The Second Salary Plan is a new retirement scheme launched by UAE’s National Bonds Corporation. It is designed to help UAE residents generate supplementary income and safeguard their future financial stability. The scheme offers a personalized income-generating solution that is affordable and flexible.

The Second Salary Plan is the first part of a long-term program aimed at providing the best retirement plans in the UAE. It is available to both UAE nationals and expats and is designed to help them secure supplementary income to safeguard their future financial stability. The profit earned from the plan is compounded monthly to provide enhanced returns. The plan requires a minimum monthly investment of AED 1000 and is an excellent option for those who want to save for their future and earn an additional income.

What is the Second Salary Plan?

Overview

The Second Salary Plan is a customised savings solution designed by National Bonds, a UAE-based investment company, to help UAE residents generate additional income and safeguard their financial stability. The plan was launched in March 2023 and is the first part of a long-term program aimed at providing the best retirement plans in the UAE.

The Second Salary Plan is an income-generating solution that allows UAE nationals and expats to invest as little as AED 1000 per month and earn a supplementary income. The profit earned on the investment is compounded monthly to provide enhanced returns.

Features

The Second Salary Plan is a personalised additional income-generating solution that offers several features to help UAE residents secure their financial future. Some of the key features include:

  • Affordable: The plan is designed to be affordable, allowing residents to invest as little as AED 1000 per month.
  • Flexible: The plan is flexible, allowing residents to choose the investment amount and duration that suits their financial goals.
  • Supplementary Income: The plan allows residents to generate a supplementary income to safeguard their future financial stability.
  • Compounded Returns: The profit earned on the investment is compounded monthly to provide enhanced returns.
  • Retirement Plan: The plan is part of a long-term program aimed at providing retirement plans in the UAE.

Overall, the Second Salary Plan is a customised savings solution that offers UAE residents a flexible and affordable way to generate additional income and secure their financial future.

How Does the Second Salary Plan Work?

The Second Salary Plan is a flexible savings plan designed to help UAE Nationals and Expats secure a supplementary income to safeguard their future financial stability. The plan is a Shari’a-compliant savings solution that offers customers a sustainable extra income. The plan has three phases: Investment and Savings Phase, Income Phase, and Redemption Phase.

Investment and Savings Phase

During the Investment and Savings Phase, customers can choose to invest a minimum of AED 1,000 per month and save for a period of 10 years. The expected profit rate for this phase is 3.5% per annum, compounded monthly. Customers can also choose to invest a lump sum amount at the beginning of the saving period. The plan offers flexibility in terms of the saving period tenor, which can range from 5 to 25 years.

Income Phase

During the Income Phase, which starts after the saving period, customers can begin withdrawing money every month, receiving their base investment amount monthly plus any accumulated profit. The expected profit rate for this phase is 4% per annum, compounded monthly. Customers can choose the income period tenor, which can range from 5 to 20 years.

Redemption Phase

During the Redemption Phase, customers can redeem their savings as a lump sum. The plan offers flexibility in terms of the redemption period tenor, which can range from 1 to 5 years. Customers can also choose to receive their savings as a monthly income during the redemption period.

The Second Salary Plan is a rewards program that offers customers the chance to win cash prizes and personalised financial planning services. The plan has a rewards program draw, where customers can win up to AED 35 million in cash prizes. The rewards program is designed to encourage a culture of savings and financial health among UAE Nationals and Expats.

The plan is offered by National Bonds, an investment company that has been at the forefront of innovation in the savings sector in the UAE. The plan is a testament to National Bonds’ commitment to economic empowerment and financial security for all. The plan can be accessed through National Bonds’ mobile app, making it easy for customers to manage their savings and investments. The plan is a golden pension scheme that offers customers a reliable income-generating solution for their retirement. The plan is a sustainable savings solution that offers flexibility and rewards for customers who are committed to their financial goals.

