Overall volume of digital payments in Mena has grown nearly seven-fold since 2020
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A savings plan announced in the UAE recently will help subscribers become millionaires in as little as three years. Savings and investment firm National Bonds said the scheme lets residents hit the Dh1-million mark with monthly contributions made to the plan and expected profits offered by the company.
Called ‘My One Million’ plan, monthly profits are reinvested to maximise returns.
Subscribers can choose a tenor ranging between three and 10 years. Monthly installments depend on the duration of the plan — higher the term, lower the contributions. Subscribers can also choose to invest their savings in the scheme as an upfront payment, which will reduce the monthly contributions.
Assuming you are starting with zero upfront payment, these are the monthly contributions you would need to make to get to your first Dh1 million in three to 10 years.
Monthly amount: Dh26,540
Total contribution: Dh955,440
Expected profit: Dh44,560
Monthly amount: Dh19,610
Total contribution: Dh941,280
Expected profit: Dh58,720
Monthly amount: Dh15,460
Total contribution: Dh927,600
Expected profit: Dh72,400
Monthly amount: Dh12,690
Total contribution: Dh913,680
Expected profit: Dh86,320
Monthly amount: Dh19,610
Total contribution: Dh941,280
Expected profit: Dh58,720
Monthly amount: Dh9,230
Total contribution: Dh886,080
Expected profit: Dh113,920
Monthly amount: Dh8,080
Total contribution: Dh872,640
Expected profit: Dh127,360
Monthly amount: Dh7,160
Total contribution: Dh859,200
Expected profit: Dh140,800
(All calculations are based on an online calculator available on the National Bonds website)
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