Removing Interest Money From Bank Accounts
Question
The interest that accumulates in bank accounts must be removed. Can they be removed from cash at hand instead of withdrawn?
To remove them every month directly from the bank account is an additional (bank withdrawal fees).
Answer
The interest money should be taken out from the account wherein it was credited.
Should there be 3 accounts which earn interest, then the interest of each account will be given individually, from the respective bank account. (The interest cannot be disposed from cash if it was paid into the bank account).
Withdrawing the interest money is allowed but not necessary – an EFT could be done to a deserving recipient, or it could even be sent to the recipient’s phone number, and should he/she not have a bank account, the recipient will then be able to withdraw the cash.
If there are viable alternatives to using interest bearing accounts, then it would not be permissible to keep funds in interest bearing accounts.
- Approved by
- Mufti Muhammed Saeed Motara Saheb D.B.
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