KUALA LUMPUR: Malayan Banking Bhd (Maybank) and Alliance Bank Malaysia Bhd will cut their base rates by 25 basis points in line with Bank Negara Malaysia's reduction of the overnight policy rate.

Maybank will revise its base rate from 3.00 per cent to 2.75 per cent, while its base lending rate will be adjusted from 6.65 per cent to 6.40 per cent effective July 11.

"Similarly, the Islamic base financing rate will be reduced by 25 basis points from 6.65 per cent to 6.40 per cent," it said.

In tandem with the revision, fixed deposit rates for both Maybank and Maybank Islamic will also be reduced by 25 basis points, effective on the same date.

Meanwhile, Alliance Bank and Alliance Islamic Bank will lower their base rate from 3.82 per cent to 3.57 per cent per annum.

Their base lending and base financing rates will also be revised from 6.67 per cent to 6.42 per cent per annum, effective July 15.

"In tandem with the revision, Alliance Bank and Alliance Islamic Bank will also adjust their fixed deposit rates downwards on the same effective date," the bank said.