UAE residents can now save towards retirement with new Second Salary scheme
And make a 4.07 per cent profit on the initial investment per year…
Have you started saving towards your retirement? National Bonds, a UAE-based Shariah-compliant investment company, has recently launched a savings program for UAE residents called Second Salary.
The plan is designed to generate an additional monthly income to help expats save towards their retirement.
Customers can put aside as little as Dhs1,000 per month into the savings program with flexibility on the amount and tenure and receive 100 per cent of their investment back plus profit, on a monthly basis.
How does it work?
The Second Salary programme has two main phases: Savings and Income.
Customers put their savings (minimum Dhs1,000) into National Bonds every month for a period of either three or 10 years.
Then, customers can draw their base investment every month plus the accumulated profit, which, according to the National Bonds website, can expect over four per cent profit rate per year, reinvested monthly.
For example: If customers save Dhs5,000 monthly for 10 years, they could expect to receive Dhs7,500 monthly for the subsequent 10 years.
Similarly, if customers were to save Dhs5,000 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 Dhs10,020 for three years.
Customers can also opt to redeem their savings in one lump sum instead of monthly payments. This would benefit those looking to buy a house, for the payment of education fees, or for other investments.
“We created the Second Salary plan in response to the growing demand for ways to create a sustainable extra income for our customers,” added Mohammed Qasim Al Ali, Group CEO of National Bonds.
“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.”