The UAE has unveiled a novel savings plan that could see participants amass Dh1 million in combined savings and profits by the end of their chosen period.
Savings and investment firm National Bonds introduced the ‘My One Million’ scheme, available for both individual savers and corporations. Depending on their preference, participants can opt for a period ranging from three to 10 years and even have the flexibility to begin with a lump-sum investment.
In a bid to boost employee retention, companies can now choose to contribute either in part or in full on behalf of their employees.
Rehab Lootah, deputy group CEO of National Bonds, encapsulated the ambition behind the plan, stating, “With the launch of ‘My One Million’, becoming a millionaire is a choice that every individual can make.”
Joining the scheme
To get started, potential participants can sign up via the app or by visiting any branch of the company. They first decide on the duration of the plan and then establish a monthly contribution, with an option for an initial savings amount.
How contributions work
For a 10-year plan, for example, the monthly savings sum stands at Dh7,160. This results in total savings of Dh859,200. Coupled with an anticipated profit of Dh140,800, the combined amount reaches Dh1 million.
Choosing a brisker three-year plan requires a heftier monthly contribution of Dh26,540. This, with a projected profit of Dh44,560, allows the saver to become a millionaire in just three years.
For those considering an upfront lump-sum investment of Dh100,000 on a 10-year plan, the monthly savings to achieve Dh1 million by the term’s end would be Dh6,200.
Moreover, all subscribers to the plan gain entry to National Bonds’ Dh35 million rewards programme, which features a lucrative Dh1 million draw every quarter.