The government has announced the Nisab-i-Zakat for the Zakat Year 1444-45 A.H, the minimum amount in bank accounts on which zakat will be deducted on the eve of first Ramazan,
The Ministry of Poverty Alleviation and Social Safety (PASS) notified the new Nisab at Rs. 135,179.
According to the notification, the Zakat would be deduced from Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts.
Banks will deduct 2.5% of the total amount in their accounts as zakat.
According to the Zakat and Ushr Ordinance, 1980, no deduction of Zakat at source shall be made if the balance in the specified accounts is less than Rs 135,179.
The first day of Ramazan has been notified as the “deduction date”, when zakat will be collected from banks’ saving accounts, profit and loss-sharing accounts and other similar accounts, according to the notification.
The first of Ramadan is expected to fall on March 12, this year, subject to the appearance of the moon.
