The government has set Nisab of Zakat at Rs. 38,406 for the zakat year 1437-38 which will apply on Saving Accounts, according to a notification issued Wednesday.
This essentially means that no deduction of Zakat at source shall be made in case the amount parked in the accounts is lesser than the value defined above.
The 2.5 per cent deduction, applied on Saving, Profit and Loss Sharing and other similar accounts, will be made on 1st of Ramazan which is likely to fall on May 27 or 28, notified the Administrator General Zakat.
However, the Savings Account holders, who have already submitted an affidavit, will be exempted from the deduction.
State Bank of Pakistan has issued directives to all the Presidents / Chief Executives of All Banks / DFIs / MFBs, which is given as below.
Deduction of Zakat at Source in Respect of Saving Banks/Profit & Loss Sharing and Similar Bank Accounts (Asset Code No.101) and Deposit Thereof Immediately after Deduction Date
State Bank also shared the copy of the notification No.CE-1001(36)/NISAB/1437-38/2017 dated May 24, 2017 issued by the Ministry of Religious Affairs and Interfaith Harmony, on the subject for immediate action.