Photo Credit The Edge Markets
Maybank will be revising upwards its base rate (BR) to 3.25 percent per annum from three percent per annum and base lending rate to 6.90 percent per annum from 6.65 percent per annum effective Tuesday, 30 January.
Maybank in a statement Sunday said the revision was in line with the increase in the overnight policy rate (OPR).
It said the Islamic base rate would also be raised by 25 basis points to 3.25 percent per annum from three percent per annum and Islamic base financing rate would be increased to 6.90 percent per annum from 6.65 percent per annum
The bank said fixed deposit rates would also be revised upwards by between 20 basis points to 25 basis points.
Group President and Chief Executive Officer, Datuk Abdul Farid Alias said the bank would continue to support its customers to ensure that borrowers were not unduly affected, while at the same time, allow depositors to receive an appropriate return for their deposits.
“Our customers can also be assured that the bank will continue to manage our assets and liabilities efficiently to ensure that our interest rates are priced responsibly at all times,” he added.
On Thursday, Bank Negara Malaysia raised the OPR by 25 basis points to 3.25 percent from three percent, the first rate hike since July 10, 2014.
The last revision in Maybank’s BR was on July 15, 2016, when it was reduced to three per cent from 3.20 percent.