Picture for illustrative purposes only. ARCHIVE

National Bonds has introduced a savings and investment scheme aimed at helping expats and residents boost their income. The salary plan starts with a deposit of Dh1,000 per month, with subscribers given the option of a savings tenure from three years to 10 years to multiply their savings. Once the saving period ends, they will receive the principal amount and accumulated profit as income each month, for a duration of their choice. Saqib Mahmood, Group Chief Commercial Officer at National Bonds, said that since the launch of the savings plan in March, nearly 2,000 customers have signed up. The top five nationalities subscribed to the savings plan are Indians, which make up 53 percent of savers, followed by Emiratis, Filipinos, Pakistanis and Jordanians, in that order. “It is evident that both Emiratis and expatriates harbour common savings aspirations, such as entrepreneurship initiation, home acquisition, and securing future educational opportunities for themselves and their children,” Mahmood said. In a National Bonds survey, a total of 33 percent of residents said they were concerned about reliance on a single source of income and thus wanted to diversify their source of earnings. ICA/Expat Media
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