Paying the bank for storing money

24 Nov 2021 Ref-No#: 3317

Is it permissible to pay the bank a small amount of money because they are storing money for someone? For example if a bank sometimes takes a small amount of money from the money that someone has stored in the bank, is it then riba?

Answer

Assalāmuʿalaykum Wa Raḥmatullāhi Wa Barakātuh

In addition to Fatwaa Ref-No#: 3825, it will be permissible under the circumstances mentioned therewith to pay the bank for storing one’s money and it will not be regarded as interest but rather a fee for a service being provided.

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