PETALING JAYA: Malayan Banking Bhd (Maybank) reduced its base rate (BR) and base lending rate (BLR) by 25 basis points (bps) to 2.75% and 6.4% respectively, effective Jan 24.
In addition, its Islamic BR and base financing rate (BFR) will be reduced by 25 bps to 2.75% from 3% and to 6.4% from 6.65% respectively, it said in a statement yesterday.
Following the revision, Maybank’s deposit rates will also be adjusted downwards by 25 bps in tandem with the rate reduction.
The last revision to Maybank’s BR was on May 17, 2019 when it was adjusted to 3% from 3.25%.
Meanwhile, Public Bank has also reduced its BR, BLR and BFR by 25 bps effective Jan 28.
The bank said the move is in line with the cut in the Overnight Policy Rate of 25 bps by Bank Negara Malaysia on Jan 22.
At the same time, Public Bank’s fixed deposit rates will also be adjusted by 25 bps, effective on the same date.
