Dubai: Want to save your way through to Dh1 million? Then National Bonds may have just the answer, with the UAE investment and savings firm launching the ‘My One Million’ plan.
The math on this works this way - if a customer chooses a 10-year savings plan and puts in Dh100,000 upfront, the monthly contributions required to hit Dh1 million by the end of the period will be Dh6,200.
To sign up, customers can choose the plan’s duration, then set up the monthly contribution, and keep repeating it. They also have the option to make an initial savings amount, which is optional and applies to both individuals and corporations.
“Our mission is to empower individuals and corporations alike with knowledge and opportunities that foster lasting financial prosperity within our community,” said Rehab Lootah, Deputy Group CEO of National Bonds.
With the launch of ‘My One Million’, becoming a Millionaire is a choice that every individual can make.
The savings-linked investment space in the UAE is up for a major rewrite, with new laws coming into place that would define how employees commit funds towards their retirement. (Or save through a current job until they decide what's next.)
"Our aim is clear; we help individuals build robust, long-term financial futures with our unique and adaptable solutions," said Rehab.
At DIFC and Dubai government-owned enterprises, employees already have the flexibility in deciding what their monthly contributions should be and how they plan to build up the savings corpus. In the near term, a similar template would come into play for employees elsewhere.
Allowing organisations to take part in the new National Bonds’ program is telling. Essentially, these companies are getting a chance to better utilize the gratuity linked funds on their books. They are now being offered a chance to opt for something other than bank deposits or investment vehicles that come with a higher risk profile.