Since the holy month of Ramadan-ul-Mubarak is about to start, the State Bank of Pakistan (SBP) has announced the bank timings which will be followed only during the entire month of Ramadan.
Banks to remain closed on Monday
All banks shall remain closed for 3 days starting from Saturday (27th May) until Monday (29th May). The reason why all the banks will remain closed on Monday for all public dealings is Zakat deduction. Moreover, the SBP will also remain closed for all public dealings on 29th May. It will be observed as ‘Bank Holiday’ because of Zakat deduction.
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As is the existing procedure, all banks will have to deduct Zakat on the first day of Ramadan-ul-Mubarak. However, this year, the first day of Ramadan is expected to be either Saturday or Sunday (depends upon the moon-sighting). Banks remain closed on weekends; therefore, SBP has announced a bank holiday on 29th May (first banking day during Ramadan) instead of opening the branches on off days.
Bank timings during Ramadan
Since all DFIs, Microfinance Banks and Conventional Banks will remain closed on Monday for public dealings; thus, it is relevant to state that all the bank employees of the respective banks will have to attend the office. The employees will have to treat it like just another day apart from dealing the customers on that very day.
The banking hours during the month of Ramadan-ul-Mubarak will be:
- Monday to Thursday: 08:00 AM to 02:15 PM
- Friday: 08:00 AM to 01:00 PM
Please bear in mind that there won’t be any break during the aforementioned timings.
- Monday to Thursday: 08:00 AM to 01:45 PM (no breaks)
- Friday: 08:00 AM to 12:30 PM (no breaks)
It is noteworthy to state that these timings shall be observed only during the holy month of Ramadan.