All banks across Pakistan will be closed for public dealings on Monday, the first working day of Ramadan, to facilitate the annual deduction of Zakat.
As per a notification issued by the State Bank of Pakistan (SBP), this closure applies to all commercial banks, development finance institutions (DFIs), and microfinance banks (MFBs).
Zakat will be deducted from savings and profit and loss-sharing accounts holding a balance of Rs179,689 or more, based on the Nisab for the current Zakat year. This deduction will take place on the first day of Ramadan, which falls on March 2, 2025.
Under the Zakat and Ushr Ordinance, 1980, accounts with balances below the specified Nisab are exempt from Zakat deduction. Similarly, no Zakat is deducted from current accounts.
The first day of Ramadan has been designated as the official “Zakat Deduction Day,” during which Zakat will be collected at a rate of 2.5% from eligible accounts.
While public transactions will be halted, bank employees are required to attend work as usual and carry out regular internal duties.
