Zakat to be deducted from Saving Accounts with minimum Rs38406

ISLAMABAD/KARACHI: The government has set this year's 'Nisab of Zakat' at Rs38406, which will apply on Saving Accounts, according to a notification issued Wednesday.

The 2.5 per cent deduction, applied on Saving, Profit and Loss Sharing and other similar accounts, will be made on 1st of Ramazan which is likely to fall on May 27 or 28, notified the Administrator General Zakat.

However, the Savings Account holders, who have already submitted an affidavit, will be exempted from the deduction.

Also the deduction will not be applied on Current Accounts.

The ministry, after hike in rates of silver, also increased the 'Nisab' by Rs2849.