KUALA LUMPUR: Malayan Banking Bhd (Maybank) and RHB Banking Group will reduce Base Rate (BR) and Base Lending Rate (BLR) by 25 basis points effective January 24 and January 29, 2020, respectively, in line with the recent reduction in the Overnight Policy Rate (OPR).
Maybank’s BR will be lowered from 3.00 per cent per annum to 2.75 per cent per annum, while its BLR will be revised from 6.65 per cent per annum to 6.40 per cent per annum.
Similarly, the Islamic BR and Base Financing Rate will be reduced by 25 basis points from 3.00 per cent per annum to 2.75 per cent per annum and from 6.65 per annum to 6.40 per annum, respectively.
In line with the revision, Maybank said its 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.
Meanwhile, RHB Bank Bhd, RHB Islamic Bank Bhd and RHB Investment Bank Bhd will reduce its BR from 3.75 per cent per annum to 3.50 per cent per annum, and will also revise the BLR from 6.70 per cent to 6.45 per cent per annum.
In line with the revision, RHB Bank’s fixed deposit rates will also be revised downwards by 25 basis points effective January 29, 2020.