Jamshed's lawyer Sardar Mohammad Sabir said Tuesday that criminal court judge Mohammad Jawad Alam Qureshi has accepted the bail of his client on a surety bond.
Jamshed, 20, was arrested in Lahore on Monday after being caught allegedly cheating while taking a ninth-grade English exam to pass higher secondary school.
The left-handed opening batsman played 12 one-day internationals and scored 353 runs, but has not featured in the national team since his last ODI against Sri Lanka at Dambulla last year.
He was also ignored by the Pakistan Cricket Board when it awarded central contracts to 37 players last month.