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The government has set the Nisab for Zakat deduction from saving and profit-and-loss sharing bank accounts at Rs103,159 for the current lunar year.
The Ministry of Poverty Alleviation and Social Security has issued a notification for 1443-44 Hijri for the deduction of 2.5 percent Zakat from accounts with a minimum balance of Rs103,159 on Ramazan’s first day.
The first day of the holy month of Ramazan is expected to fall on March 23 or 24 (depending on moon sighting) for Zakat deduction.
Zakat will be taken from saving, profit and loss-sharing and other similar bank accounts on the first day of Ramazan, which has been announced as the ‘deduction day’.
No deduction of Zakat at source shall be made in case of the Current Accounts, or the amount in the account will be lesser than the value fixed by the ministry.
The Nisab has been announced after consultation with concerned departments and institutions, according to the ministry’s notification.
