KUALA LUMPUR (May 10): OCBC Bank (Malaysia) Bhd and its subsidiary OCBC Al-Amin Bank Bhd have reduced their base rate (BR), base lending rate (BLR), and base financing rate (BFR) by 0.25% effective May 13 in line with the cut in Bank Negara Malaysia (BNM)'s overnight policy rate (OPR) to 3% on Tuesday.
In a statement today, the banking group said its BR would drop from 4.08% to 3.83%, while its BLR and BFR would be revised from 7.01% to 6.76%.
OCBC said all of its loans and financing rates based on BLR and BFR will correspondingly decrease by 0.25%.
"Similarly, all conventional fixed deposit and Islamic time deposit board rates will also decrease by 0.25% on the same day," it said.
In the statement, OCBC Bank chief executive officer Datuk Ong Eng Bin commented on the rates revision, saying: "The full transmission of the decrease in rates in tandem with the OPR drop will benefit all OCBC Malaysia customers who have loans or financing pegged to the BR, BLR or BFR."