Dubai: Everyone wants to be a millionaire, but how exactly do you get there? In October this year, National Bonds launched the ‘My One Million’ plan, aimed to help subscribers reach Dh1 million in combined savings and cumulative profits at the end of the tenor.
What is the ‘My One Million’ plan?
The savings plan allows subscribers to select a tenor ranging from three to 10 years. You can also make a lump-sum investment, which will help you get to the target of Dh1 million faster.
The plan also offers additional rewards and cash prizes, with the chance to participate in the quarterly Dh1 million draw or win a luxury car.
How can I get to Dh1 million?
To better understand that amount of savings you would be required to make, here is an example. If you choose a 10-year plan and decide to also make an initial lump-sum contribution of Dh100,000, the monthly contribution required to reach Dh1 million by the end of the term will be Dh6,200.
How do I subscribe to the scheme?
You can subscribe to the plan through the ‘National Bonds’ app, which is available for Apple and Android devices, the National Bonds website – nationalbonds.ae – or by visiting a National Bonds branch office.
You will need to follow these steps to enroll for the programme:
Step 1: Choose the length of your plan.
Step 2: Deposit a lump sum amount (optional) and set up your monthly plan.
Step 3: Save regularly until the end of your savings period to achieve your Dh1 Million.
How is the monthly contribution deducted?
According to National Bonds, the monthly contribution is deducted through a direct debit request application. You can set up automatic deductions through the National Bonds mobile app or at National Bonds branches. Once approved, contributions are deducted automatically from your bank account.
What if I miss a monthly payment?
To accommodate for any unexpected changes to your financial plan, National Bonds allows a subscriber to skip up to two monthly payments per year. However, according to National Bonds, exceeding the limit of two missed payments results in automatic plan cancellation. In such cases, all accrued savings and profits turn into a saving bond, preserving the value of the investment.
You also have the option to cancel your plan before maturity. In such cases, you will receive your savings along with the accumulated profit. While you do have to pay a subscription fee when you enroll, the fee is waived if the plan is kept for more than three years.
Once I reach the Dh1 million target, how will I receive it?
According to National Bonds, the savings and accumulated profit will be converted to a savings bond. You can then redeem your investments based on your need, either through the National Bonds mobile app or by visiting a National Bonds branch.