OCBC Malaysia, Bank Muamalat to increase base rates by 0.25%

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd and its Islamic banking unit OCBC Al-Amin Bank Bhd will increase their standardised base rate (SBR), base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25% from May 10, 2023.

The bank said in a statement all loan and financing rates based on SBR, BR, BLR and BFR will correspondingly increase by the same rate.

Similarly, all conventional fixed deposit and Islamic time deposit board rates will also increase 0.25% points on the same day.

With the above, OCBC Malaysia’s SBR increases from 2.75% to 3%, BR from 3.58% to 3.83%, and BLR/BFR from 6.51% to 6.76%.

Separately, Bank Muamalat Malaysia Bhd said its SBR, BR and BFR will be revised by 25 basis points from 2.75% to 3%, 3.56% to 3.81% and 6.56% to 6.81% respectively, with effect from May 9, 2023.

This will affect all floating rate financing packages pegged to the SBR, BR and BFR.

In line with the increase in SBR, BR and BFR, Bank Muamalat’s FTA-i deposit rates will also be revised accordingly.

Bank Muamalat president and CEO Khairul Kamarudin said the rate revision corresponds with the increase in Bank Negara’s overnight policy rate to 3%.

“Bank Muamalat will continue to manage its assets and liabilities responsibly while supporting the current economic growth initiatives and meeting stakeholders’ expectations,” said Khairul in a statement.

Source: https://www.thestar.com.my/business/business-news/2023/05/08/ocbc-malaysia-to-increase-base-rates-by-025-from-may-10