Minimum Nisab for Zakat Deduction on Saving Bank Account 2023
Minimum Nisab for Zakat Deduction on Saving Bank Account 2023. As per the letter issued by The Ministry of Poverty Alleviation and Social Safety, the minimum nisab has been fixed for Zakat deduction on Saving bank accounts for the year 2023.
Who is eligible for zakat?
As per the notification, bank will deduct zakat from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs103,159 or above, on the first of Ramadan. Moreover, last year the Nisab for Zakat fixed at Rs88,927 in the last year.
Under the Zakat and Ushr Ordinance 1980, no Zakat deducts in case a bank account has a balance lower than the value fixed by the ministry. Moreover, zakat is one of the five pillars of Islam and one’s wealth must amount to more than a threshold value, which is termed the “Nisab”.
Zakat Exemption
If you want that zakat not to deducted from your saving bank account then you need to submit a “Zakat exemption” form/declaration to your respective banks.
