Zakat deduction: Banks to remain closed for public dealing on March 3
Deduction of Zakat to be made from accounts having credit balance of Rs179,689
March 01, 2025
KARACHI: The State Bank of Pakistan (SBP), commercial banks, and other financial institutes are to remain closed for public dealing on Monday, March 3, which shall be observed as "Bank Holiday" for the purpose of deduction of Zakat.
This year administrator general Zakat has notified the "Nisab of Zakat" for the Zakat Year 1445-46 AH at Rs179,689.
The central bank, while referring to the instructions of the Ministry of Poverty Alleviation and Social Safety, on Friday circulated that all banks, Development finance Institutes (DFIs) and Microfinance Banks (MFBs) shall remain closed for public dealing on Monday, March 3, 2025.
All employees of the banks, DFIs, MFBs, however, will attend the office on Bank Holiday treating it as a normal working day (except for public dealing), a circular letter issued by the Banking Policy and Regulations Department (BPRD) reads.
The deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing (PLS) Accounts and other similar accounts having a credit balance of Rs179,689 will be made on the first day of Ramadan that has already been notified as the Deduction date.
No deduction of Zakat at source shall be made in case the amount standing to the credit of an account is less than the specified limit.
People across Pakistan are set to observe their first fast of Ramadan 2025 on Sunday, March 2, after the Central Ruet-e-Hilal Committee's announcement of no moon sightings in the country.
