Ramadan is a significant month in the Islamic calendar, and Muslims worldwide observe it with great reverence and devotion. During this month, Muslims fast from dawn till dusk, offer prayers, and perform acts of charity.
In many Muslim-majority countries, including Pakistan, the holy month also affects the working hours of banks and financial institutions. As such, the State Bank of Pakistan (SBP) has recently issued revised timings for banks during Ramadan 2024.
In this blog, Graana.com discusses the new bank timings in Ramadan and how to manage financial transactions during Ramadan.
Bank Time in Ramadan 2024 Pakistan
The State Bank of Pakistan (SBP) has announced the new bank timings during Ramadan 2024. Banks, development financial institutions, and microfinance banks will operate from 9:00 am to 3:30 pm with a prayer break from 2:00 pm to 2:30 pm.
However, public dealing hours will be from 9:00 am to 2:00 pm without any break from Monday to Thursday. On Fridays, office hours and public dealing timing will be observed from 8:30 am to 1:00 pm without any break. Additionally, all banks will be closed for public dealing on March 24th for Zakat deduction purposes.
| Days | Office Hours |
| Monday to Thursday | 09:00 a.m. to 03:30 p.m.
|
| Friday | 08:30 a.m. to 01:00 p.m. (without a break) |
| Days | Business (Banking) Hours for Public Dealing |
| Monday to Thursday | 09:00 a.m. to 02:00 p.m. (without a break) |
| Friday | 08:30 a.m. to 01:00 p.m. (without a break) |
How to Manage Financial Transactions During Ramadan 2024 Pakistan
Managing financial transactions during Ramadan can be challenging, especially for fasting people with limited energy and focus. Here are some tips on how to manage your finances effectively during this month:
Plan Ahead
Planning your financial transactions in advance is essential to avoid any last-minute rush. Make a list of all the bills and payments needed during Ramadan and schedule them accordingly. This way, you can avoid missing deadlines and ensure your finances are in order.
Utilise Online Banking
Online banking is a convenient way to manage your finances from the comfort of your home. You can transfer funds, pay bills, and check your account balance online, making your life easier. During Ramadan, when bank timing in Pakistan are limited, online banking can help you carry out transactions without visiting the bank physically.
Use Automated Payments
Consider setting up automated payments for recurring bills such as rent, utility, and credit card payments. This way, you won’t have to worry about remembering due dates, and your bills will be paid on time.
Avoid Overspending
It’s essential to stick to a budget during Ramadan and avoid overspending. With limited energy and focus, it’s easy to make impulsive purchases that can hurt your finances. Instead, plan your purchases wisely and avoid unnecessary expenses.
Be Mindful of Zakat
Ramadan is a month of charity, and it’s customary for Muslims to pay Zakat during this time. If you’re eligible to pay Zakat, be mindful of this obligation and factor it into your budget.
Frequently Asked Questions (FAQs)
Q: What are the bank timings during Ramadan 2024 in Pakistan?
A: State bank announced banks timing in Ramadan 2021. Similarly, the did the same thing this year as well. According to the State Bank of Pakistan, banks, development financial institutions, and microfinance banks will operate from 9:00 am to 3:30 pm with a prayer break from 2:00 pm to 2:30 pm.
However, public dealing hours will be from 9:00 am to 2:00 pm without any break from Monday to Thursday. On Fridays, office hours and public dealing timing will be observed from 8:30 am to 1:00 pm without any break.
Q: Are all banks closed on Fridays during Ramadan?
A: No, all banks are not closed on Fridays during Ramadan. On Fridays, both office hours and public dealing timing will be observed from 8:30 am to 1:00 pm without any break.
Q: How will the revised bank timings affect customers?
A: The revised bank timings may affect customers, especially those used to conduct their banking transactions in the afternoon. Customers may need to adjust their schedules and plan their visits to the bank accordingly.
However, with online banking and mobile apps, customers can also carry out their transactions from the comfort of their homes or offices.
Q: Will ATM services be available during Ramadan?
A: ATM services will be available during Ramadan, and customers can use their debit or credit cards to withdraw cash or check their account balance. However, customers should be mindful of the daily withdrawal limit and avoid overspending.
Q: Will international transactions be affected during Ramadan?
A: International transactions may be affected during Ramadan due to the limited bank timings. Customers should check with their banks regarding any changes in the processing time for international transactions and plan accordingly. It is also recommended to carry out international transactions in advance to avoid any last-minute rush.
For more related information regarding sehri time in Islamabad, visit Graana.com.
