Karachi (Agencies): The State Bank of Pakistan has fixed Nisab for Zakat deduction on bank accounts for the ongoing Islamic year at Rs44,415.
According to a notification issued by the Ministry of Religious Affairs and Inter-faith Harmony, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a balance of Rs44,415 or above, on the first of Ramazan.
No Zakat would be deducted on amounts less than Rs44,415.
Those who do not want Zakat deduction from their accounts had until 15th of Sha'aban to submit a ‘Zakat exemption’ form in their respective banks.