The launch of the Second Salary program by National Bonds has further enhanced the appeal of the United Arab Emirates (UAE) as a sought-after destination for individuals searching for employment worldwide. This is attributed to the country’s numerous job prospects, inviting atmosphere, and exceptional standard of living.
The program presents an opportunity for individuals employed in the UAE to effortlessly generate additional income. For those who wish to learn more about the program, please continue reading.
What Is The UAE Second Salary Program?
National Bonds in the UAE has introduced the Second Salary program, a savings solution designed to generate extra income for both the local and expatriate population of the country. The program consists of two phases: the saving phase and the income phase.
During the saving phase, participants have the flexibility to deposit a chosen amount into National Bonds on a monthly basis for a period ranging from 3 to 10 years. Subsequently, in the income phase, participants can start receiving a monthly income that includes their initial investment amount along with the accumulated profit. Notably, individuals have complete control over the amount and duration of both the saving and income phases. It is also possible for participants to opt for a lump-sum redemption of their savings instead of monthly payments.
Furthermore, participants have the opportunity to enhance their financial well-being through rewards and cash prizes offered by National Bonds.
Benefits Of UAE Second Salary Program
Within the framework of the Second Salary program, customers have the potential to increase their savings by 50%. For instance, if a customer commits to a monthly deposit of AED 5,000 for a duration of ten years, they can expect to receive monthly payments of AED 7,500 for the subsequent ten years. Similarly, if a customer chooses to deposit AED 5,000 per month for a period of five years but decides to withdraw it within the following three years, they could receive AED 10,020 per month.
Moreover, National Bonds provides customers with an additional opportunity to participate in their rewards program, which offers rewards worth AED 35 million. The likelihood of winning is closely linked to the duration for which customers save their money. By selecting longer savings terms, customers significantly increase their chances of winning, with the potential for up to 30 times greater probability of receiving exciting rewards and cash prizes from National Bonds.
As part of the rewards program, participants have the opportunity to win a wide array of prizes, including bond prizes and luxury cars. The prize pool encompasses two AED 1 million prizes awarded every quarter, catering to both Emiratis and expats. Furthermore, there are more than 423,000 prizes up for grabs each year, including special rewards dedicated to women, minors, and regular savers. In total, the annual rewards amount to AED 35 million.
How Does The Scheme Work?
According to National Bonds, the plan consists of two distinct phases. The initial phase involves the subscriber depositing a predetermined fixed amount into their National Bonds account on a monthly basis for a specified duration. The subsequent phase entails the subscriber receiving monthly payouts for a predetermined period.
During the saving phase, individuals are required to deposit a minimum amount of Dh1,000 on a monthly basis, selecting a duration of their preference ranging from three to 10 years.
During the income phase, participants will commence receiving a monthly income. This includes the base investment amount along with the accumulated profit. For instance, if an individual saves Dh5,000 on a monthly basis for a period of 10 years, they can anticipate receiving Dh7,500 monthly for the subsequent 10 years. Similarly, if a person saves Dh5,000 per month for five years but decides to redeem their savings within the following three years, they could receive a monthly sum of Dh10,020 for three years.
How To Apply For The Scheme?
Both current and prospective customers of National Bonds have the opportunity to enroll in the Second Salary program via the ‘National Bonds’ mobile application. The following steps outline the registration process:
- Access your account or create a new account (you can utilize UAE PASS for login or registration).
- Select the ‘Second Salary’ option displayed on the home page.
- Click on the ‘Purchase’ button.
- Complete the provided form.
- Submit your application.
- Once your application is approved, the designated amount will be deducted from your account on a monthly basis.
National Bonds assures that registering for the program is free of charge, and no additional costs are associated with participation.
What Happens If Someone Can’t Make A Monthly Investment?
As stated by National Bonds, customers are provided with the flexibility to avail a payment holiday for a maximum of two months per year, without incurring any charges. Moreover, if a customer decides to terminate the savings scheme prior to the agreed-upon tenure, they have the option to redeem their savings after a 90-day lock-in period, regardless of the original duration selected. However, it’s important to note that if the customer fulfills the minimum saving period of three years, the associated fee is waived.
To know more about keep reading Business Magazine UAE
About Author
