OCBC Malaysia has adjusted its lending and deposit rates downward by 25 basis points (bps) following Bank Negara Malaysia’s easing of the Overnight Policy Rate (OPR) on July 9.
Effective July 15, the bank’s Standardised Base Rate (SBR) will be revised from 3% to 2.75%, while the Base Rate (BR) will fall from 3.83% to 3.58%. The Base Lending Rate (BLR) and Base Financing Rate (BFR) will also be reduced from 6.76% to 6.51%.
All loans and financing products pegged to the SBR, BR, BLR or BFR will reflect these changes accordingly.
OCBC Malaysia also confirmed that the board rates for its conventional fixed deposits and Islamic time deposits will decrease by 25bps.
“The adjustments apply to both OCBC Bank (Malaysia) Bhd and its wholly owned Islamic banking arm, OCBC Al-Amin Bank Bhd.
“The rate cuts come amid the central bank’s efforts to provide monetary support to the economy,” OCBC Malaysia said.
The bank added that customers can expect lower borrowing costs, although deposit returns will also be modestly reduced in tandem with the rate changes.
