According to the Ministry of Poverty Alleviation and Social Safety, Zakat will be deducted from bank accounts holding Rs 179,689 or more, effective from the 1st of Ramadan. The deduction will apply to savings accounts, profit-and-loss accounts, and similar banking instruments.
Zakat deduction will take place on March 1 or 2, depending on the first day of Ramadan. The ministry has issued an official directive to banks regarding the implementation of this policy.
As per the Zakat & Ushr Ordinance 1980, accounts with a balance below Rs 179,689 on the first of Ramadan will be exempt from Zakat deduction
