Banks increase interest rates

From The Star..
(dated May 13)

PETALING JAYA: More banks have announced a revision upwards of their interest rates following Bank Negara’s hike of 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 will be revised upwards by up to 35 basis points. The new FD rates for 1 and 12 months will be increased to 2.90% and 3.25% (Flexi FD) respectively,” the banks said in a joint press release yesterday.

The AmBank group said in a press release that BLR, BFR and deposit rates would be revised effective from today.

“The BLR for AmBank (M) Bhd will increase by 30 basis points to 6.60% per annum. The BFR for AmIslamic Bank Bhd will increase by 30 basis points to 6.60% per annum,” it said.

For deposit rates, 1-month and 3-month tenure has 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 said in an emailed statement that their BLR and BFR has been respectively revised to 6.60%.