National Bonds, a leading savings and investment company in the UAE, has recently launched a new savings initiative called Second Salary, designed to provide UAE citizens as well as expats with an additional source of income after retirement.
This new scheme is part of a long-term program aimed at offering the best retirement plans in the country. The Second Salary plan involves two phases, the saving phase, and the income phase.
During the saving phase, customers can deposit money into National Bonds every month for a period of their choosing between three and ten years. In the income phase, individuals can start withdrawing income on a monthly basis, getting their original investment amount plus their accumulated profit.
For instance, if someone saves AED 5,000 every month for 10 years, they can get AED 7,500 per month for the next 10 years. If someone saves AED 5,000 per month for five years and cashes out in the next three years, they can get AED 10,020 every month for three years, which is more than twice the savings they did.
To join the Second Salary plan, people need to put in AED 1,000 or more every month for three years. They can choose the amount they want to save and the duration of the plan. They can also decide how they want to receive the money later. They can get it every month or all at once, depending on what they need the money for.
Aside from providing economic benefits, people who choose Second Salary can also increase their financial security with rewards and cash prizes from National Bonds. They can take advantage of National Bonds’ AED 35 million rewards program, where they will get a chance of winning up to 30 times based on the length of their savings term.
Mohammed Qasim Al Ali, the Group CEO of National Bonds, said that the Second Salary plan was made to meet the increasing demand for an extra income source. The plan is affordable, and personalized, and provides UAE residents with a way to secure their finances.