Savings and the Sunnah regarding Zakah

(Part No. 9; Page No. 200) A: It is impermissible to deposit money in banks that offer interest, for this is part of the prohibited Riba (Usury). Zakah is due on all deposited and non-deposited money when it reaches the Nisab (the minimum amount on which Zakah is due) after attaining a year, whether the Nisab consists of money only or of money and commercial commodities collectively.The accredited calendar is the Hirji calendar, and the lunar months, because the Gregorian calendar is not considered, and neither are the non-lunar months.May Allah grant us success and peace and blessings be upon our Prophet Muhammad, his family, and Companions!