Mashreq Millionaire, Ghina Savings Account, Al Awwal Savings Certificates and National Bonds are just some of the schemes offered by banks in UAE with a cash prize of anywhere between 1 million to 2 million Dirhams in the grand draw. Find out who really wins and what it takes to win a Million Dirhams in UAE.
How do Banks choose a winner? Some Banks choose a winner with software that picks any random entry as the Winner. Other Banks do a physical draw from a box to choose the winner. Such draws should be conducted under proper supervision from officials of Economic Department and in the presence of general public. What this essentially means is that a random entry picked does not give any importance to how many certificates an investor holds. Banks do not choose winners on the basis of nationality or religion contrary to popular belief.
This brings us to the next question: What does it take to win a million dirhams? A bit of luck, of course. But, essentially it takes multiple certificates to win. UAE Banks encourage customers to buy multiple certificates giving them the incentive of multiple entries in the draw. So if you’ve been holding a certificate for the last 5 years and wondering why you haven’t won yet, you have the answer now. Results show that some winners had up to 80 entries in a draw. The more certificates you hold the more your chances of winning.
Read the fine print to know more about terms and conditions for investing.
•Who is allowed to participate in the draw? UAE residents are allowed to invest in these schemes. Some schemes like ‘Mashreq Millionaire’ allow even foreign nationals & tourists to participate. Most banks exclude their staff from such schemes to rule out fowl play.
•How many days before the draw should you invest to be eligible for the draw? This can vary between 3 days to even a month.
•What is the minimum no. of days for which you need to hold the investment, even after the draw? This period ranges from 1 day to 3 months.
•What are the penal charges for withdrawal of premature encashment?
•Is the scheme Shariah compliant? Not all schemes are Shariah compliant. There are some millionaire draws linked to saving accounts that are shariah compliant. eg: Ghina Savings Account.
Millionaire Schemes vs Other Investment Plans. Millionaire schemes like Mashreq Millionaire and Al Awwal Certificates are as secure as Fixed Deposits but do not offer assured interest like Deposits. Schemes like Millionaire Destiny Savings Account and Ghina Savings Account are savings accounts that offer a nominal rate of interest along with a chance to win a million dirhams. But if the account balance goes below the minimum required balance then the customer’s entry gets withdrawn from the millionaire draw. On the positive side such accounts offer a greater flexibility to withdraw money without any penal charges.
All in all, Millionaire schemes by Banks create Millionaires for real and deserve an investment if the contest conditions meet your investment criteria.