RHB, Bank Islam to cut rates after OPR move
In a statement, it said RHB Bank and RHB Islamic Bank's fixed deposit rates will also be adjusted downwards by 25bps.
Similarly, lending and financing rates based on base lending rate (BLR) and base financing rate (BFR) will be reduced by 0.25%.
RHB's SBR will be reduced to 2.75% per annum from 3.00%, while its BR will be lowered to 3.50% from 3.75%.
The BLR and BFR will also be adjusted to 6.45% per annum from 6.70%.
'By easing borrowing costs, we are helping households and SMEs better manage their financial commitments while encouraging consumption and investment amid prevailing global uncertainties,' RHB Banking Group managing director/group chief executive officer Datuk Mohd Rashid Mohamad said in a statement.
Separately, Bank Islam Malaysia Bhd will also revise its SBR, BR, and BFR by 25 basis points to 2.75%, 3.52%, and 6.47% per annum, respectively. The new rates will take effect on July 10.
This adjustment follows Bank Negara's decision to reduce the OPR by 25 bps, from 3.00% to 2.75%, announced today.
'The strategic move is expected to support economic activity and offer financial relief to individuals and businesses with financing linked to the SBR, BR or BFR. Bank Islam remains committed to advancing economic growth while staying responsive to the evolving needs of our customers,' Bank Islam group CEO Datuk Mohd Muazzam Mohamed said.
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