Affin Bank Berhad, along with its subsidiaries Affin Islamic Bank Berhad and Affin Hwang Investment Bank Berhad, will revise their lending and deposit rates in response to Bank Negara Malaysia’s recent reduction in the Overnight Policy Rate (OPR). The OPR was lowered by 25 basis points, from 3.00% to 2.75%, effective 9 July.
In a statement, Affin confirmed that the revised rates will come into effect on 11 July. The bank’s Standardised Base Rate (SBR) will be reduced to 2.75% per annum from the current 3.00%, while the Base Rate (BR) will decrease from 3.95% to 3.70%. Additionally, the Base Lending Rate (BLR) and Base Financing Rate (BFR) will be adjusted from 6.81% to 6.56% per annum.
Affin also announced corresponding downward revisions to its fixed deposit rates and Affin Islamic’s Term Deposit-i Board Rates, effective on the same date.
Alliance Bank Malaysia Berhad and Alliance Islamic Bank Berhad have similarly confirmed adjustments to their lending and deposit rates in line with the new OPR. Effective 15 July, the SBR for both institutions will be lowered by 25 basis points to 2.75% per annum. Their BR will decrease from 3.82% to 3.57%, while the BLR and BFR will be revised from 6.67% to 6.42% per annum.
These adjustments are consistent with the Reference Rate Framework introduced by Bank Negara Malaysia on 1 August 2022. Under this framework, the SBR serves as the common reference rate for all new retail floating-rate loans and financing, and is directly linked to the OPR.
Both institutions have confirmed that fixed deposit rates will be revised downward on the respective effective dates.
-The Star
