Is it permissible for me to continue to maintain an interest-based bank account and withdraw the usurious amount from it monthly, knowing that I am contracted with the bank for one year?

It is not permissible to open an account in a bank that gives usurious interest, even if the interest is disposed of, because contracting on usury is forbidden. It is permissible to open an account in an Islamic bank that adheres to Sharia (definition) controls. If an Islamic bank is not available, it is permissible out of necessity to open a current account in a usurious bank. The contract with the usurious bank must be canceled if possible and the money retrieved, or the account converted to a current account. Usurious interest must be disposed of by spending it on the welfare of Muslims or on the poor and needy.