Maybank is the first to announce an interest rate hike, with new rates to take effect from July 8.
With Bank Negara announcing an increase in the Overnight Policy Rate (OPR) to 2.25% from the previous 2.00%, Maybank has also announced that it will raise its lending rates effective July 8.
According to Maybank, the base rate (BR) will be increased from 2.00% to 2.25%. The base lending rate (BLR) will also be increased from 5.65% to 5.90%. This measure will be effective from Friday, July 8, 2022.
If you have a loan with Maybank, your mortgage or variable rate car loan will be increased from this month. Borrowers are urged to check with their banks for the latest interest rates and monthly payments so that they can avoid the problems associated with underpayment of loans.
Maybank’s time deposit rate will also be increased, and the monthly interest rate you can earn on your time deposit will also increase.
Maybank
BR: 2.25%
BLR: 5.90%
Effective date: July 8, 2022
