Terms and Conditions

General

  1. The “10,000 AED Dream Draw” (“Activity”) is organized by Payit, powered by First Abu Dhabi Bank (FAB). Participation in this Activity constitutes acceptance of these terms and conditions (“T&Cs”).
  2. This will be a monthly activity
  3. Payit reserves the right to modify, extend, or cancel the Activity at any time with prior notice.

Eligibility

  1. This Activity is open only to fully KYC-verified Payit customers and Payit Plus customers.
  2. Employees of Payit, FAB are not eligible to participate.
  3. Customers must maintain a Monthly Average Balance (MAB) of 1,000 AED in Payit to be eligible to earn one entry into that calendar month’s raffle draw.

Mechanics

1. Customers who maintain a Monthly Average Balance (MAB) of 1,000 AED in Payit will earn one entry into that month’s raffle draw.

Formula for monthly average balance (MAB):

MAB = Sum of Daily EOD Balances in a Month ÷ Number of Days in a Month

2. For every additional 1,000 AED MAB maintained in the Payit wallet, the customer will earn one additional entry. (Example: 1,000 AED = 1 entry; 2,000 AED = 2 entries, and so on.)

Reward and Raffle Draw Prize

  1. Every eligible entry gets guaranteed minimum 1 AED reward.
  2. One (1) winner will be selected each month through a random raffle draw. 
  3. Winners will be selected through Raffle Draw conducted as per Department of Economy Development (DED) Guidelines.
  4. The monthly prize is AED 10,000, awarded in the form of a Payit gift voucher redeemable through the Payit wallet.
  5. The winner will be notified via their registered mobile number and/or email with Payit within 15 (15) working days following the raffle draw.
  6. If a winner does not claim their prize within 60 days, it will be forfeited and donated to Red Crescent society as per DED guidelines
  7. Customers are eligible to win multiple times, provided they meet the eligibility criteria each month.

Prize Redemption

  1. The Payit gift voucher is non-transferable and cannot be exchanged for cash or any other form of credit.
  2. The gift voucher must be redeemed within the validity period specified at the time of issuance.
  3. Payit is not responsible for lost, expired, or unused gift vouchers after the redemption period.

Compliance and Fair Usage

  1. Any detected or suspected fraudulent activity, misuse, or manipulation to gain raffle entries will result in immediate disqualification and possible suspension of the customer’s Payit account.

Liability

  1. Payit and FAB shall not be liable for any loss, damage, or disappointment suffered by participants as a result of participating in this Activity or accepting any prize.
  2. In case of any disputes related to the Activity, FAB’s decision shall be final and binding.

Data Usage

  1. By participating in this Activity, participants consent to the collection, processing, and use of their personal information by Payit and FAB for the purposes of administering the raffle draw, prize distribution, and related promotional activities in accordance with applicable data protection laws and FAB’s privacy policy.

Governing Law

  1. These terms and conditions are governed by and construed in accordance with the federal laws of the United Arab Emirates, and any dispute relating to the interpretation of these terms and conditions must be referred to the exclusive jurisdiction of the courts of the United Arab Emirates.

Contact Information

For any inquiries regarding this Activity, please contact Payit customer support at help@payit.ae

Frequently Asked Questions (FAQs)

The “10,000 AED Dream Draw” is a raffle activity by Payit, powered by First Abu Dhabi Bank (FAB). By maintaining a Monthly Average Balance (MAB) of 1,000 AED or more in your Payit wallet, you get a chance to win a 10,000 AED prize every month, along with guaranteed rewards.

Only fully KYC-verified Payit customers and Payit Plus customers are eligible to participate.

To qualify, you need to maintain a Monthly Average Balance (MAB) of at least 1,000 AED in your Payit wallet during the calendar month.

MAB is calculated using the formula:
MAB = Sum of Daily End-of-Day Balances ÷ Number of Days in the Month

For example:
If your daily balance for 30 days totals 30,000 AED, your MAB for the month is:
30,000 AED ÷ 30 days = 1,000 AED

Let’s make this simple! Here’s an example:
• For the first 15 days, your balance is 1,000 AED every day.
• For the next 5 days, your balance drops to 700 AED.

Let’s calculate your Monthly Average Balance (MAB) so far:
1. First 15 days: 1,000 AED × 15 days = 15,000 AED
2. Next 5 days: 700 AED × 5 days = 3,500 AED

Balance you have maintained for 20 days: 15,000 AED + 3,500 AED = 18,500 AED

MAB so far: (15,000+ 3,500 ) ÷ 20 days = 925 AED

Right now, your MAB is 925 AED, which is below 1,000 AED — so you won’t qualify for the raffle yet.

How can you fix this and qualify?

You still have 10 days left in the month. To bring your MAB back to 1,000 AED, let’s see how much balance you need to maintain:
1. Balance needed for the month: 1,000 AED × 30 days
2. MAB Balance you’ve already accumulated: AED 925

The solution:
Keep at least 1,150 AED in your Payit wallet for the rest of the month, and you’ll reach the 1,000 AED MAB needed to enter the 10,000 AED Dream Draw raffle.

Tip: To avoid any stress, try to keep your balance at 1,000 AED or more throughout the month — the higher your balance, the more entries you get!

Yes! For every additional 1,000 AED in your Monthly Average Balance, you earn one additional entry.
• 1,000 AED MAB = 1 entry
• 2,000 AED MAB = 2 entries
• 3,000 AED MAB = 3 entries, and so on

• Guaranteed reward: Every eligible entry gets a minimum of 1 AED.
• Monthly grand prize: One winner will be selected each month to win 10,000 AED, awarded as a Payit gift voucher.

The winner is selected through a random raffle draw conducted in accordance with the Department of Economy and Development (DED) guidelines.

Winners will be announced in the first week of every month on Payit social Media. The winners will also be notified via their registered mobile number and/or email linked to their Payit account.

Yes! Customers are eligible to win multiple times, provided they meet the eligibility criteria every month.

The prize will be awarded in the form of a Payit gift voucher, which can be redeemed through your Payit wallet.

The voucher must be redeemed within the validity period specified at the time of issuance. Payit is not responsible for expired, lost, or unused vouchers after the redemption period.

For any inquiries, please reach out to Payit customer support at help@payit.ae

Payit is a product from FAB (First Abu Dhabi Bank) – one of the safest bank in the world and is regulated by the Central Bank of UAE. Your money is completely secure and protected as good as a typical bank account.

Yes you can withdraw or deposit any amount at any time with no restrictions whatsoever. All of which is carried out digitally through a click on the Payit app

There are absolutely no fees to participate or maintain balances on Payit. In case of withdrawals, depending on the channel of withdrawal, standard current service charges apply. This is clearly visible within the app.

Payit offers multiple ways to transfer or Top Up your Payit Account. You can either top it up via any UAE based debit cards, through UAEPGS service using your Internet Banking credentials, use Payit Account IBAN and send money to it from any bank account around the world, salary transfer through any WPS service provider or even use FAB’s Cash Deposit machine.

Payit as a regulated product under regulations of the Central Bank of UAE, clearly defines all fees and charges. For participating in this this raffle draw, there are no hidden fees or charges.