rates by 25 basus points to 3.63 per cent effective Friday next week (Jan 31).

“Similarly, loans and financing based on BLR and Islamic financing rate will be lowered to 6.64 per cent from 6.89 per cent. The board rates of its fixed deposits will be revised lower by 25 basis points as well,” the group said.

Yesterday, CIMB Group announced CIMB Bank and CIMB Islamic Bank would cut their BR, BLR and base financing rate by 0.25 per cent effective Jan 30.