Nisab-i-Zakat deduction fixed at Rs33,641

ISLAMABAD: The State Bank of Pakistan on Tuesday fixed Nisab for the deduction of zakat from bank accounts at the start of holy month of Ramazan.

According to a SBP announcement, Nisab has been set at Rs33,641.

The SBP said that 2.5 percent Nisab-i-Zakat would be deducted from savings accounts holding Rs33,641 or more. Deduction of Nisab-i-Zakat will be only applicable to savings accounts and will not apply to current accounts.

Nisab-i-Zakat will be deducted on the first day of Ramazan, which would fall either on Thursday (June 18) or Friday (June 19), depending on sighting of the moon.

Nisab-i-Zakat for the previous year had been fixed at Rs38,810.