What is the ruling on dealing with bank interest on deposited money?

Placing money in banks for interest is usury (riba), and it is one of the gravest sins. It is permissible for a Muslim to place their money in a bank if they are compelled to do so and find no other way to preserve it, provided that they do not take interest and that the bank's dealings are not entirely based on usury. It is not permissible to benefit from usurious interest; rather, one must dispose of it by spending it on charitable and benevolent causes, such as giving it to the poor and needy or using it for public utilities.