How to calculate Zakat on savings
Savings are the easiest Zakat case — the only things people trip on are the date, the debts, and the interest.
To calculate Zakat on savings: total every balance — current, savings, foreign-currency and app balances — on your Zakat date, subtract eligible near-term debts, and if the net meets Nisab, apply 2.5%. Value on one date, give away any interest separately, and do not count transfers between your own accounts twice.
Every account, one date.
List every place you hold money — current accounts, savings accounts, foreign-currency accounts, and payment apps — and record each balance as it stands on your single Zakat date. Convert everything into one reporting currency using a consistent rate.
Debts, interest and Nisab.
Subtract eligible near-term debts — amounts genuinely due soon — from your total. Set aside any interest (riba) to give away separately rather than counting it as your own. Then compare the net figure with your chosen gold or silver Nisab in the same currency.
A transfer in transit between your own accounts can appear twice. Trace each amount to one line.
The final step.
If your net savings, combined with any other Zakatable wealth, meet or exceed Nisab and have for a lunar year, multiply the net by 2.5%. That is your Zakat on savings, given to an eligible recipient.
Questions people ask.
How do I calculate Zakat on my savings?+
Total all your balances on your Zakat date, subtract eligible near-term debts, set aside interest to give separately, compare the net with your Nisab, and apply 2.5% if you meet the threshold.
Do I include foreign-currency savings?+
Yes. Convert every currency into one reporting currency at a consistent rate on your Zakat date and include it in the total.
Is bank interest part of my savings Zakat?+
No. Interest (riba) is not lawful to keep — give it away separately. Zakat is calculated on your principal savings, not on interest.
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