The Ministry of Poverty Alleviation and Social Protection has officially announced the Zakat nisab for the current year, setting the minimum threshold at Rs 503,529 ahead of Ramazan.

According to a notification issued by the Administrator General of Zakat, bank accounts with balances below Rs 503,529 on the first day of Ramazan will be exempt from Zakat deduction. However, accounts exceeding this amount will have Zakat automatically deducted under the government’s centralized system.

The notification stated that Zakat will be deducted from savings accounts and profit-and-loss sharing accounts on the 1st of Ramazan. The collected funds will be transferred to the Central Zakat Account maintained by the State Bank of Pakistan (SBP).

Officials said this system ensures transparency and efficient distribution of funds to deserving individuals, especially during Ramazan when financial support becomes crucial for low-income families.

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Authorities also confirmed that all banks and financial institutions across Pakistan will remain closed for public transactions on the first day of Ramazan. However, internal banking operations, including Zakat deductions, will continue without interruption.

The government collects Zakat annually to support welfare programs aimed at helping the poor and vulnerable segments of society. Experts have advised account holders to check their balances in advance to avoid confusion regarding Zakat deductions.