Bajaj Fin to raise Rs 2,500 cr in deposits

Non-banking lender Bajaj Finance today said it is targeting to raise Rs 2,500 crore through a fixed deposit scheme in 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. Earlier, Jain had said the company wanted to kick off its wealth management business by offering fixed deposit products.