(MENAFN- Khaleej Times) With fluctuating financial markets, choosing the best investment scheme in order to secure your future seems 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 are just some of the deals offered by banks in the UAE with a cash prize between Dh1 million and 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, residents from all over the world have won through lucky draws.
By purchasing multiple certificates, buyers get the chance to put multiple entries in the draw. 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 from 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However, if the account balance goes below the minimum required balance, then the customer's entry might get withdrawn from the millionaire draw; this can vary from bank to bank.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. Let's take look at some of such schemes available in the UAE.
saving certificate is a simple, risk-free, capital guaranteed savings scheme with the potential of making one a millionaire, according to information from the bank's website. MashreqMillionaire draw is conducted by an official from Department of Economic Development and each MashreqMillionaire certificate is valued at Dh1,000. One needs only one certificate to qualify for all prizes - including Dh1,000,000.
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 but there is no monthly fee.
is one of the most innovative saving programmes in its class, and has been voted the 'Best Savings Account' in the UAE at the Banker Middle East Product Awards ceremony, the bank said on its website. It automatically allows ADIB's customers to participate in cash prize draws.
The Ghina prizes are awarded at ADIB's discretion and derived specifically from the shareholder's profit. By saving Dh20,000 or more, one can win Dh2 million every four months, Dh500,000 every four months or Dh10,000 every month (20 winners each month).
Union National Bank's Al Awwal Savings Certificate
As per information from the grand yearly draw gives one chances to win prizes worth 10 times the value of saving, up to Dh5 million. The quarterly draw provides chances to win prizes worth of Dh1 million, while the monthly draw offers chances to win any of 2,151 prizes to the value of Dh100 to Dh50,000.
Abu Dhabi Commercial Bank (ADCB)
Abu Dhabi Commercial Bank's (MDSA) offers a chance to win 111 prizes worth Dh1.6 million every month, the bank says in its website.
MDSA from ADCB Islamic Banking is a savings account which offers features and benefits, with monthly grand prize of Dh1,000,000, ten prizes of Dh10,000 each and hundred prizes of Dh 5,000 each.
It offers a grand prize of Dh1,000,000 every month, 10 prizes of Dh10,000 each, every month and 100 prizes of Dh 5,000 each month. Dh5,000 minimum average balance is required to be eligible for above prizes.
The ticket price for Big Ticket Millionaire is Dh500, and if a person buys two tickets, the third ticket is absolutely free.
Besides, there are a range of Dream Car Promotions where one can buy tickets to get a chance to win cars including Hummers, BMWs, Mercedes etc.
LUCKY DRAWS Dubai Duty Free
The offers a one-in-5,000 chance to win US$1 million. The promotion has already created over 150 dollar millionaires where two winners have won twice, according to information from its website.
The passengers arriving, departing or transiting through Dubai International Airport can also enter the draw. Each draw is limited to only 5,000 tickets and tickets can also be purchased online.
Abu Dhabi Big Ticket
started realising Big Dreams in 1992 when it was first established at the Abu Dhabi International Airport. Today, Big Ticket is the largest and longest-running raffle draw for cash prizes and dream luxury cars. They have the biggest prize yet at Dh10 million with Big Ticket's THE BIG TEN. Other attractions include Super 7, Ultimate Big Ticket and Sensational Big Ticket every month. The company had given away top cars like Jaguar, Corvette, Ford Mustang, Mini-Cooper, Land Rover, Toyota Prado, BMW X5 and VW Golf.
Al Ansari Exchange Rewards
One can win Dh1 million in cash and other prizes by sending money or make any qualifying transaction through Al Ansari Exchange, the company said in its .
By sending money or conducting any qualifying transaction through any of Al Ansari Exchange branches across the UAE, one gets the chance to be Al Ansari Exchange's One can conduct a second qualifying transaction to enter the bonus electronic draw to win a Nissan Patrol 2017.
This offer is valid until August 14, 2017 across all Al Ansari Exchange branches in the UAE, the company added.