State Bank has announced through a circular Zakat Nisab 2022.
This circular citing above was issued on 30th April 2022. As per the circular Zakat Nisab for 2022 has been set as Rs.88927.
It means if anyone has a balance in bank saving accounts equal to or greater than Zakat Nisab then Zakat will be deducted from bank accounts at the rate of 2.5% which means if account balance in a saving account is Rs.100,000 then Rs.2500 will be deducted from that account as per the Zakat rate.
Banks will deduct zakat from saving accounts on 4th April 2022 as per the SBP circular.
SBP has declared zakat deduction day as a public holiday and there will be no public dealing on this day but the bank officials would be present for zakat affairs.
Zakat is not liable for current bank accounts or any of the subcategories of current accounts like Asian current accounts or business current accounts.
Zakat is only liable for Saving bank accounts, Saving certificates either in conventional banks or in Islamic banks.
Zakat for Roshan Digital Accounts
No Zakat deduction will be made in any category of Roshan Digital bank accounts as the funds deposited into RDA accounts come from overseas and hence as per the Zakat ordinance, such accounts are exempted from Zakat.
Zakat for Foreign Currency Accounts
Foreign currency accounts are also exempted from Zakat Deduction.
How to Avoid Zakat Deduction on Saving Accounts?
CZ-50 a Zakat declaration is required by banks to submit to avoid zakat deduction on Saving Bank Accounts. This declaration is needed to be submitted before 1st Shaban. For now if not yet submitted the Zakat declaration then arrange a backdate Zakat declaration dated before Shaban and submit it.
For a new bank account, CZ-50 must be submitted along with account opening documents.
Zakat on Saving Certificates
Usually, CZ-50 is submitted when customers get a saving certificate issued otherwise Zakat is deducted from the profit account or when the certificate is matured.
Some of the National Saving Schemes are exempted from zakat deduction whereas zakat is applicable on some schemes that are liable for zakat deduction. Details can be found on this link.