The government has set the Zakat nisab for the current Hijri year at Rs503,529, according to an official notification. Banks will deduct Zakat only from accounts that meet or exceed this threshold.
Officials said that under the Zakat and Ushr framework, all eligible bank accounts — including savings accounts, profit-and-loss sharing accounts, and similar deposit schemes — will be subject to Zakat deduction on the first day of Ramazan, which has been declared the official deduction date. Based on moon sighting, it is expected to fall on February 19 or 20.
Accounts holding less than Rs503,529 on the deduction date will be exempt from Zakat deduction.
Authorities have directed all Zakat collecting and controlling agencies to deposit the deducted amount into the Central Zakat Account maintained at the State Bank of Pakistan. After depositing funds, required documentation must be submitted to the relevant government department overseeing poverty alleviation and social protection.
The notification also stated that all financial institutions will remain closed for public transactions on the first day of Ramazan to facilitate the deduction process.