How to calculate Zakat on Savings
How to calculate Zakat on Savings (One Savings Account)
In order to be able to pay Zakat on Savings, your savings balance must have a minimum amount (Nisab) for a minimum period of time (Haul).
Steps for One Savings Account
Step 1 :
Find out the Nisab value (minimum value required for Zakat) for the period. You may refer to our Home Page for an updated value.
Step 2 :
Open your bank account book and only look at your savings balance throughout the year. It does not matter if you deposit or withdraw money throughout the year, because Zakat on Savings is based on the balance and not on the deposits or withdrawals made.
Step 3 :
Look at your balance throughout the past 1 Islamic year (1 Haul) which is about 355 days. If in the past year none of your balances have dropped below the Nisab value, you are eligible for Zakat.
Step 4 :
Identify the lowest balance in the year. This could occur in any period throughout the year.
Step 5 :
Your Zakat on Savings is: lowest balance ($) x 2.5%
How to calculate Zakat on Savings (Multiple Savings Account)
Calculating your Zakat on Savings for multiple accounts is similar to the method used for single account. The difference is combining your various savings accounts into a single account.
Steps for Multiple Savings Account
Step 1 :
Find out the Nisab value (minimum value required for Zakat) for the period. You may refer to our Home Page for an updated value.
Step 2 :
Open your bank account books and only look at your savings balance for each bank account throughout the year. It does not matter if you deposit or withdraw money throughout the year, because Zakat on Savings is based on the balance and not on the deposits or withdrawals made.
Step 3 :
Identify the lowest balance for each bank account in each month.
Step 4 :
Add these lowest balances for each month to get the total balances for each month.
Step 5 :
Look at your total balances throughout the past 1 Islamic year (1 Haul) which is about 355 days. If in the past year none of your total balances have dropped below the Nisab value, you are now eligible for Zakat.
Step 6 :
Identify the lowest total balance in the year. This could occur in any period throughout the year.
Step 7 :
Your Zakat on Savings is:
lowest total balance ($) X 2.5%
In order to be able to pay Zakat on Savings, your savings balance must have a minimum amount (Nisab) for a minimum period of time (Haul).
Steps for One Savings Account
Step 1 :
Find out the Nisab value (minimum value required for Zakat) for the period. You may refer to our Home Page for an updated value.
Step 2 :
Open your bank account book and only look at your savings balance throughout the year. It does not matter if you deposit or withdraw money throughout the year, because Zakat on Savings is based on the balance and not on the deposits or withdrawals made.
Step 3 :
Look at your balance throughout the past 1 Islamic year (1 Haul) which is about 355 days. If in the past year none of your balances have dropped below the Nisab value, you are eligible for Zakat.
Step 4 :
Identify the lowest balance in the year. This could occur in any period throughout the year.
Step 5 :
Your Zakat on Savings is: lowest balance ($) x 2.5%
How to calculate Zakat on Savings (Multiple Savings Account)
Calculating your Zakat on Savings for multiple accounts is similar to the method used for single account. The difference is combining your various savings accounts into a single account.
Steps for Multiple Savings Account
Step 1 :
Find out the Nisab value (minimum value required for Zakat) for the period. You may refer to our Home Page for an updated value.
Step 2 :
Open your bank account books and only look at your savings balance for each bank account throughout the year. It does not matter if you deposit or withdraw money throughout the year, because Zakat on Savings is based on the balance and not on the deposits or withdrawals made.
Step 3 :
Identify the lowest balance for each bank account in each month.
Step 4 :
Add these lowest balances for each month to get the total balances for each month.
Step 5 :
Look at your total balances throughout the past 1 Islamic year (1 Haul) which is about 355 days. If in the past year none of your total balances have dropped below the Nisab value, you are now eligible for Zakat.
Step 6 :
Identify the lowest total balance in the year. This could occur in any period throughout the year.
Step 7 :
Your Zakat on Savings is:
lowest total balance ($) X 2.5%
