KUALA LUMPUR: Banks are revising their reference rates following Bank Negara Malaysia's (BNM) overnight policy rate (OPR) increased to 2.75 per cent from 2.50 per cent announced today.

RHB Banking Group and Public Bank will revise upwards its standardised base rate (SBR), base rate (BR) and base lending rate (BLR) by 25 basis points (bps).

In a statement, RHB Bank said its SBR will increase to 2.75 per cent from 2.50 per cent, BR to 3.50 per annum (pa) from 3.25 per cent as well as BLR to 6.45 per cent pa from 6.20 per cent.

In a separate statement, Public Bank said its SBR will be 2.75 per cent while the BR will increase to 3.27 per cent from 3.02 per cent and the BLR will increase to 6.47 per cent from 6.22 per cent.

In line with the revision, RHB Bank, RHB Islamic Bank's and Public Bank's fixed deposit rates will also be revised upwards.

In another statement, Affin Bank Bhd said Affin Bank, Affin Islamic Bank Bhd and Affin Hwang Investment Bank Bhd will also revise their loan and financing reference rates upward by 25 basis points while Affin Bank Fixed Deposit and Affin Islamic Term Deposit-i Board Rates will also be adjusted upwards.

Revisions is effective on Nov 7, 2022 for all of these financial institutions.

-- BERNAMA