The Ministry of Poverty Alleviation and Social Security has announced that banks will deduct Zakat for 1444-45 Hijri from accounts with a minimum balance of Rs135,179 on Ramadan’s first day this year.
The government announced the Nisab for Zakat in 2024, stating that it will be applicable to savings/profit and loss sharing (PLS) accounts with a value of Rs135,179 or more. As a result, customers who meet the criteria will be required to pay 2.5% of their total account balance in Zakat.
Accounts having a balance of less than Rs135,179 on the first of Ramadan would be free from Zakat deduction, according to the ministry’s announcement.
The ministry has stated that under the Zakat and Ushr Ordinance 1980, no Zakat will be deducted if the amount in a bank account is less than the value notified by the ministry.
“All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly,” according to the statement.
The first day of Ramadan is predicted to happen on March 12 this year, depending on the appearance of the moon.
