Banks to revise deposit rates, BLR

Several banks will be increasing rates on lending and deposit from Monday after Bank Negara raised its key policy rate for the third time this year.

Malayan Banking Bhd (Maybank) will revise upwards deposit and base lending rates (BLR), effective July 13, in line with the increase in the overnight policy rate (OPR) by 25 basis points.

Maybank said it would raise deposit rates by up to 25 basis points while the BLR would be increased by 25 basis points to 6.3% per year. The base financing rate (BFR) of Maybank Islamic Bhd will similarly be revised upwards by 25 basis points to 6.3%.

CIMB Bank and CIMB Islamic Bank announced yesterday that they would increase their BLR and base financing rate BFR by the same quantum.

Meanwhile, Bank Islam Malaysia Bhd would raise its base financing rate (BFR) by 25 basis points to 6.30% per annum effective July 13.