OCBC to decrease BR, BLR, BFR & FD board rates by 0.25% effective 13 July 2020
In line with Bank Negara Malaysia’s recent 0.5% Overnight Policy Rate (OPR) decrease, OCBC Bank (Malaysia) Berhad (OCBC Bank) and its subsidiary, OCBC Al-Amin Bank Berhad, (collectively, OCBC Malaysia) will correspondingly decrease their Base Rate (BR), Base Lending Rate (BLR) and Base Financing Rate (BFR) by 0.25% effective tomorrow, 13 July 2020.
All loans and financing rates based on BR, BLR and BFR will correspondingly decrease by the same rate.
Similarly, all conventional fixed deposit and Islamic time deposit board rates will also decrease by 0.25% on the same day.
With the above, OCBC Malaysia’s BR decreases from 2.83% to 2.58%, and its BLR/BFR from 5.76% to 5.51%.
Commenting on the revision, Dato’ Ong Eng Bin, Chief Executive Officer of OCBC Bank said the full transmission of this fourth decrease for the year will benefit OCBC Malaysia customers who have loans or financing pegged to the BR, BLR or BFR.
“We are in uncertain times that are challenging to both the person on the street and businesses. The decrease in the OPR is in line with the country’s economic recovery efforts. We are looking forward to seeing everyone reap the benefits of the OPR cut, which is meant to ease borrowers’ burdens and promote prudent spending,” he said.