KUALA LUMPUR, July 11:
Malayan Banking Bhd (Maybank) has become the first bank to announce a hike in its base lending rate (BLR) and deposit accounts, including fixed deposit (FD), after Bank Negara Malaysia raised the overnight policy rate by 25 basis points to 3.25%.
The new BLR & FD rates take effect from next Wednesday, July 16, Maybank said in a statement today.
"Maybank's deposit rates will be revised upwards by up to 15 basis points, while its base lending rate (BLR) will also be increased by 25 basis points from 6.6% per annum to 6.85%.
"The base financing rate (BFR) of Maybank Islamic Bhd will similarly be revised upwards by 25 basis points to 6.85%."
This effectively means that the interest charged on home loans rises by 0.25%, where pegged to the bank's BLR.
For the basic savings account, the interest offered goes up from 2.1% now to 2.25% while one month FD rate rises from 3% to 3.15%.
The last revision in Maybank's BLR and Maybank Islamic's BFR was on May 11, 2011 when they were revised from 6.3% per annum to 6.6%.
Source: The Rakyat Post