Summary Zakat will not be cut from Savings accounts
ISLAMABAD (Dunya News) – All branches of different national and international banks are shut across the country on first of Ramazan for Zakat cut from Savings and Profit and Loss Sharing accounts, reported Tuesday.
A schedule issued by the State Bank of Pakistan states that banks will remain closed today for all public dealings.
Zakat nisab recommended by the Ministry of Religious Affairs to the supreme bank proposes cutting 2.5 percent of total deposit in an account if the amount is above Rs 35,557.
However, Zakat will not be cut from Savings accounts.
The State Bank has issued directives to authorities concerned to limit bank timings during Ramazan to 1:45pm from 8:00am from Monday to Thursday while financial depositories will shut by 12:00pm on Fridays.
Saving accounts with Rs 0.1 million deposited will see a cut worth Rs 2,500.
It should also be mentioned here that the people who mistrust the government with utilization of Zakat funds may use exemption forms.
The imposition is made every year under the Zakat and Ushr Ordinance 1980.
