SBP notifies Bank Holiday on Second Ramadan 2025

The State Bank of Pakistan (SBP) has announced that all commercial banks and financial institutions will remain closed for public dealings on Monday, March 3, 2025, in observance of the annual “Bank Holiday” for Zakat deduction.

For the Zakat Year 1445-46 AH, the Administrator General Zakat has set the “Nisab of Zakat” at Rs179,689. In compliance with the Ministry of Poverty Alleviation and Social Safety’s directives, the SBP has issued a circular stating that banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs) will not facilitate public transactions on the designated date.

However, bank employees will continue their routine office duties as per usual working hours, with the restriction applying solely to public dealings. This directive was communicated by the Banking Policy and Regulations Department (BPRD) in an official circular.

The Zakat deduction will be applicable to Savings Accounts, Profit and Loss Sharing (PLS) Accounts, and other relevant accounts that hold a credit balance of at least Rs179,689. Accounts with balances below this threshold will be exempt from the deduction.

The first day of Ramadan 1446 AH, which has been pre-designated as the Zakat Deduction Day, will mark the implementation of this policy.

Meanwhile, the Central Ruet-e-Hilal Committee has confirmed that the first fast of Ramadan in Pakistan will be observed on Sunday, March 2, 2025, following the committee’s announcement that the moon was not sighted across the country.

Read More: Bank timing in Ramadan 2025