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UAE: Now, become a millionaire in 3-10 years as new savings plan is announced
Explained: Monthly contributions you would need to make to hit your first Dh1 million
A new plan announced in the UAE on Monday will help participants achieve Dh1 million in combined savings and cumulative profits at the end of their tenor.
Savings and investment company National Bonds said its ‘My One Million’ plan is designed for both individuals and corporations. Participants can choose a tenor ranging from three to 10 years. They also have the option to make a lump-sum investment.
Additionally, companies will have the option to contribute on behalf of their employees, either partially or in full — a move that could help enhance employee retention.
Rehab Lootah, deputy group CEO of National Bonds, said: “With the launch of ‘My One Million’, becoming a millionaire is a choice that every individual can make.”
How to enrol
Participants can enrol through the app or any branches of the company. They have to first choose the plan’s duration, before setting up a monthly contribution. Additionally, they have the option to make an initial savings amount.
Monthly contributions
For instance, if a resident chooses a 10-year plan, the monthly amount would work out to Dh7,160. The total savings in this case would be Dh859,200 and an expected profit of Dh140,800, which takes the total to Dh1 million.
Similarly, if a customer chooses a three-year plan, the monthly contribution works out to Dh26,540. With a net profit of Dh44,560, the participant becomes a millionaire in three years.
If a customer chooses a 10-year plan and decides to initiate the investment with a lump-sum of Dh100,000, the monthly contribution required to reach Dh1 million by the end of the term will be Dh6,200.
Subscribers also get access to the company’s Dh35 million rewards programme, including the Dh1 million draw that takes place every quarter.
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