If your bank balance is more than Rs. 46,328, banks will deduct ZAKAT

Nisab for Zakat deduction on bank accounts for the current lunar year has been fixed at Rs. 46,329.

According to a notification put out by the Poverty Alleviation and Social Division, no Zakat deduction at source will be made in case “the amount standing to the credit of an account in respect of the assets mentioned in column 2 Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980 is less than Rs46,329…. on the first day of Ramzan-ul-Mubarak, 1441 A.H.”

The first day of the upcoming holy month of Ramazan notified as “deduction date” is likely to fall on April 24 or April 25.

Zakat will be deducted from saving bank accounts, profit and loss sharing accounts and other similar accounts having a credit balance of Rs46,329. NNI

SBP also issued a circular to all banks to implement the Nisab for Zakat deduction from 1st of Ramzan.

According to the country’s law, 2.5 percent Zakat will be deducted from savings accounts but current and foreign currency accounts are exempted from this.

The first day of the fasting month of Ramazan may fall on Thursday, subject to appearance of the moon.

You can get a Zakat exemption stamp paper made and submit it in your bank declaring that you already pay your Zakat and this deduction is not applicable to you. This way the banks cannot deduct your Zakat.

SBP Notification

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