Zakaat deducted from all bank accounts in Pakistan


KARACHI: At the instructions of State Bank of Pakistan, Zakat was deducted from 1st of Ramazan-ul-Mubarak from bank accounts of savings and profit/loss accounts, including deposits. Every year the central bank issues a similar circular asking the banks to deduct zakat at source.
The Central bank, however, had not mentioned the minimum amount that falls into the category of zakat deduction from the bank accounts. Some reports, however, are claiming that zakat can be deducted from Rs 39,198/- or above this amount. The banks even do not differentiate whether or not the zakat is applicable on the account holders of the banks and the money is deducted at source from the savings account. Only those are exempted who have submitted exemption declarations or certificates. However, if a student carries more than 38,000 in his/her saving account, the bank would automatically deduct zakat without looking into the source of income of the account holders.