Public Bank, RHB, OCBC to reduce interest rates

1 min


54
11 shares, 54 points

Public Bank, RHB, OCBC to reduce interest rates 1

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%.”


Like it? Share with your friends!

54
11 shares, 54 points

What's Your Reaction?

hate hate
2
hate
confused confused
14
confused
fail fail
8
fail
fun fun
6
fun
geeky geeky
4
geeky
love love
18
love
lol lol
20
lol
omg omg
14
omg
win win
8
win

Read exclusive latest news on entertainment, music, gaming and more topics with unprecedented coverage from around the UK and US.

0 Comments

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.