Pakistani banks will remain closed for 3 days starting from May 27th. The banks shall be closed for public dealings on Monday May 29, 2017, for Zakat deduction as well.
In addition to this, the State Bank also announced Ramzan timings for the banks.
The State Bank of Pakistan will also remain closed for public dealing on May 29, 2017. It will be observed as “Bank Holiday” for the purpose of deduction of Zakat.
As per existing laws, banks are bound to deduct Zakat on the first day of Ramzan. This year the first day of Ramzan is expected to fall on either Saturday 27 or Sunday 28, normally considered as weekly off days for banks. Instead of opening branches on the off days, the State Bank has also announced a bank holiday on Monday 29th.
All banks / Development Finance Institutions (DFIs) /Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on May 29, 2017. However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday, treating it as normal working day (except for public dealings).
During the ensuing holy month of Ramzan-ul-Mubarak, State Bank of Pakistan and all banks, development finance institutions and microfinance banks will stay open from from 8:00 am to 2:15 pm on weekdays without any break. On Fridays, the office hours will be from 8:00 am to 1:00 pm without any break.
However, business (banking) hours for public dealing on Monday to Thursday will be from 8:00 am to 1:45 pm without any break whereas on Friday business (banking) hours for public dealing will be from 8:00 am to 12:30 pm without any break.
These timings will only be valid for the holy month of Ramzan-ul-Mubarak.