Banks to Remain Closed for Public Dealings on 1st Ramadan: SBP

The State Bank of Pakistan will remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H., which shall be observed as “Bank Holiday” for 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). ALSO READ Questions Raised Over Cambridge’s Controversial Decision for Pakistani Students During the day, banks’ employees will deduct Zakat of eligible depositors at 2.5 percent on theirs. Customers maintain bank account under the category of current account or having savings less than Rs. 80,933 will not be subject to the deduction of Zakat. Also, customer submitted the affidavit for exemption will also not face any deduction in their savings.