PETALING JAYA: More banks will be increasing in their base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 25 basis points (bps) following Bank Negara’s announcement of a hike in the overnight policy rate to 2% from 1.75%.

       The lenders include Public Bank Bhd, CIMB Bank Bhd, Hong Leong Bank Bhd, Affin Bank Bhd and Bank Muamalat Malaysia Bhd.

       For Public Bank, the revision will be effective today, with the BR raised to 2.52% per annum and the BLR/BFR to 5.72% per annum.

       At the same time, Public Bank’s fixed deposit rates will increase correspondingly by 25 bps across all tenures.

       Also with changes taking effect today are Bank Muamalat’s BR and BFR, which will be revised to 2.81% and 5.81% per annum, respectively.

       Its deposit rates will also be revised upward by 25 bps.

       Affin Bank, Affin Islamic Bank Bhd and Affin Hwang Investment Bank will also raise their BLR and BFR by 25 bps effective today.

       In line with this revision, the group’s fixed deposit rates would also be adjusted upwards.

       As for Hong Leong Bank and Hong Leong Islamic Bank Bhd, the BR and Islamic BR will be raised to 2.88%, while the BLR and Islamic financing rate will be revised to 5.89% from May 17.

       CIMB Bank and CIMB Islamic Bank Bhd will increase the BR, BLR, BFR and fixed deposit rates by 25 bps from May 18.