Transactions & Dealings >> Interest & Insurance
Question ID: 65355Country: India
Answer ID: 65355Posted on: Sep 1, 2020
Bismillah hir-Rahman nir-Rahim !
(Fatwa: 832/930/L=08/1437)
It is allowable to open PPF account in order to save income tax. However, if you deposit the amount with your own choice then it shall be necessary to give in charity the extra amount which is beyond the deposited amount.
Allah (Subhana Wa Ta'ala) knows Best
Darul Ifta,
Darul Uloom Deoband, India