Dubai: UAE’s National Bonds has launched a scheme that will help both citizens and expats with supplementary income, it said on Monday.
The plan, named Second Salary, comprises two parts – the first phase, when the subscriber deposits a fixed amount every month into his National Bonds account for a fixed tenure, and the second phase, when he starts receiving monthly payouts over a fixed duration.
In the saving phase, customers deposit money every month over a period of their choosing between three and 10 years. In the income phase, the customer begins to draw income every month. In this phase, customers receive their base investment amount monthly plus their accumulated profit. For example, if customers save Dh5,000 monthly for 10 years, they could expect to receive Dh7,500 monthly for the subsequent 10 years. Similarly, if customers were to save Dh5,000 per month for five years, but choose to redeem within a period of the next three years, they could take home a monthly amount of Dh10,020 for three years.
Customers who opt for Second Salary need to place a minimum monthly investment of Dh1,000 for a minimum period of three years.
Customers can also choose to redeem their savings as a lump sum instead of monthly payments.
Mohammed Qasim Al Ali, Group CEO of National Bonds, said: “We created the Second Salary plan in response to the growing demand for ways to create a sustainable extra income for our customers. As the UAE takes steps to safeguard the future of expats with long-term initiatives like the Golden Visa, residents are seeking practical solutions to create additional income streams to carry them through life’s various stages. We take pride in offering a highly personalised and flexible savings plan in Second Salary, which provides UAE residents with an affordable seamless enabler to achieving financial security. Our commitment to innovation in the industry remains steadfast as we constantly strive to develop new innovative avenues for our customers to enhance their financial futures.”