Nisab for zakat deduction fixed at Rs 35,557


The State Bank of Pakistan on Monday fixed Nisab for the deduction of zakat from bank accounts at the start of holy month of Ramazan.
According to the SBP announcement, the Nisab has been set at Rs 35,557. As per the law, 2.5 percent Zakat will be deducted on first of Ramazan from saving accounts having a balance above the prescribed zakat.
All commercial banks will remain closed for public dealing on first of Ramazan for the purpose of deduction of zakat.
Zakat will be deducted from Savings Bank Accounts, Profit and Loss Sharing Accounts and Similar Accounts on June 7 or 8, subject to sighting of the moon.
Meanwhile, banks from Monday to Thursday will observe timings from 8:00 am to 1:45 pm and on Friday from 8:00 am to 12:00 noon during the holy month, according to reports.