The Administrator General Zakat has notified the ‘Nisab of Zakat’ for 2023 (1443-44 A.H.) at Rs. 103,519, which will be deducted from Savings, Profit and Loss Sharing and similar Bank Accounts, stated a notification issued by the Ministry of Poverty Alleviation and Social Safety.
However, the notification added that no deduction of Zakat at source shall be made in case the amount standing to the credit of an account is below Rs. 103,159 on the first day of Ramadan-ul-Mubarak, which has been notified as the ‘Deduction Date’ for Zakat.
This is a copy of the notification:
It is pertinent to mention that Ramadan is expected to fall on 23rd of 24th March, 2023, depending on the sighting of the moon and it will be the Deduction Date of Zakat for the 2023 (1443-44 A.H).
Zakat will be deducted from Savings Bank Accounts, Profit and Loss Sharing Accounts, and other similar Bank Accounts with the mentioned minimum balance i.e. Rs. 103,519 on the first day of Ramadan.
Meanwhile, all Current Bank Accounts will be exempt from the deduction of Zakat.
Furthermore, Zakat will be deducted at the rate of 2.5% on the total balance in the bank account as per the Nisab set by the Government.