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Forums Forums Islamic Sharia Zakat On Savings Account (Government Savings Schemes)

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  • Zakat On Savings Account (Government Savings Schemes)

    Posted by M Amjad on January 30, 2023 at 6:37 am

    Please let me know if Zakat on Saving Accounts is applicable ? Older people have their life’s savings in Qaumi Bajjat programme. How do they pay Zakat?

    Faisal Haroon replied 4 months, 1 week ago 2 Members · 1 Reply
  • 1 Reply
  • Zakat On Savings Account (Government Savings Schemes)

    Faisal Haroon updated 4 months, 1 week ago 2 Members · 1 Reply
  • Faisal Haroon

    Moderator January 30, 2023 at 7:21 pm

    Yes. Zakat on assets is due once every year as long as you meet the nisab requirement (please see below). Your state may determine a day of the year for your zakat to be due. If not, you can pick a day of the year and pay your zakat on the same day every year. This zakat is calculated as 2.5% of the sum total of all of your cash as well as the current value of all other assets in your posession on the day when your zakat becomes due.

    Nisab for assets is the minimum amount below which your state exempts tax or zakat on assets. If your state does not provide a nisab then you can use the standard nisab of 642 grams of silver or equivalent value.

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