Maybank will revise its Base Rate (BR) and Base Lending Rate (BLR) downwards effective 9 May 2019, in line with the recent reduction in the Overnight Policy Rate.
Maybank’s Base Rate (BR) will be lowered by 20 basis points from 3.25% p.a. to 3.05% p.a. while its Base Lending rate (BLR) will be revised from 6.90% p.a. to 6.70% p.a. Similarly, the Islamic Base Rate and Base Financing Rate will be reduced by 20 basis points from 3.25% p.a. to 3.05% p.a. and from 6.90% p.a. to 6.70% p.a. respectively.
In line with the revision, Maybank’s fixed deposit rates will also be adjusted downwards by 20 basis points effective the same day.
Group President & CEO of Maybank, Datuk Abdul Farid Alias said, “Maybank had been offering the lowest BR & BLR among commercial banks in the country for some time now at 3.25% and 6.90% respectively. Our revision in rates will continue to benefit our borrowers who have loans pegged to the BR/BLR as their applicable interest rates will be adjusted downwards accordingly from 9 May.”
“At the same time, we have endeavoured to ensure that depositors continue to receive an appropriate return for their deposits as fixed deposits rates have been adjusted less than the 25 basis points decrease in OPR.”
Datuk Farid added that the Group will continue to manage its assets and liabilities effectively to ensure that interest rates are priced responsibly at all times for the benefit of its customers.
The last revision in Maybank’s Base Rate was on 29 January 2018 when it was revised to 3.25% from 3.00%.