Alliance Bank just announced that it will raise its Standardised Base Rate (SBR) by 25 basis points to mirror the Overnight Policy Rate (OPR) effective 14 September 2022, following Bank Negara Malaysia’s (BNM) revision of the OPR on 8 September 2022.
Correspondingly, the Bank will raise its Base Rate, Base Lending Rate, and Base Financing Rate by 25 basis points effective 14 September 2022, in line with the requirements of BNM’s Reference Rate Framework effective 1 August 2022. Under this framework, the SBR will be used as the common reference rate for all financial institutions for their new retail floating-rate loans and will be linked solely to the OPR.
The SBR shall be applicable to only new retail floating-rate loans and financing facilities from 1 August 2022 while the Base Rate, Base Lending Rate, and Base Financing Rate revisions shall apply to all existing loans and financing that are pegged to the respective reference rates.
The Bank’s SBR shall be set at 2.50% per annum while the Base Rate will be adjusted from 3.07% to 3.32% per annum. The Base Lending Rate and Base Financing Rate will be revised from 5.92% to 6.17% per annum.
In tandem with the revision, the Bank will also adjust its fixed deposit rates upwards on the same effective date.