National Bonds Second Salary Scheme – A complete guide
The governmental institutions of the UAE keep coming up with varied schemes to support the citizens and residents of the country. One such initiative was recently announced by National Bonds. The investment and savings company is owned by the Investment Corporation of Dubai and is Sharia-compliant. Thanks to this new scheme, UAE nationals as well as residents will be able to make a supplementary income. Read on to find out more about National Bonds Second Salary Scheme in detail.
ALL ABOUT THE NATIONAL BONDS SECOND SALARY SCHEME
Planning for the future is always a wise choice. It is all about making smart choices today so your tomorrow is stable. The Second Salary Programme will allow you to invest in your future.
As part of the programme, you can deposit a sum of money for three to ten years every month. This is called the investment phase. You can also add a lump sum amount to your monthly investment.
The investment phase would be followed by an income phase where one would be able to take out money each month. Investors would receive their investment plus the accumulated profit. The amount of profit shall be compounded monthly to ensure higher returns.
Hence for instance, if you invest AED 6,000 monthly for 10 years, you can get AED 8,077 monthly for 10 years. However, if you wish to take back your income in 7 years instead of 10, the monthly amount would be AED 11,060. You can calculate your expected return using the online calculator on the official National Bonds website.
The minimum investment per month is AED 1,000.
NATIONAL BOND SECOND SALARY SCHEME BENEFITS
Here is a list of National Bond Second Salary Scheme benefits you can expect:
- Competitive expected profit rate of 2.95% p.a., reinvested each month of your investment tenure
- Entry into the full AED 35 million Reward Programme
- Choice of lump sum investment to increase your monthly income
- Flexible terms starting from 3 years and up to 10 years
- Option of investment withdrawal after a 90-day period
- Subscription fee waiver after completion of a 3-year investment term
FAQS ABOUT THE NATIONAL BONDS SECOND SALARY SCHEME
HOW TO APPLY FOR THE NATIONAL BONDS SECOND SALARY SCHEME?
You can apply via the official National Bonds website. Log in via the UAE Pass, select Secondary Salary, click on purchase and fill out the form to get started.
WHAT IF I MISS A PAYMENT DURING MY INVESTMENT TENURE?
You can opt to take a payment holiday for two months in a year without any penalty. In case more than two payments are missed, the plan is converted into a Sukuk Bond on which the customer can earn profit.
WHAT IF I WISH TO CANCEL MY PLAN MIDWAY?
As mentioned, with the National Bonds Second Salary Scheme you can end the saving scheme before your tenure. After a 90-day period, your savings would be given to you. If you meet the minimum criteria of 3 years, no subscription fee will be charged.
This concludes our look at the National Bonds Second Salary Scheme. It is a government-backed programme so you can be sure that your investment would be safe. To find out more you can read our guide on National Bonds before making the final decision.
If you are employed in the country, you should also learn about end-of-service benefits in the UAE. Similarly, one can also benefit from the employment insurance programme.
