by Ian Fan 
UPDATED: On 03 November 2022, Bank Negara Malaysia (BNM) announced the increase of the Overnight Policy Rate (OPR) by another 25 basis points (bps) from 2.5% to 2.75%.
On 08 September 2022, Bank Negara Malaysia (BNM) announced the increase of the Overnight Policy Rate (OPR) by another 25 basis points (bps) from 2.25% to 2.5%.
Previously on 11 May 2022, Bank Negara Malaysia announced the increase of the Overnight Policy Rate (OPR) by 25 bps from 1.75% to 2%, in line with “the sustained reopening of the global economy and the improvement in labour market conditions continue to support the recovery of economic activity”.
What does this mean for fixed deposit holders and savers?
A higher OPR means that the returns will become more for consumers. Banks will revise the interest rates following the increase in OPR by BNM.
The increase in OPR results in:
Higher returns for savings accounts and fixed deposits
Savers looking for more returns on their savings accounts and fixed deposits will be delighted. The interest rates for these savings instruments will be increased in tandem with the OPR increase.
