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 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 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.

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