ISLAMABAD: The State Bank of Pakistan has fixed the Nisab for Zakat deduction on Bank Account for the ongoing Islamic year 1438-39 AH, said a notification issued by Ministry of Religious Affairs and Interfaith Harmony here on Tuesday.
According to a statement issued by Ministry of Religious Affairs and Interfaith Harmony, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having the credit balance of Rs 39,198 or above on first of Ramzan-ul-Mubarak
The notification said that the banks must not deduct Zakat at source in case the balance amount is less than Rs 39,198 on the first day of Ramzan-ul-Mubarak.
Zakat will not be deducted from the current account holders and depositors of Zakat exemption declarations.
The banks will remain closed on first of Ramzan-ul-Mubarak likely to commence from May 17 or 18 this year, subject to the appearance of crescent, the notification added.
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