Zakaat - Rules and modern issues

Zakaat on fixed deposit

It is obvious that Zakaat has to be given on the money deposited in the bank as the account-holder can withdraw the amount as and when he/she wants.  As far as Zakaat on fixed deposit is concerned, then like provident fund, there are 2 opinions of the scholars on this.  Some scholars hold the opinion that Zakaat is not Compulsory on it and some hold Zakaat to be Compulsory on it.  The second opinion is the more cautious one.  Thus, along with other forms of wealth, when it meets the prescribed criterion and a year passes on it, Zakaat of fixed deposit should be given.