As a resident of the United Arab Emirates (UAE), I was excited to hear about the recent announcement of the ‘Second Salary’ plan. This new initiative, launched by National Bonds, aims to provide a customised savings solution to help residents generate additional income. The plan is open to both expats and nationals, and requires a minimum monthly investment of Dh1,000.
The ‘Second Salary’ plan is part of a long-term programme aimed at providing the best retirement plans in the UAE. As someone who is always looking for ways to secure my financial future, I am eager to learn more about this new opportunity. With the rising cost of living in the UAE, having an additional source of income can make a significant difference in one’s financial stability.
According to National Bonds, the ‘Second Salary’ plan is designed to empower people by offering a personalised additional income-generating solution. As someone who values personalised financial planning, I am intrigued by this new initiative. I am excited to explore the details of the plan, including the application process, costs, and benefits, and see how it can benefit me and my financial goals.
The investment plan is created in response to this demand and provides UAE residents with an opportunity to save and invest for their future. Under the plan, customers can save a minimum of Dh5,000 a month for 10 years, and receive a monthly income of Dh7,500 for the subsequent 10 years.
Details of the ‘Second Salary’ Plan
The ‘Second Salary’ plan is a new savings solution announced for residents of the UAE to generate additional income. This plan is aimed at expats and nationals who are looking for ways to save money and invest in their future. The plan is simple and easy to understand, and it requires a minimum monthly investment of Dh1,000 for a period of 3 years.
The Second Salary plan has two main phases: the “Saving” phase and the “Income” phase. During the “Saving” phase, customers deposit money into National Bonds each month for a period of their choice, between 3 and 10 years. In the subsequent “Income” phase, customers receive a monthly income consisting of their base investment amount plus accumulated profit.
For instance, if a customer saves AED 5,000 per month for 10 years, they can expect to receive AED 7,500 per month for the following 10 years. If a customer saves AED 5,000 per month for 5 years and redeems within the next 3 years, they can receive a monthly amount of AED 10,020 for three years, which is more than double their monthly savings.
Example:
| Investment Amount | Investment Period | Monthly Income |
|---|---|---|
| AED 5,000 | 10 years | AED 7,500 |
| AED 5,000 | 5 years, redeemed within 3 years | AED 10,020 |
To apply for the ‘Second Salary’ plan, customers need to click on the ‘Personal’ header on the National Bonds website and then select ‘Products’. From there, they need to select ‘Second Salary’ and click on ‘Apply Online‘. Customers will be required to fill in their full name, contact number, and email address. Once they have submitted the form, they will be contacted via email by the National Bonds team with further details.
With Second Salary, you can enjoy a future additional income by saving monthly for a tenor of your choice, ranging from 3-10 years. The returns are reinvested monthly and paid out as per your selected income period duration. As your savings tenor progresses, you earn a highly competitive profit rate and up to 30 TIMES* the chances in our AED 35 million Rewards Program draws. Here are some additional benefits:
| Benefit | Description |
|---|---|
| Minimum monthly savings | AED 1,000 |
| Monthly income opportunity | Yes |
| Expected profit rate | 4.07% p.a., reinvested monthly, for the whole duration of your tenor |
| Rewards Program draw chances | Up to 30 times |
| Subscription fee waiver | Yes, if held until maturity |
| Lump sum investment option | Yes, to boost your monthly income |
| Savings tenor flexibility | Yes |
| Income period tenor flexibility | Yes |
| Redemption flexibility | Full amount can be redeemed after 90 days |
*Note: The 30 times draw chances are compared to the chances given for a regular National Bonds account.
The ‘Second Salary’ plan is a great way for residents of the UAE to save money and generate additional income. It is a low-risk investment option that offers a guaranteed return on investment. The plan is flexible and allows customers to withdraw their investment at any time, making it a great option for those who are looking for a short-term investment solution.
Eligibility and Application Process
The ‘Second Salary’ plan is a new savings scheme introduced by the UAE government to help residents generate additional income. Here are the eligibility criteria and application process for the scheme:
Eligibility:
- The scheme is open to both expats and nationals residing in the UAE.
- Participants must be at least 18 years old.
- Participants must have a valid UAE residency visa.
- Participants must have a minimum monthly income of AED 5,000.
- Participants must commit to placing a minimum monthly investment of AED 1,000 for a period of 3 years.
Application Process:
Interested participants can apply for the ‘Second Salary’ plan through the following steps:
- Visit the official website of the UAE Central Bank.
- Download and fill out the application form for the ‘Second Salary’ plan.
- Submit the application form along with the required documents, which include a copy of the applicant’s Emirates ID, passport, and residency visa.
- Upon approval of the application, the participant will receive a confirmation email with details of the investment account.
- The participant can then start making monthly investments as per the terms of the scheme.
The ‘Second Salary’ plan is a great opportunity for residents in the UAE to generate additional income and improve their financial stability. By meeting the eligibility criteria and following the application process, interested participants can take advantage of this new savings scheme and start earning a second income.
Potential Impact on the UAE Economy
The new ‘Second Salary’ plan announced for residents in the UAE is expected to have a significant impact on the economy. By allowing residents to generate additional income, the plan will increase the purchasing power of individuals and households, which will, in turn, boost consumer spending.
This increased spending will have a ripple effect on various sectors of the economy, including retail, hospitality, and tourism. Retailers can expect a surge in sales as consumers have more disposable income to spend, while hotels and restaurants can expect an increase in bookings and foot traffic, leading to higher revenues.
The plan will also encourage entrepreneurship and innovation, as individuals seek new ways to generate income. This could lead to the creation of new businesses and startups, which would contribute to the diversification of the economy and create new job opportunities.
The ‘Second Salary’ plan could also have a positive impact on the real estate sector. As residents generate additional income, they may be more likely to invest in property, either for personal use or as an investment. This could lead to an increase in demand for real estate, which would drive up property prices and boost the construction industry.
Overall, the ‘Second Salary’ plan has the potential to stimulate economic growth and create new opportunities for residents in the UAE. While it remains to be seen how the plan will be implemented and how successful it will be, it is clear that this initiative has the potential to have a significant impact on the economy.
Conclusion
In conclusion, the UAE’s ‘Second salary’ plan is a great initiative that will help residents generate additional income. With the cost of living increasing every year, this plan will provide much-needed relief to individuals and families alike.
Not only will this plan help boost the country’s economy, but it will also help residents improve their financial stability. The plan is an excellent opportunity for those who are looking to earn extra money without having to leave their current job or invest significant amounts of money.
It is also worth noting that the UAE government has taken several measures to improve the country’s economic landscape, including the release of the Corporate Tax Law and the legislation of tax residence rules. These measures will help attract more foreign investment and make the UAE a more attractive destination for businesses and individuals alike.
Overall, the UAE’s ‘Second salary’ plan is a step in the right direction for the country’s economic growth and the well-being of its residents. We hope to see more such initiatives in the future that will help improve the lives of people in the UAE.
