Nisab-i-Zakat for bank accounts fixed at Rs103,159

ISLAMABAD: The government has fixed Nisab for Zakat deduction from saving and profit and loss sharing bank accounts for the current lunar year at Rs103,159.

The Ministry of Poverty Alleviation and Social Security has issued notification for 1443-44 Hijri for deduction of 2.5 per cent Zakat from accounts having minimum of Rs103,159 in balance on the first day of Ramazan.

The first day of the holy month of Ramazan is likely to fall on March 23 or 24 (subject to the moon sighting) for deduction of Zakat.

Zakat will be deducted from saving, profit and loss-sharing and other similar bank accounts on the first day of Ramazan, which has been notified as the ‘deduction date’.

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.