OCBC lowers rates by 0.25% effective July 13

12 Jul 2020 / 18:07 H.

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd and its subsidiary, OCBC Al-Amin Bank Bhd, (collectively, OCBC Malaysia) will decrease their base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25 per cent effective tomorrow, July 13.

This is in line with Bank Negara Malaysia’s recent 0.25 per cent overnight policy rate (OPR) reduction, OCBC Malaysia said in a statement.

All loans and financing rates based on BR, BLR and BFR will correspondingly decrease by the same rate.

Similarly, all conventional fixed deposit and Islamic time deposit board rates would also fall by 0.25 per cent on the same day, the group said.

With the above, OCBC Malaysia’s BR declines from 2.83 per cent to 2.58 per cent, and its BLR/BFR from 5.76 per cent to 5.51 per cent.

OCBC Bank chief executive officer Datuk Ong Eng Bin said the full transmission of this fourth decrease for the year would benefit OCBC Malaysia customers who had loans or financing pegged to the BR, BLR or BFR.

“We are in uncertain times that are challenging to both the person on the street and businesses. The decrease in the OPR is in line with the country’s economic recovery efforts,“ he said.

Ong said the bank was looking forward to seeing everyone reap the benefits of the OPR cut, which was meant to ease borrowers’ burdens and promote prudent spending. -Bernama

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