Maybank will reduce its Base Rate (BR) and Base Lending Rate (BLR) by 50 basis points effective Friday, 8 May 2020, in line with the reduction in the Overnight Policy Rate today.
Maybank’s Base Rate (BR) will be lowered from 2.50% p.a. to 2.00% p.a. while its Base Lending rate (BLR) will be revised from 6.15% p.a. to 5.65% p.a. Similarly, the Islamic Base Rate and Base Financing Rate will be reduced by 50 basis points from 2.50% p.a. to 2.00% p.a. and from 6.15% p.a. to 5.65% p.a. respectively.
In line with the revision, Maybank and Maybank Islamic’s fixed deposit rates will also be adjusted downwards by 50 basis points effective the same day.
Maybank Group President & CEO, Datuk Abdul Farid Alias said, “This reduction is another step to help support economic recovery in the country, and we believe that borrowers will benefit from this additional relief in their loan or financing payments especially during this challenging period.”
The last revision in Maybank’s Base Rate was on 5 March 2020 when it was revised to 2.50% p.a. from 2.75% p.a.