The Nisab for deduction of Zakat on bank accounts has been fixed at Rs51,086 by the federal government. Banking sources said this year the Nisab for the deduction of Zakat has been decreased by some 17 percent because of decline in gold and silver prices. The Administrator General Zakat Ministry of Religious Affairs has announced to fix an amount of Rs 51,086 as Nisab for deduction of Zakat from specific bank accounts as on 1st Ramadan.
The Nishab for Zakat has declined by Rs 10,250 during this year. Last year banks had deducted Zakat at minimum deposits of Rs 61,336.
As per Ministry of Religious Affairs, all profit and loss and other saving accounts having deposits of Rs 51,086 will be eligible for deduction of 2.5 percent of Zakat. However, banks will not deduct Zakat from the accounts of those customers, which already have submitted the declaration. Zakat on current accounts will also be not deducted. The State Bank of Pakistan will remain closed for public dealings on 1st Ramazan-ul-Mubarak 1433 AH, which will be observed as Bank Holiday for deduction of Zakat, as usual. In case the 1st Ramazan-ul-Mubarak falls on Saturday/ Sunday, the next working day, ie, Monday shall be observed as Bank Holiday for the purpose of deduction of Zakat.
All banks, DFIs, MFBs will, therefore, remain closed for public dealing on the above day. However, all officers and staff of the banks, DFIs, MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealings).