Al Awwal Savings Certificate: An ultimate Guide

Al Awwal Savings Certificate: An ultimate Guide

What is Al Awwal Savings Certificate?

Emirati Al Awwal Savings Certificate is developed particularly for UAE nationals, and they entitle you to frequent draws and the possibility to win AED 1 million and other prizes.

What are the features?

  • Only available to UAE nationals.
  • Each Emirati Al Awwal certificate is worth AED 1,000.
  • The certificates are only available in AED.
  • The minimum holding period for monthly draws is 30 days, and 90 days for quarterly and annual draws.
  • Certificates can be acquired on behalf of a minor at attractive assured profit rates that will be credited annually to the connected account.
  • Each certificate entitles you to one entry into the regular draws.
  • Shariah-compliant
  • You can apply here.

How much is the winning amount?

  • Mega prize of AED 1 million for one winner, per year
  • Quarterly prize of AED 200,000 for one winner
  • Monthly prizes of AED 5,000 for 20 winners
  • The anticipated profit rate of 0.50% p.a.

What is the cost?

  • There is no application charge, but cashing in the certificates before the end of the lock-in period, which is 30 days for the monthly draw and 60 days for the bi-monthly draw, carries a 2% penalty.

Who is eligible for Al Awwal Savings Certificate?

  • UAE Nationals
  • Account for individuals & Minors

What documents are required?

  • A copy of a valid passport, residence visa, or Emirates ID is required along with original documents.
  • Completed Fixed Deposit Application Form
  • Additional papers may be requested on a case-by-case basis.

How do I claim my prize?

  • The bank will notify all winners of their winnings. The winning numbers will be announced to the public via any advertising channel at the bank’s discretion.
  • To get the award money, original certificates must be provided. The reward money will be distributed if valid identification is provided.
  • The winners will be chosen at random by a computerized system from the total number of active and valid certificates on the day of the drawing.

 

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