The federal government has announced the Nisab amount for deduction of Zakat from bank accounts at Rs503,529 for this year’s Ramazan

In a notification issued by the Ministry of Poverty Alleviation and Social Protection, authorities directed banks to deduct Zakat at source from savings accounts, profit-and-loss sharing accounts, and similar deposits where balances meet or exceed the prescribed threshold.

According to the notification, Zakat will be deducted from bank accounts on the 1st of Ramazan, expected to fall on February 19.

This year, all bank accounts holding balances exceeding Rs503,529 will be subject to Zakat deductions at the prescribed rate.

The ministry clarified that Zakat will be applicable to savings accounts, profit-and-loss sharing accounts, and various types of deposits.

Accounts with balances below the specified threshold will be exempt from the deduction.

Banks have been instructed to deduct Zakat automatically on the scheduled date.

Officials said that this annual deduction is carried out at the start of Ramazan to ensure financial assistance reaches eligible beneficiaries.

Citizens have been advised to stay aware of their account balances and to contact their respective banks in advance if they require exemptions under Shariah law.