The State Bank of Pakistan (SBP) has officially announced that all banks across the country will remain closed for public dealings on 1st Ramadan.
The decision has been taken in connection with the annual Zakat deduction process carried out at the beginning of Ramadan each year.
This announcement is important for customers who plan to visit banks for financial transactions on that day.
Which Institutions Will Remain Closed?
According to the SBP notification:
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All commercial banks
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Development finance institutions (DFIs)
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Microfinance banks
will remain closed for public transactions on 1st Ramadan.
However, bank employees will report to work as usual to complete internal processes related to Zakat deduction.
Why Is This Holiday Observed?
Under Pakistan’s Zakat and Ushr system:
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Zakat is deducted annually from eligible savings accounts
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The deduction usually takes place on 1st Ramadan
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Banks require operational time to process calculations and transfers
To ensure smooth execution of the process, a public holiday is declared for banking transactions.
What Customers Should Do
If you need to:
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Withdraw cash
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Deposit funds
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Clear cheques
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Conduct over-the-counter banking
It is advisable to complete these transactions before 1st Ramadan.
Digital banking services such as:
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Mobile banking apps
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Internet banking
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ATM withdrawals
are typically expected to remain operational, unless otherwise specified by individual banks.
Important Note About Zakat Deduction
Zakat is deducted from:
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Savings accounts
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Profit and loss sharing accounts
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Other eligible financial instruments
Account holders who have submitted valid Zakat exemption certificates (where applicable) will not face deduction, as per rules.
Customers are advised to consult their respective banks for account-specific details.
