Bajaj Fin to raise Rs 2,500 cr in deposits to push wealth biz

Non-banking lender Bajaj Finance today said it is targeting to raise Rs 2,500 crore through a fixed deposit scheme in the next three years to strengthen its nascent wealth management business.
Under the scheme, the Pune-headquartered firm will offer products in maturities ranging from one year to five years and offer an interest rate of up to 10 per cent, a company release said.
Senior citizens and Bajaj Finance customers will earn an additional interest of 0.25 per cent.
"The fixed deposit programme is a step forward in building a comprehensive wealth management business and is aligned to our objective of delivering customised solutions," Bajaj Finance Chief Executive Rajeev Jain said.

During the post-earnings interaction last week, Jain had told PTI the company wanted to kick off its wealth management business by offering fixed deposit products rather than acting as a distributor for other firms' offerings.
There are five tenor options and the minimum size of the deposits, offered in cumulative and non-cumulative schemes with monthly, quarterly, half yearly and annual interest payment options, range from Rs 50,000 to Rs 1.50 lakh.