PETALING JAYA: Public Bank will reduce its base rate (BR) and base lending rate (BLR) / base financing rate (BFR) by 0.25% effective March 6, in line with Bank Negara Malaysia’s Overnight Policy Rate (OPR) cut by 25 basis points from 2.75% to 2.5%.
In a statement, it said fixed deposit rates will also be correspondingly adjusted by 0.25%, effective on the same date.
“Public Bank’s Base Rate reduction is timely to ease the borrowers’ burden and to spur the nation’s economic growth amidst the ongoing economic challenges brought about by the Covid-19 outbreak.
“Public Bank will continue to proactively manage its assets and liabilities to ensure interest rates are priced responsibly at all times for the benefit of its customers,” it noted.
In a separate statement, RHB Banking Group said it will be revising its BR and BLR downwards by 25 basis points, to 3.25% and 6.2% respectively, effective March 9.
The bank’s fixed deposit rates will also be revised downwards by 25 basis points on the same date.
OCBC Bank (Malaysia) Bhd and its subsidiary, OCBC Al-Amin Bank Bhd will also decrease their BR, BLR and BFR by 0.25% effective March 9.
“Similarly, all conventional fixed deposit and Islamic time deposit board rates will decrease by 0.25% on the same day. With the above, OCBC Malaysia’s BR decreases from 3.58% to 3.33%, and its BLR/BFR from 6.51% to 6.26%.”