Maybank and Maybank Islamic to raise interest rates

 

The hike in the overnight policy rate has prompted Maybank and Maybank Islamic to raise their interest rates.

PETALING JAYA: Maybank and Maybank Islamic will raise their interest rates in response to the 25-basis-point (bps) increase in the overnight policy rate (OPR) announced by Bank Negara Malaysia earlier in the day.

In a statement issued late afternoon, Maybank said its standardised base rate and base lending rate would be revised upwards, also by 25 bps with effect from Sept 12.

The statement said that Maybank’s standardised base rate (SBR) and base rate (BR) will rise to 2.5% from 2.25% now while the base lending rate (BLR) will go up to 6.15% per annum from 5.9% now.

It said that in line with the revision, the fixed deposit rates of Maybank and Maybank Islamic will also be adjusted upwards.

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Maybank last revised its interest rates on July 8 when the OPR was raised from 2% to 2.25%. - FMT