Zakat on Savings is calculated as 2.5% of your lowest savings balance during a complete haul period of 355 Gregorian calendar days. This 355-day period is unique to each person and doesn't need to align with specific dates like paydays, Ramadan periods, or calendar years. For instance, if your haul runs from July to June of the following year, your Zakat would be 2.5% of the lowest balance you maintained throughout that July-to-June period.

The haul period is established when your savings reach the nisab threshold. Once your savings meet or exceed the nisab value, your haul begins. If your balance remains at or above the nisab throughout the entire 355-day period, you must pay Zakat. However, if your savings drop below the nisab at any point during this period, the haul is broken and you don't owe Zakat for that period. This means some individuals may not need to pay Zakat if their savings consistently fall below the nisab, preventing them from completing a full Hijri year cycle.

Note: If your lowest savings value during the year is below the nisab amount at the end of the 355-day period, Zakat is still due as long as that lowest value met the nisab threshold at the point of time it occurred.