Banks to remain closed on Monday

KARACHI: All banks in the country will remain closed for public dealings on Monday, the first working day of Ramazan for Zakat deduction.

According to a notification issued by the State Bank of Pakistan (SBP),  all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will remain closed for public dealings on Monday, the first working day of Ramazan for Zakat deduction.

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The new regulations state that Zakat will be deducted from accounts with a balance of Rs179,689 or more on the first day of Ramadan, which falls on March 2, 2025.

According to the Zakat and Ushr Ordinance, 1980, no deduction of Zakat at source shall be made if the balance in the specified accounts is less than Nisab notified for the respective Zakat year.

The first day of Ramazan has been notified as the “deduction date”, when zakat is collected from banks’ saving accounts, profit and loss-sharing accounts and other similar accounts at the rate of 2.5 per cent of the total amount credited in the account.

However, bank employees will be required to report to work as usual and carry out official duties, except for transactions involving the public.