CIT and SEBON seeking quotations for fixed deposits; excess liquidity prevails

ShareSansar June 14:

With the intention to invest in fixed deposit for a period of year, Citizen Investment Trust (CIT) has published a notice seeking quotation from commercial banks.

The Trust has asked the banks to specify interest rate and fixed deposit amount in the quotation. The minimum quotation for interest rate is 8%.

As per the notice, only the commercial bank listed in A-category by Nepal Rastra Bank (NRB) can submit the quotation. Interested banks must submit their proposal by Ashad 2 till 5 pm.

Established in 1990 under the special act called the Citizen Investment Trust Act, CIT’s areas of activities include the operation of retirement schemes, unit trust schemes and the capital market service.

 Whereas, SEBON has also sought quotations from the interested A- category commercial banks to invest in the fixed deposit.  As per the notice published by SEBON on June 12, it has asked the banks to specify interest rate in the quotation

Interested Banks must submit their proposal within 7 days of the notice published and it needs to be submitted one hour before the office time.

The auction form is available at the SEBON’s website http://www.sebon.gov.np