KARACHI: The State Bank of Pakistan (SBP) has fixed the Nisab for Zakatdeduction on bank accounts at Rs 38, 000 for the current Islamic year.

The SBP said in a statement on Monday that Zakat will be deducted fromsaving accounts having a balance of Rs 38,000 or above, on the first ofRamazan.

According to the country’s law, 2.5 percent Zakat will be deducted fromsavings accounts but current and foreign currency accounts are exemptedfrom this.