CALCULATING ZAKAT ON SAVINGS
Zakat on savings is due when your savings account has the minimum amount (Nisab) and held for a minimum period of 1 Hijri year or 355 days (Haul). With this, you have met the conditions Nisab and Haul and you are obligated to fulfil Zakat.
If at any point in the past year, your savings balance fell below the Nisab, your Haul is considered as broken. Your Haul will restart the next time your savings balance meets or exceeds the Nisab again.
Essentially, your savings account balance has to meet or be above the monthly Nisab value for 355 days (1 Hijri year) before you are obligated to fulfil Zakat.
THINGS TO FIND OUT FIRST:
Ready to calculate your Zakat and make payment?
IF YOU HAVE ONE SAVINGS ACCOUNT
IF YOU HAVE MULTIPLE SAVINGS ACCOUNT
EXAMPLE (MULTIPLE SAVINGS ACCOUNTS)
The above shows the lowest balances for several months of 2014 across all accounts.
The lowest amount in the haul (2014) is $34,090.
Zakat payable: $34,090 × 0.025 = $852.25