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Zakat on recurring deposit (RD)

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
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Opened a recurring deposit account (RD) to deposit a fixed amount every month (eg Rs 1000). After the end 12 months, how much the amount has to given for zakah?

بسم الله الرحمن الرحيم

(Fatwa: 1267/1276/H=12/1438)

 

You will have to pay 300 rupees as zakah on 12000 rupees. However, zakah is paid as per lunar calendar. Thus, mark the day of the lunar date on which you became sahib-e-nisab and pay your zakah on the same date each year.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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