SBP announces Bank Holiday on 1st Ramadan 2021

The State Bank of Pakistan will remain closed for public dealing on 1st Ramadan ul Mubarak 2021, which shall be observed as ‘Bank Holiday’ for the deduction of Zakat.

All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H. However, all employees of the banks / DFIs / MFBs will attend to their official assignments (in-office or work-from-home, as designated under the current COVID-19 situation) on Bank Holiday treating it as a normal working day (except for public dealing).

It is pertinent to mention that the Zakat for Nisab has been fixed at Rs. 80,933 by the government before the start of the holy month of Ramadan 2021.

Everyone maintaining a minimum balance of Rs. 80,933 in their bank accounts will be subject to the deduction of 2.5 percent Zakat on the total balance on the 1st of Ramadan, therefore, SBP has announced a bank holiday.

Read more: Nisab for Zakat at Rs. 80,933 in Pakistan.

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