Should I Pay Zakat for the Money that is on Fixed Deposit?

Do i have to pay zakat on fixed deposit which just matured one month before and i just reinvest the money for fixed deposit?

Answer:

Assalamu Alaikum wa Rahmatullahi wa Barakatuh

Dear Taleya,

One of the conditions that makes zakat fard for a property is “tamalluk” that means being the complete possessor of that property. “The complete tamalluk” means the person’s having the property on his disposal.

It is fard for a person to pay zakat for a property as long as that property is in his hand or in his possession and nobody else has any rights on that property and the benefit that will emerge from that property belongs to him.

In view of this condition, since you are still the complete possessor of your money although it is on deposit, you are legislated to pay zakat for it. Because, despite its being on deposit, you are the one who has the total rights and benefits on it as it is still on your disposal.

Therefore, if one year has passed over your money, and if it equals to or exceeds the nisab amount, then you are liable to pay zakat for it.

Dear Taleya,

Please feel free to ask any further on any Islamic question. We are here to assist you as best as can.

May Allah (swt) accept your duas, ibadah and zakat for the blessed hours of Ramadan al-Mubarak!

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