The ‘My One Million’ savings plan in the UAE, recently announced by National Bonds, aims to help participants accumulate AED1 million through combined savings and profits over their chosen term. This plan caters to both individuals and corporations, offering tenor options from three to 10 years, along with the choice of a lump-sum investment.
Companies also have the option to contribute on behalf of their employees, potentially boosting employee retention. Enrolling in the plan can be done through the company’s app or branches. Participants select the plan duration, set up monthly contributions, and have the option of an initial savings amount.
For instance, a 10-year plan with a monthly contribution of AED7,160 would result in total savings of AED859,200 and an expected profit of AED140,800, totaling AED1 million. Similarly, a three-year plan with a monthly contribution of AED26,540 and an expected profit of AED44,560 would make the participant a millionaire in three years.
Additionally, if a customer opts for a 10-year plan and initiates with a lump-sum of AED100,000, the required monthly contribution to reach AED1 million by the end of the term would be AED6,200. Subscribers gain access to the company’s AED35 million rewards program, including a quarterly AED1 million draw. Deputy Group CEO, Rehab Lootah, emphasized that with the introduction of ‘My One Million’, achieving millionaire status is within reach for every individual.
