Tamilnad Mercantile Bank Launches Online EPF Payments Facility For Msmes & Corporate Customers

(MENAFN- KNN India) Chennai, Dec 29 (KNN) Private sector lender Tamilnad Mercantile Bank (TMB) on Monday announced the launch of online collection of Employees' Provident Fund (EPF) payments through its internet banking platform, with direct integration between the EPFO portal and the bank's internet banking application.

With this new facility, MSME units, retailers, wholesalers and corporates who have employed more than 20 or more employees can remit EPF contributions, including monthly salary deductions of employees, directly through TMB internet banking without the need to visit bank branches.

Kavitha N. George, Additional Central PF Commissioner, Chennai said that the facility would be highly beneficial for those maintaining accounts with TMB but were earlier making EPF payments through other banks.

She emphasized the need to educate TMB customers on using this digital facility and to popularise EPF payment adoption among MSME customers, thereby enabling more enterprises to remit EPF contributions for their employees through TMB internet banking.

The online EPF payment facility was formally launched at a function presided over by the Executive Director of TMB, Vincent Menachery Devassy.

The TMB Executive Director stated that the launch of online EPF payment collection is an important milestone for the Bank, aimed at enhancing customer convenience through digital integration.

He said that TMB has already implemented online payment facilities for CBDT, GST, and ICEGATE, and the addition of EPF payments further strengthens the Bank's digital offerings.

TMB plans to actively popularise the new payment facility among customers and focus on increasing the number of EPF payments routed through TMB.

TMB plans to actively popularise the new payment facility among customers and focus on increasing the number of EPF payments routed through TMB. The Bank has its headquarters in Thoothukudi, Tamilnadu and has pan India presence with 601 branches and 12 regional offices across 17 states and 4 Union Territories.

(KNN Bureau)

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