ISLAMABAD, Sept 11: The government on Tuesday fixed Rs15,020 as Nisab for Zakat deduction on bank deposits from the first of Ramazan.

Nisab would apply also in the Federally Administered Tribal Areas. Nisab for last year was Rs12,926.

The administrator-general Zakat through a notification set the first of Ramazan, 1428 AH, as the Zakat deduction date which would fall either on September 13th or 14th (subject to appearance of the moon). The deduction would be made on all bank account savings and similar accounts holding a credit balance of at least Rs15,020.

According to the notification, no Zakat would be deducted at source in case the amount in respect of the assets was less than the nisab on the first day of Ramazan.

The official also notified the value of 612.32 grams of silver as Nisab for Zakat year 1427-28 AH, ending on last day of Sha’bban, 1428, as Rs15,020. —Reporter