SBP issues notification for Zakat deduction from saving accounts

Karachi: The State Bank of Pakistan (SBP) Tuesday issued a notification for the announcement of deduction of Zakat from the saving bank accounts, GNN reported.

According to Ministry of Poverty Alleviation and Social Safety (PA&SS), the minimum amount of Rs1,03,159 had been fixed for deduction of Zakat.

If the amount in the saving account is less than the fixed curriculum, the zakat will not be deducted from the account.

The Zakat deduction from saving, Profit and Loss Sharing (PLS) and other accounts will be started from 1st Ramadan.

The commencement of Ramadan is expected from March 23 or 24.