UAE residents can now apply for a ‘Second Salary’ scheme that helps in generating additional income for expats.
Under the scheme, if customers save a deposit of AED5,000 per month for five years, and choose to redeem within a period of the next 3 years, they could withdraw an amount of AED10,020 for three years.
Application steps
- Go to the National Bonds website
- Navigate to the ‘Personal’ section and select ‘Products’
- Select ‘Second Salary‘
- Fill in in required details including full name, contact number and email
- Select ‘Submit Form’
- Customers will then be contacted by a representative of National Bonds
- Applicants will then have to fill in a second salary application form sent by the representative
- The applicant will then be required to submit a direct debit form
Required documents
- Emirates ID copy
- Passport and visa copy
- Signed direct debit form that must be submitted physically (National Bonds will send a representative to a preferred location to collect the form)
Residents who opt for the income-generating plan will need to deposit an investment of at least AED1,000 per month.
Customers can also redeem savings as a whole instead of monthly payments for use in financial goals such as buying a house, education or investments.
Applicants are also eligible for National Bonds’ AED35 million rewards programme, with significantly enhanced chances of winning by up to 30 times, based on the length of the savings term they choose.
Mohammed Qasim Al Ali, Group CEO of National Bonds, said, “We created the Second Salary plan in response to the growing demand for ways to create a sustainable extra income for our customers.
“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. Our commitment to innovation in the industry remains steadfast as we constantly strive to develop new innovative avenues for our customers to enhance their financial futures.”
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