Dubai: More businesses in UAE are joining in on the trend of enticing customers with millions of dirhams in cash rewards to boost profits and liquidity.
The latest to jump on the millionaire lottery bandwagon, Emirates NBD announced on Sunday that it is giving away Dh10 million worth of cash to savers, including small-and-medium enterprises (SMEs) in the UAE.
It is the first time the bank has launched the promotional campaign, which runs until January 31, 2019 and there will be winners who will get to bag Dh2.5 million each. Other savers are also promised to get cash rewards worth Dh100,000 each.
Lottery draws have changed the lives of several UAE residents. Emirates Islamic had earlier unveiled a similar campaign, and so far this year, at least one customer woke up Dh1 million richer, while six other customers managed to drive home a Tesla car.
In Al Ansari Exchange’s “send money and win” campaign, a Filipina housemaid who has been in the UAE for ten years was declared a millionaire.
According to Emirates NBD, their campaign is meant to further promote the habit of saving. Official statistics indicate a decline in the amount of bank deposits made by UAE residents. As of the latest report, deposits from residents saw a monthly fall in May, although gross non-resident deposits went up by 0.5 per cent.
“Our campaign incentivises savings, as part of the bank’s commitment to educating customers on financial responsibility,” noted Suvo Sarkar, senior executive vice president and group head for retail banking and wealth management at Emirates NBD.
“Maintaining a healthy account balance safeguards our customers’ future as well as that of their families and businesses, and our campaign will help promote good financial habits as a means to achieve life goals.”
For their names to be included in the Dh2.5 million draw, bank savers need to maintain at least Dh250,000 in their deposit accounts. And every time they increase their savings by Dh50,000, they will get an additional entry.
Those who have at least Dh25,000 in the bank can win two monthly prizes of Dh100,000 and 50 monthly prizes each of Dh20,000 over the next five months. And every increase of Dh5,000 in the deposit will entitle the saver an additional entry.
There will be two winners who will each wake up Dh2.5 million richer -- an individual customer and an SME customer. Existing and new savers are automatically entered into a draw to win the cash rewards.
From September to January, there will be two monthly prizes of Dh100,00 each. In addition, 50 winners will get to win Dh20,000 each during the same period.
The draw for the Dh2.5 million grand prize will cap the campaign. “[It] will take place after five months when the campaign ends of January 31, 2019,” the bank said.