20.38
Muhsinah
VI. Zakat on Cash and Bank Balances
Zakat is payable on all cash balances and bank balances in form of balance in savings account, current account or fixed deposits including monthly income certificate or term deposits. The amount should be in the bank for one year. If the amount is utilised for personal or any other use at the time of calculation of Zakat, only on the balance of the amount Zakat is payable. But if the amount has been withdrawn and is lying as cash in hand you should pay Zakat on both Bank and Cash balances added together. Usually it happens that the balance keeps on changing as per personal requirements. You may pay Zakat only on the remaining amount on the date of calculation.
Posted in: Zakat
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