Citizen Investment Trust and Everest Bank Sign Agreement on Employee Retirement Fund Management

Citizen Investment Trust and Everest Bank Limited have signed a bilateral agreement to manage and operate the bank’s employee retirement fund system.

The agreement, signed by Director Nabaraj Khadka from CIT and CFO Rajan Kayastha from Everest Bank, covers the management of contribution-based and non-contribution-based gratuity and retirement funds for the bank’s employees.

Under the agreement, CIT will maintain individual employee accounts, issue identity cards, update financial records, and process retirement payments in accordance with regulations after deducting applicable taxes upon retirement. Employees will also receive interest, returns, and other benefits generated from their contributions as per CIT rules.

The agreement further includes provisions for transferring and adjusting existing retirement funds and related financial balances into CIT-managed accounts in compliance with the Income Tax Act, 2058.