It seems the rise of interest is finally starting to take effect on our daily lives, with more banks to follow suit…ouch!

THE country’s biggest lender Malayan Banking Bhd (Maybank) and Citibank Bhd said yesterday that they too are raising their lending and deposit rates.

Maybank said in a statement that from today, its base lending rate (BLR) would be increased to 6.25% from 6%, while the interest rate for fixed deposits (FD) would go up by up to 40 basis points.

The new rates for one-, three- and six-month tenures of deposit are 3.1%, 3.2% and 3.3% respectively, compared with 3% before. The rate for nine-month deposits had been increased to 3.4% while that for 12 months was unchanged at 3.7%, Maybank said.

Source: The Star Online

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