Transactions & Dealings >> Interest & Insurance

Question # : 63549

India

I am a Govt employee and paying income tax which is deducted from my salary. I made fixed deposit of 150000 Rs for 3 and half month and getting approx 2900 Rs as interest. Now my query is that can I use that money for paying income tax. Income tax amount which I pay is much more than the amount which I am getting as interest credit.

(2) Another query is that is it legal to make fixed deposit for particular duration?

Answer : 63549

Published on: Feb 15, 2016

بسم الله الرحمن الرحيم


(Fatwa: 396/351/SN=04/1437)

(1) You may do so.
(2) No, fixed deposit is purely interest based dealing which is not allowed in anyway.
يَمْحَقُ اللّهُ الْرِّبَا وَيُرْبِي الصَّدَقَاتِ الآية [البقرة : 276]

Allah knows Best!


Darul Ifta,
Darul Uloom Deoband

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