KUALA LUMPUR, March 4 — OCBC Bank (Malaysia) Bhd and its unit, OCBC Al-Amin Bank Bhd will decrease their base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25 per cent, effective March 9, in line with the reduction in the overnight policy rate (OPR) announced yesterday.
Similarly, all conventional fixed deposit and Islamic time deposit board rates will decrease by 0.25 per cent on the same day, it noted in a statement today.
With the above, OCBC Malaysia’s BR decreases to 3.33 per cent from 3.58 per cent, and its BLR, as well as, BFR to 6.26 per cent from 6.51 per cent.
OCBC Bank chief executive officer Datuk Ong Eng Bin said the full transmission of this second decrease in slightly over a month will benefit bank customers who have loans or financing pegged to the BR, BLR or BFR.
“The decrease is in line with the country’s economic recovery efforts. We hope it will serve the intended result of easing borrowers’ burdens and promoting prudent spending,” he said. — Bernama