ISLAMABAD: The State Bank of Pakistan (SBP) on Tuesday fixed Rs 33,641 as the minimum amount for deduction of Zakat on bank accounts from the first of Ramadan.
The SBP said that 2.5 percent Zakat would be deducted from savings accounts holding Rs33,641 or more. Deduction of Zakat will be only applicable to savings accounts and will not apply to current accounts.
According to the SBP announcement, the Nisab has been set at Rs 33,641. As per the law, 2.5 percent Zakat will be deducted on first of Ramazan from saving accounts having balance above the prescribed zakat.
All commercial banks will remain closed for public dealing on first of Ramazan for the purpose of deduction of Zakat.
Nisab-i-Zakat for the previous year had been fixed at Rs38,810.
