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I had a balance of Rs350 K in my bank account which was less then the price of 7.5 tola gold. bank deducted 2.5% on account of Zakat on ist Ramazan. was my balance entitled for zakat deduction? My wife has 20 tolas of gold. Zakat calculated on this gold is Rs. 30K approx. I will pay zakat on her behalf. Can i deduct the amount which was deducted by bank out of this or not?

الجواب حامداومصليا
Zakat Nisab by gold standard is only for those people who only have gold in their possession. If someone has other valuables besides gold then Zakat will be considered based on the silver Nisab which is much lower than the gold Nisab. The value of 612 grams of silver will be considered as minimum Nisab for Zakat obligation.
The value of 612 grams of silver is much less than Rs. 350 k. Therefore Zakat was obligatory upon you if you maintained the minimum Nisab balance for the most of the year. The amount that was taken from your bank account by the bank is considered paid. Therefore, Zakat on your bank account balance is not required to be paid again.
However, if your wife has 20 Tola of gold then she has to pay Zakat on this gold separately. If you pay Zakat on this gold on her behalf then it is acceptable but it will be separate from the Zakat that has already been deducted from your bank account. Zakat on gold is also 2.5% of the current value.
And Allah knows best.
Mufti Ikram ul Haq
Fatwa Center of America