Do I Need to Pay Zakat on Funds Kept in a Bank Account?

Yes, you are required to pay Zakat on the money kept in your bank account, provided it meets the necessary conditions.

Here’s what you need to know:

• Yes, Zakat applies to money in your current bank account, as long as it meets the necessary criteria.
• Time Requirement: Zakat is due on money that has been in your account for a full lunar year (355 days).
• Nisab Threshold: If the amount in your account exceeds the zakat nisab threshold (equivalent to 85 grams of gold or 595 grams of silver), you must pay Zakat on it. Ensure to check the current market rates for accurate zakat calculation.
• Surplus Wealth: Zakat applies to surplus wealth, not money used for immediate needs or expenses. Therefore, only the amount that remains untouched for a year qualifies.
• How Much to Pay: The Zakat due is 2.5% of the total amount that has been in your account for a year and exceeds the Nisab.
• Accuracy: Track your savings and the duration of the funds in your account to ensure that you pay the correct amount.

By following these guidelines, you can fulfill your Zakat obligation properly. 

And Allah knows best!