CIT launches online facility to deposit deducted amount

Kathmandu, July 3

The Citizen Investment Trust (CIT) has made an arrangement to deposit the deducted amount of the employees directly in the account maintained at the CIT by the respective offices through the online system.

This facility can be availed by the offices other than the government offices which distribute remuneration through CGAS (Computerised Government Account System), CIT said in a statement on Sunday.  

When depositing the amount as per the new system, the amount will be credited to the account of the concerned employee as soon as the CIT approves it.

For the time being, this facility will be available to the offices of the employees participating in the Employee Savings Growth Retirement Scheme of the Trust.

These offices will now be able to remit the deducted amount deposited at the CIT for their employees from all the member banks and financial institutions of NCHL. CIT said that the offices with Corporate Pay facility can make their own payments through Corporate Pay system as well.

According to this system, all the offices are required to deposit the amount including the details of the fund through the e-service portal http://eservice.nlk.org.np/.

After submitting the details, the concerned office should contact their bank with the submission number and office code in a hard copy format. The amount will be deposited through the Bank Central Module in the bank.

After the statement is verified by the CIT, the amount will be credited to the Trust's account of the employees of the concerned office. Up to Rs, 2 million can be deposited in real time and up to Rs. 200 million can be deposited in non-real time.

According to CIT, offices that have availed Corporate Pay facility from banks and financial institutions can get this facility from their own payment account through Corporate Pay.

The fund has been collecting 80 per cent of the loan repayment amount from the Employee Savings Growth Retirement Fund through ConnectIPS and Mobile Banking system. 

 Published in The Rising Nepal daily on 4 July 2022.