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Bajaj Finance deposits cross Rs 50,000 crore
Our interest rates are comparable for shorter tenors and competitive for longer tenors. This is because our strategy has always been to offer investors long-term savings solutions. The sweet spot for us is 44 months, where we offer an interest rate of 8.6% to senior citizens.- Sachin Sikka, Executive Vice President, Bajaj Finance
Mumbai: Bajaj Finance has emerged as India’s largest deposit-taking NBFC with its consolidated deposit book crossing the Rs 50,000-crore mark in July 2023. With this milestone, it has over 5 lakh depositors spanning from over 500 locations. The company started accepting deposits in 2014 when its balance sheet was Rs 17,000 crore. “From zero to Rs 50,000 crore, our deposits have grown at 60 per cent CAGR in the last 8-9 years. We have about five lakh depositors today who have given us almost 1.4 million deposits till date, which works out to 2.87 deposits per customer,”saidSachin Sikka, Executive Vice President (Deposits, Investments, EMI Cards & Rewards) at Bajaj Finance.
He said, “The growth is a function of attractive interest rates and the trust that customers have placed in the Bajaj Finance brand. Our digitisation efforts and policies have also helped. The company has 7.3 crore customers and 4 crore customers on its app. Every month, almost 25-lakhcustomer traffic comes on our investment marketplace which has deposit origination and mutual fund distribution.” Sachin further said, “Clearly, there is a large interest on our digital properties. Additionally, our entire ecosystem of customers, partners and employees use various digital tools, resultantly 40-50 per cent of our deposits are generated online.”
