• Transactions & Dealings >> Interest & Insurance

    Question ID: 46664Country: India

    Title: Investing into Fix deposit.

    Question: Can I put my money in to fix deposit for certain period rather than in saving account in order to get more interest? My intention is only to use interest money for paying income tax.

    Answer ID: 46664

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 1175/887/B=1434) If you deposit your money in fix deposit in order to get more interest it is a kind of initiative to get interest. It is not lawful for a Muslim to do so. You may use the interest amount received in your saving account to pay your income tax. Do not attempt to get more interest.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India