IDBI Bank is all set to offer financial planning services to its customers soon.

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Under the new initiative, the Mumbai-based bank will offer a range of financial services, from home buying to retirement solutions among others.

“There are many aspects of financial planning, which are very complex. We want to step into this space and help our customers. We are going to start our financial planning services business by the end of December,” IDBI Bank chairman and managing director Yogesh Agarwal told Financial Chronicle. A customer seeking to avail the services from IDBI Bank will be required to maintain a deposit to the tune to Rs 10 lakh with the bank.

Elaborating on the plans, CS Jain, head of personal banking group at IDBI Bank, said, “We will be catering to both long-term as well as short-term goals of our customers. The short-term goals could be to manage finances in such a way that facilitates decisions such as buying of a car, house and finances for marriage, while long-term goals may include retirement planning and succession planning among others.” In the proposed planning scheme, the bank will also advise customers on the products they can look at for investment depending on the age, income and time horizon.

Jain said the bank would seek to aggressively increase its retail business, including home loans and car loans. “We have started providing car loans only a couple of months ago. The initial response has been good,” said Jain.