Question

A person has ten lakhs deposits in Bank and after one year he gives zakat as per shaira. Next year he has same amount in his deposit  with increase of additional  one lakh. Has he to give zakath to additional amount of one lakh or altogther to eleven lakh.

Answer 1

Ref. No. 2098/44-2147

In the name of Allah the most Gracious the most Merciful

The answer to your question is as follows:

Zakat is obligatory each year on the total amount you possess (whether in cash or in the bank). On the day of completion of lunar year from the date of last Nisab, Zakat will be required on this total amount. Therefore, next year it will be obligatory to pay zakat of all eleven lakhs.

And Allah knows best

Darul Ifta

Darul Uloom Waqf Deoband