Maybank And RHB Increase lending rates

Bank Negara raised the OPR by another 25 basis points to 2.25% following the conclusion of its latest MPC meeting, in line with the expectations of most economists.

Maybank And RHB Increase lending rates

KUALA LUMPUR: Following Bank Negara Malaysia's (BNM) decision to raise the Overnight Policy Rate (OPR) by 25 basis points (bps) on Wednesday, Malayan Banking Bhd (Maybank) and RHB Banking Group have announced that their base rates (BR) and base lending rates (BLR) will be raised by the same amount.

In a statement, Maybank said this means its BR will be revised to 2.25% from 2%, while its BLR will be raised to 5.9% per annum from 5.65% effective Friday (July 8).

"Similarly, the Islamic base rate and base financing rate (BFR) will be increased by 25 bps from 2.00% per annum to 2.25% per annum and from 5.65% per annum to 5.90% per annum respectively.

"In line with the revision, Maybank and Maybank Islamic's fixed deposit rates will also be adjusted upwards effective July 8, 2022," said Maybank.

RHB Banking Group will revise its Base Rate (BR) and Base Lending/Financing Rate (BLR/BFR) upwards by 25 basis points effective 13 July 2022 in line with the increase in the Overnight Policy Rate (OPR) by Bank Negara Malaysia.

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RHB Bank Berhad (“RHB Bank”), RHB Islamic Bank Berhad (“RHB Islamic Bank”) and RHB Investment Bank Berhad (“RHB Investment Bank”) will increase its BR from 2.75% to 3.00% per annum, and will also revise the BLR/BFR from 5.70% to 5.95% per annum.

In line with the revision, RHB Bank and RHB Islamic Bank’s fixed deposit rates will also be revised upwards effective the same date.