Benefits of the Second Salary Plan

The UAE’s Second Salary plan is a customised savings solution that provides UAE residents with an affordable, flexible, and personalised additional income-generating solution to achieve financial security. Here are some of the benefits of the Second Salary plan:

Financial Security

The Second Salary plan is a shari’a-compliant savings solution that aims to help UAE nationals and expats secure a sustainable extra income to safeguard their future financial stability. By investing as little as AED 1,000 per month, individuals can generate a supplementary income that can help them achieve their financial goals and prepare for the future.

Additional Income

The Second Salary plan is an income-generating solution that provides individuals with a personalised additional income stream. By saving regularly, individuals can accumulate significant savings that can be redeemed as a lump sum or as a regular income stream during the income period tenor.

Flexibility

The Second Salary plan is a flexible savings solution that allows individuals to choose their monthly savings amount and saving period tenor according to their financial needs and goals. Individuals can also opt to increase or decrease their monthly savings amount or extend or shorten their saving period tenor based on their changing financial circumstances.

Rewards Program

The Second Salary plan also offers a rewards program that provides individuals with a chance to win cash prizes and rewards. The AED 35 million rewards program draw takes place every quarter, and individuals can participate in the draw by saving a minimum monthly investment of AED 1,000. The rewards program is designed to encourage a culture of savings and promote financial health among UAE residents.

In conclusion, the Second Salary plan is a personalised savings scheme that provides UAE residents with an affordable and flexible solution to generate additional income and achieve financial security. With an expected profit rate of up to 3.5%, the Second Salary plan is an attractive investment option for individuals looking to secure their financial future.

How to Sign Up for the Second Salary Plan

The Second Salary Plan is a customised savings solution offered by National Bonds in the UAE, designed to help UAE residents generate personalised additional income. Here is a breakdown of how to sign up for the Second Salary Plan.

Requirements

To opt for the Second Salary Plan, customers must meet the following requirements:

  • Be a UAE resident
  • Be at least 18 years old
  • Place a minimum monthly investment of AED 1,000 ($272) for a minimum period of three years
  • Have a National Bonds account

Application Process

Both existing National Bonds customers and new customers can sign up for the Second Salary Plan through the National Bonds mobile application. Here are the steps to follow:

  1. Log in to the National Bonds mobile application
  2. Select the “Second Salary” option
  3. Choose the investment amount and saving period tenor
  4. Select the income period tenor
  5. Review the terms and conditions and confirm the investment

National Bonds also offers the option to sign up for the Second Salary Plan through their website.

During the COVID-19 pandemic, National Bonds introduced a virtual onboarding process, allowing customers to sign up for the Second Salary Plan from the comfort of their own homes.

In conclusion, the Second Salary Plan is an income-generating solution that offers UAE residents a personalised way to secure additional income. By following the easy steps outlined above, customers can sign up for the Second Salary Plan and start saving for their future.

Frequently Asked Questions

How does the second salary plan work in UAE?

The second salary plan is a flexible savings plan designed to help UAE Nationals and Expats secure a supplementary income to safeguard their future financial stability. The plan requires a minimum investment of AED 1,000 per month for a minimum of three years. The profit earned is compounded monthly to provide enhanced returns.

What are the requirements to apply for the second salary plan?

To apply for the second salary plan, an individual must be a UAE national or resident of the UAE. The individual must also be at least 18 years old and have a valid Emirates ID.

What is the minimum salary required to be eligible for the second salary plan?

There is no minimum salary required to be eligible for the second salary plan. Anyone who meets the eligibility requirements can apply for the plan.

What are the benefits of the second salary plan in UAE?

The second salary plan offers a personalized income-generating solution that can provide a supplementary income to safeguard an individual’s future financial stability. The plan also offers a flexible investment option, with a minimum investment of AED 1,000 per month.

What is the difference between the first and second salary plans in UAE?

The first salary plan is a savings plan that offers regular returns on investment over a fixed term. The second salary plan, on the other hand, is a flexible savings plan that allows individuals to invest as little as AED 1,000 per month for a minimum of three years to generate a supplementary income.

How can I calculate my potential earnings with the second salary plan in UAE?

The potential earnings with the second salary plan depend on the amount invested, the duration of the investment, and the interest rate. Individuals can use the National Bonds online calculator to estimate their potential earnings based on their investment amount and duration.