Islamabad: The government has set the Nisab for Zakat deduction on bank accounts at Rs135,179 for the year 2024. According to a notification issued by the Poverty Alleviation and Social Division, Zakat will be deducted from saving accounts and profit and loss sharing accounts with a balance exceeding Rs135,179, starting on the first day of Ramadan 2024.
As per the Zakat and Ushr Ordinance 1980, no deduction will be made if a bank account holds an amount below the government’s specified threshold.
The notification urges all Zakat Collection Controlling Agencies (ZCCAs) to ensure proper deduction of Zakat according to the set criteria.
The first day of Ramadan is expected to fall on March 12, 2024, pending the sighting of the moon.
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The Nisab amount for Zakat deduction stands at Rs135,179, with a Zakat rate of 2.5% for the year 2024. This means banks will deduct 2.5% Zakat from eligible accounts based on their balances.
It is clarified that banks, including HBL, do not deduct Zakat from current accounts.
