OCBC Bank (Malaysia) Bhd and its subsidiary, OCBC Al-Amin Bank Bhd will collectively decrease its base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25 per cent, effective March 9, 2020.
In a statement released today, OCBC Malaysia said the rate cut was in line with Bank Negara Malaysia’s recent 0.25 per cent overnight policy rate (OPR) decrease. OCBC bank is the second bank decrease its BR, the first was Maybank, which announced early today.
The bank said all loans and financing rates based on BR, BLR and BFR will correspondingly decrease by the same rate.
“Similarly, all conventional fixed deposit and Islamic time deposit board rates will also decrease by 0.25 per cent on the same day,” it added.
OCBC Malaysia’s BR decreases from 3.58 per cent to 3.33 per cent, and its BLR/BFR from 6.51 per cent to 6.26 per cent.
OCBC Bank chief executive officer Datuk Ong Eng Bin said the full transmission of this second decrease in slightly over a month will benefit OCBC Malaysia customers who have loans or financing pegged to the BR, BLR or BFR.
“The decrease is in line with the country’s economic recovery efforts. We hope it will serve
Maybank has announced a 25 basis points reduction in its Base Rate (BR) and Base Lending Rate (BLR) effective March 5 following Bank Negara Malaysia’s decision to cut the overnight policy rate (OPR) by 25 basis points to 2.5% today.
Maybank’s BR will be lowered from 2.75% p.a. to 2.50% per annum while its BLR will be revised from 6.40% p.a. to 6.15% per annum. Similarly, the Islamic Base Rate and Base Financing Rate will be reduced by 25 basis points from 2.75% per annum. to 2.50% per annum and from 6.40% per annum to 6.15% per annum respectively.
In line with the revision, Maybank and Maybank Islamic’s deposit rates will also be adjusted downwards by 25 basis points effective the same day.
“The reduction in lending rates will help mitigate the impact of the economic uncertainties that have arisen of late, especially following the Covid-19 outbreak.
“We remain committed to playing our role in supporting a more accommodative monetary environment that will help businesses and individuals navigate through this challenging period,” Maybank group president & CEO Datuk Abdul Farid Alias said in a statement Tuesday.
The last revision in Maybank’s BR was on Jan 24 when it was revised to 2.75% from 3.00%.