Citizen Investment Trust and Everest Bank Limited Partner for Institutional Employee Retirement Fund Operations

18th June 2026, Kathmandu

Citizen Investment Trust has signed a comprehensive bilateral agreement with Everest Bank Limited to take over the management and daily operation of the retirement funds of the bank.

CIT and EBL Partnership

The institutional contract was formally signed on Wednesday during a joint corporate assembly held at the capital city. The partnership brings together 2 major financial organizations to streamline the tracking, growing, and dispersing of long term employee benefits. The operational framework covers a diverse mix of permanent, temporary, and contract staff members working across the nationwide banking network.

Authorized Signatories and Executive Delegation Details

The corporate signing ceremony was completed by senior executives representing both organizations to formalize the long term financial deployment.

• Fund Management Institution: Citizen Investment Trust
• Commercial Banking Partner: Everest Bank Limited
• CIT Executive Representative: Mr Nabaraj Khadka
• Everest Bank Executive Representative: Mr Rajan Kayastha
• Target Beneficiary Demographic: Permanent, temporary, and contract employees of the bank
• Primary Legal Framework Alignment: Income Tax Act 2058

Core Functional Scope and Managed Fund Categories

The corporate finance agreement covers several distinct types of employee retirement assets to provide complete financial security for the bank workforce.

Advertisement

• Contribution Based Gratuity Pools: Managing matching funds built through regular monthly payroll deductions from active staff members.
• Non Contribution Based Gratuity Reserves: Administering direct corporate allocations set aside by the bank to reward long serving workers.
• Additional Retirement Funds: Overseeing supplementary voluntary savings pools and secondary retirement funds chosen by individual employees.
• Asset Transfer Integration: Moving all existing accumulated balances and outstanding staff retirement loans into the centralized management system of the trust.

Daily Operational Responsibilities Managed by the Trust

The trust will execute a strict sequence of administrative duties to maintain accurate tracking and clear accounting records for every participating bank worker.

• Individual Account Setup: Opening dedicated, separate retirement fund accounts for every participating worker under a unified system.
• Identification Card Issuance: Distributing secure corporate membership cards to employees for quick balance checks and validation.
• Contribution Tracking Updates: Updating individual balances immediately upon receiving detailed monthly payroll records from the bank.
• Tax Compliant Benefit Disbursals: Releasing final lump sum retirement payouts after calculating and deducting applicable state income taxes.
• Investment Yield Allocations: Distributing earned interest and broader investment returns directly back into individual member accounts based on trust regulations.

Enhancing Corporate Compliance and Safeguarding Employee Wealth

For major commercial employers like Everest Bank, utilizing a specialized public trust to manage pension assets ensures complete transparency and regulatory safety. Professional managers pool these retirement reserves into diversified, low risk investment instruments like government bonds and secure corporate debentures to shield employee savings from sudden market shocks.

At the same time, this structural transition simplifies accounting duties for the internal human resource divisions of the bank. By shifting complex pension calculations over to the trust, the commercial bank guarantees that its retiring workers receive their savings quickly and accurately, building higher workplace satisfaction and reinforcing long term financial stability for thousands of families across Nepal.

For More: CIT and EBL Partnership