A similar question has been addressed by MUIS. You may refer to Zakat.sg → Zakat on Savings for further guidance.

As a general principle, zakat is calculated based on categories of wealth, not individual accounts. For cash and monetary assets (e.g. savings accounts, current accounts, e-wallets, etc), you should combine all balances across your accounts and assess them as one total. Zakat is based on your overall net wealth, not each account separately.

Once your total wealth first reaches the nisab, you begin counting one lunar year (haul). After that, you may fix a single zakat date each year and calculate based on the total combined balance across all accounts on that date. This approach is practical and avoids tracking separate haul dates for each account.

The table below shows a simple illustration (assuming nisab is $18,000): if your combined balances across POSB, OCBC, and Maybank accounts remain above nisab throughout the year, zakat is due at the end of the haul on the lowest balance during that period. In this case, the lowest total is $18,500, so zakat payable is: $18,500 × 2.5% = $462.50

Note: This is a simplified illustration. Actual zakat calculations should follow the lunar year (about 354–355 days).

Also note: if you have a separate business account, it should be calculated under zakat on business (ʿurūḍ al-tijārah) rather than personal savings (see Q26).

FAQ #132: When is zakat obligatory for someone’s wealth?

Pay Zakat through Purifai here: purifai.sg