It has been reported that Bajaj Finance a non- banking institution is planning to adopt wealth management services. The company will now provide fixed deposit schemes to the customers rather than working as a distributor for other firms.
Bajaj Finance is aiming to come up with a fixed deposit scheme in coming 3 years that will provide maturities varying from 1 year to 5 year further the scheme will offer 10% rate of interest. Special concessional provision of 0.25% is there for senior citizens. With the fixed deposits schemes, the company is expecting to raise its profit up to 2500 crore.
finance chief executive stated that the measure will help them to expand their wealth management business, with purpose to provide customized solutions.