Banks to remain closed for public dealing today

Banks to remain closed for public dealing today
Lahore: The State Bank of Pakistan (SBP) will remain closed for public dealing today (Tuesday), which will be observed as Bank Holiday for deduction of Zakat.

All banks, Development Financial Institutions (DFIs), and Microfinance Banks (MFBs) will, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak 1440 A. H, said a statement of SBP.

However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealing), the statement added.

Zakat for Nisab deduction has been fixed at Rs44,415 by the SBP.

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 Ramzan.

No Zakat would be deducted on amounts less than Rs44, 415.

Meanwhile, the central bank has announced bank timings for banks during the holy month of Ramzan.

According to an SBP press release, banks will remain open to the public from 10AM-2PM on Monday to Thursday and from 9AM-1PM on Friday.