KATHMANDU: Citizen Investment Trust (CIT) will deposit Rs 12.5 billion in a fixed deposit account in commercial banks, according to a notice issued by the Trust today.

According to the CIT, the trust is all set to open fixed deposit accounts in commercial banks categorised as 'A' level banks by Nepal Rastra Bank (NRB) for the duration of one to two years. CIT has urged submission of sealed proposals from interested banks mentioning the amount sought, rate of interest, and the interest payment period within October 18. The Trust has been depositing profits from various investments into fixed deposits.