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BUSINESS

Alliance Bank to raise base rate by 25 bps effective July 13

07/07/2022 03:36 PM

KUALA LUMPUR, July 7 (Bernama) -- Alliance Bank Malaysia Bhd will raise its Base Rate, Base Lending Rate and Base Financing Rate by 25 basis points (bps) effective July 13, 2022, following Bank Negara Malaysia’s revision of the Overnight Policy Rate (OPR) on July 6, 2022.

BNM has increased the OPR by 25 bps to 2.25 per cent during its fourth Monetary Policy Committee meeting for the year. 

In a statement today, the bank said its Base Rate will be adjusted from 2.82 to 3.07 per cent per annum, and the Base Lending Rate and Base Financing Rate will be raised from 5.67 to 5.92 per cent per annum.

“The revision will apply to all existing loans and/or financing pegged to the Base Rate, Base Lending Rate, and Base Financing Rate, and the bank will also adjust its fixed deposit rates upwards on the same effective date.

“In tandem with the revision, the bank will raise the savings rates for its Basic Savings Account, Children Savings Account and Senior Savers Account, as well as the Alliance SavePlus Account which offers customers higher savings rate and transactional flexibility,” it added.

-- BERNAMA


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