|Zakat of Saving|
Contribution of workers and employer's to KWSP People Provident Fund , Soldiers Provident Fund (LTAT) are also required to pay zakat as the concept is similar to savings but the different is the savings of KWSP and LTAT could not be withdraws anytime as they like and it is subject the rules.
Saiyidina Ali has told by Prophet Muhammad s.a.w. :
" If you have enough ( 200 Dirham and reached 1 year ). It is compulsory to pay zakat 5 Dirham and not compulsory to give gold zakat expect if you have 2 Diner. It is also the same if the value exceeds and not compulsory for all processions expect 1 year. "
(Hadith Abu Daud)
Fixed deposit of RM 100,000 was kept for a year without the excluded (assumed nisab charity at that RM 9430.00)
Then charity is required to produced are: RM 100,000 x 2.5% = RM 2.500
METHOD OF CALCULATION
(Duration haul is January 5, 1999 until February 7, 2000) (Assuming nisab of charity at that RM 3,323.50)
So zakat are :
(Balances with lower interest bank refused WITH) X 2.5%
(RM 9,115.00 - RM 115.00) x 2.5% = RM 225.00