Islamabad (Agencies): The State Bank of Pakistan (SBP) has fixed Nisab for Zakat deduction on bank accounts for the ongoing Islamic year at Rs39,198, said a notification issued by the Ministry of Religious Affairs and Inter-faith Harmony.

The Zakat will be deducted from savings, profit and loss sharing, and other similar accounts that have a balance of Rs39,198 or above on the first day of Ramazan .

The notification said banks must not deduct zakat at source in case the balance is less than Rs39,198 on the first day.

The amount will not be deducted from current account holders or from those who have Zakat-exempted accounts.

Banks are scheduled to remain closed on the first day of Ramazan .