Maybank First Bank to Lower Lending, Fixed Deposit Rates
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Effective 9 May 2019, Maybank will revise its base rate (BR) and base lending rate (BLR) downwards in line with Bank Negara Malaysia’s Overnight Policy Rate (OPR) reduction. The last revision in Maybank’s BR was on 29 Jan 2018 when it was revised to 3.25% from 3%.
In a statement on 8 May 2019, the bank said its BR will be lowered by 20 basis points from 3.25% to 3.05% while its BLR will be revised from 6.9% to 6.7%.
Similarly, the Islamic BR and base financing rate will be reduced by 20 basis points from 3.25% to 3.05% and from 6.9% to 6.7% respectively.
In addition, Maybank’s fixed deposit rates will also be adjusted downwards by 20 basis points.
Group president and CEO Datuk Abdul Farid Alias said the bank had been offering the lowest BR and BLR among commercial banks in the country for some time now at 3.25% and 6.9% respectively.
“Our revision in rates will continue to benefit our borrowers who have loans pegged to the BR/BLR as their applicable interest rates will be adjusted downwards accordingly from May 9.”
“At the same time, we have endeavoured to ensure that depositors continue to receive an appropriate return for their deposits as fixed deposits rates have been adjusted less than the 25 basis points decrease in OPR,” he added.
Farid said the group will continue to manage its assets and liabilities effectively to ensure that interest rates are priced responsibly at all times for the benefit of its customers.
The last revision in Maybank’s BR was on 29 Jan 2018 when it was revised to 3.25% from 3%.