Bajaj Finance looking to raise Rs 2,500 cr via fixed deposit scheme to push wealth management business: Media Report

Bajaj Finance looking to raise Rs 2,500 cr via fixed deposit scheme
Bajaj Finance said that it is targeting to raise Rs 2,500 crore through a fixed deposit scheme in the next three years to tone up its nascent wealth management business, reported PTI.

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.

Dion Global Solutions Ltd.

Story first published: Friday, January 24, 2014, 9:11 [IST]
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