Pruzbul on Money in a Savings Program
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Question
Is it necessary to make a pruzbul on money in a savings program when I know for certain that I have no other funds lent or deposited with others? And if I did not make a pruzbul, will I be allowed to redeem the money from the bank?
Answer
Money in the bank is considered a loan in all respects, and therefore it requires a pruzbul so that it is not annulled and can be collected after the Shemitah year.
However, money invested in the bank with permission has a heter iska, and its halachic definition is that half of it is considered a loan to the bank, and half is defined as a deposit. In the case of a complete deposit, the Shemitah does not annul the obligation.
Therefore, if someone did not make a pruzbul, there is room to permit them to collect the deposit portion from the bank.
However, money invested in the bank with permission has a heter iska, and its halachic definition is that half of it is considered a loan to the bank, and half is defined as a deposit. In the case of a complete deposit, the Shemitah does not annul the obligation.
Therefore, if someone did not make a pruzbul, there is room to permit them to collect the deposit portion from the bank.
Source
Shulchan Aruch, Choshen Mishpat, Siman 67
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