OCBC, Bank Muamalat increase base rates by 0.25% points

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd and its Islamic banking subsidiary, OCBC Al-Amin Bank Bhd, will correspondingly increase their standardised base rate (SBR), base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25 percentage points, effective May 10.

The bank said it was in line with Bank Negara Malaysia’s recent increase in the overnight policy rate (OPR) of 25 basis points to 3.00 per cent.

“All loan and financing rates based on SBR, BR, BLR, and BFR will correspondingly increase by the same rate,” it said in a statement.

The bank noted that all conventional fixed deposit and Islamic time deposit board rates will also increase by 0.25 percentage points on the same day.

“With the above, OCBC Malaysia’s SBR increases from 2.75 per cent to 3.00 per cent, BR from 3.58 per cent to 3.83 per cent, and BLR/BFR from 6.51 per cent to 6.76 per cent,” it added.

Similarly, Bank Muamalat Malaysia Bhd’s SBR, BR, and BFR would also be revised by 25 basis points from 2.75 per cent to 3.00 per cent, 3.56 per cent to 3.81 per cent, and 6.56 per cent to 6.81 per cent, respectively, with effect from May 9.

“This will affect all floating rate financing packages pegged to the SBR, BR, and BFR,” the bank said.

Bank Muamalat’s fixed-term account -i (FTA-i) deposit rates would also be revised accordingly in line with the increase in SBR, BR, and BFR.

Bank Muamalat president and chief executive officer Khairul Kamarudin said the bank would continue to manage its assets and liabilities responsibly while supporting the current economic growth initiatives and meeting stakeholders’ expectations.

Customers facing difficulties in paying higher instalments due to the rising rates are encouraged to contact the customer service centre at 03-2600 5500 or log in to its Muamalat Application Platform (MAP) at https://map.muamalat.com.my. –Bernama