BUSINESS/FINANCE
Zakat Deduction from Bank Accounts Announced, Threshold Set
The Federal Ministry of Poverty Alleviation & Social Safety has released the Zakat threshold for 2024, confirming that specific bank accounts will have Zakat deducted on the 1st of Ramadan.
According to the official notification, if an individual’s bank account holds PKR 179,689 or more on the 1st of Ramadan, Zakat will be deducted. This applies to savings accounts, profit and loss sharing accounts, and other designated accounts. However, current accounts have been exempted from this deduction.
Furthermore, the notification states that the Zakat deduction will take place on either the 1st or 2nd of March, depending on the first day of Ramadan. Additionally, banks will remain closed for public transactions on the 1st of Ramadan.
This announcement is crucial for individuals who want to plan their finances and ensure they comply with Zakat regulations.