More banks have announced a revision upwards of their interest rates following Bank Negara’s hike from the benchmark overnight policy rate by 25 basis points to 3% last Thursday.
Hong Leong Bank Bhd, Hong Leong Islamic Bank Bhd, EON Bank Bhd and EONCap Islamic Bank Bhd said their respective base lending rate (BLR) and base financing rate (BFR) would respectively be raised by 30 basis points to 6.60% from 6.30%.
Concurrently Hong Leong Bank’s and EON Bank’s fixed deposit (FD) interest rates is going to be revised upwards by up to 35 basis points. The newest Fixed Deposit rates for 1 and 12 months will be increased to 2.90% and 3.25% (Flexi FD) respectively according to the bank release.
Whereas BLR, BFR and deposit rates would be revised also. The BLR for AmBank (M) Bhd will increase by 30 basis points to 6.60% per year. The BFR for AmIslamic Bank Bhd will increase by 30 basis points to 6.60% per year.
For deposit rates, 1-month and 3-month tenure have been revised to 3% from 2.75%, the 6-month tenure to 3.25% from 2.90% and the 12-month tenure to 3.30% from 3.10%.
Standard Chartered Bank Malaysia Bhd and Standard Chartered Saadiq Bhd also revised their BLR and BFR respectively to 6.60%.