Secure your financial future

Banks in the UAE do not choose winners on the basis of nationality, and over the years, residents from all over the world have won through lucky draws.

Banks in the UAE offer a number of schemes that can make you an instant millionaire

By Deepa Narwani

Published: Mon 23 May 2016, 11:36 AM

Last updated: Mon 23 May 2016, 1:47 PM

With the fluctuating financial markets, choosing the best investment scheme in order to secure your future seems like a daunting task. Millionaire Savings Accounts have therefore become popular choices in the UAE that not only help save hard-earned money, but also offer a chance to go a step further. Schemes such as Mashreq Millionaire, ADIB's Ghina Savings Account, Union National Bank's Al Awwal Savings Certificates and National Bonds are just some of the deals offered by banks in the UAE with a cash prize between Dh1 million to Dh2 million in the grand draw.
Winners are chosen either by a software that picks a random entry, or through a physical draw from a box. The random draw ensures that the entry picked does not give any importance to how many certificates an investor holds. Banks here do not choose winners on the basis of nationality, and over the years, residents from all over the world have won through lucky draws.
So how does one become a millionaire? Well, you do need a bit of luck on your side along with multiple certificates to increase your probability to win. By purchasing multiple certificates, buyers get the chance to put multiple entries in the draw. But make sure you read the fine print before you make the purchase to avoid any confusion.
Make sure that as a UAE resident you are allowed to invest in these schemes, and take note of other factors such as your eligibility for the draw and its dates. This can vary between three days to even a month.
Further, find out what is the minimum number of days for which you need to hold the investment, even after the draw, the charges for withdrawing premature encashment and if the scheme is Shariah-compliant.
Some of the millionaire schemes are as secure as fixed deposits but do not offer assured return like deposits do, while other schemes come with savings accounts that offer a nominal rate of interest along with a chance to win a million dirhams. However, if the account balance goes below the minimum required balance, then the customer's entry might get withdrawn from the millionaire draw; this can vary from bank to bank. Some of these accounts sometimes offer a greater flexibility to withdraw money without any additional charges.
These schemes offered by different banks do offer a credible chance to become a millionaire, but make sure that the conditions meet your investment criteria.

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[Making millions]

Here is a look at some of the schemes offered by banks in the UAE:

UNB Al Awwal Savings Certificates	This scheme by Union National Bank offers you the chance to win up to Dh1 million and over 1,400 prizes monthly.
ADIB Ghina Savings Account	With the ADIB Ghina Savings Account, you can win up to ?Dh3 million. The account can be opened with a minimum of Dh20,000. For every Dh20,000 of the Ghina savings, you get an extra draw entry every month. If your balance exceeds Dh250,000 during a month, you will get an extra coupon for every four coupons.
ADCB Millionaire Destiny Savings Account	The banks offers a Millionaire Destiny Savings Account (MDSA), where customers get the chance to win 111 prizes worth Dh1.6 million every month. The MDSA is a unique savings account that offers a number of features and benefits, with a monthly prize of Dh1,000,000, along with 10 prizes of Dh10,000 each and 100 prizes of Dh5,000 each. It is valid for both residents and non-residents.
National Bonds	They offer Shariah-compliant programmes that help you invest your savings with chances to win valuable cash prizes worth millions. Their schemes cater to Emiratis, expats and non-residents.
Mashreq Millionaire	In this scheme, each Dh1,000 deposited in the account is worth one saving certificate, which can then be entered into a monthly draw. There are monthly prizes of Dh5,000, Dh100,000 and Dh1 million with occasional draws for Dh5 million. A minimum balance of Dh1,000 is required with no monthly fee. You don't have to pay interest on this account. Also, if you cash in the certificates early, a 2.5 per cent fee will be levied on the outstanding amount.