Standard Chartered Malaysia and Standard Chartered Saadiq are bringing down their base rate to 2.27% and base lending/financing rate to 5.45% following the latest reduction of the overnight policy rate (OPR).

In a statement, it said the downward revision of 25 basis points will take effect on July 14 and also applies to the fixed deposits interest and term deposits-i profit rates across all tenors.

Meanwhile, Public Bank Bhd and Public Islamic Bank will also reduce their base rate and base lending/financing rate by 0.25% effective July 10.

Public Bank’s fixed deposit rates will also be correspondingly adjusted by 0.25%, on the same date.

Bank Negara Malaysia’s Monetary Policy Committee recently cut the OPR for the fourth time this year, by 25 basis points to 1.75%.

The move is expected to provide additional policy stimulus to accelerate the recovery of an economy that has been halted by the COVID-19 pandemic.